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Sensex, Nifty maintain strong uptrend; Nikkei ends 7.7% up


TheNewsInternational Team

12:15 pm Market Expert:

At a time when volatility-hit street is hinting at jettisoning equities in favour of fixed income, JP Morgan believes equities will beat all other asset classes in 3-5 years.

Chief India Economist Sajid Chinoy, Head Of Currency Research suggested that collapsing commodity will keep emerging market wobbly but is good for global growth on the whole. India specifically will be a beneficiary.

Speaking of possibilities in Indian equities, Bharat Iyer (Head of Equity Research) said 2015 will be a year of consolidation but one can expect returns of 15-18 percent over next 3-4 years. He is constructive on IT  and Healthcare.

On Fed rate hike, Brijen Puri (Head Of Currency Research) said a rate hike is imminent. He said Fed will raise rates by December, if not September.

12:00 pm Market Check

The market has maintained its strong momentum in noon trade with the Sensex rising 430.14 points or 1.70 percent to 25748.01 and the Nifty climbing 136.05 points or 1.77 percent to 7824.30. Technology, banking & financials, metals and auto stocks drove the rally.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices gaining 2 percent each. About 1803 shares have advanced against 534 shares declined on the Bombay Stock Exchange.

Asian stocks were on a roll Wednesday, with Japan’s Nikkei 225 index at the epicenter of the monstrous rally, as investor confidence got a boost from the strong rally in offshore markets.

The Nikkei index at the Tokyo Stock Exchange staged a spectacular comeback, a day after crashing 2.4 percent to erase all gains made this year, thanks to hopes for more growth-supportive policies in the Asian economic giant. Earlier in the day, Prime Minister Shinzo Abe told a meeting of investors that he would seek to lower the corporate tax rate by at least 3.3 percentage points next financial year, Reuters reported. Analysts say Abe’s comments bode well for the outlook for Japan Inc and helped to improve trading sentiment.

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