“US equities posted new highs with most of the S&P 500 and Nasdaq. Notably, strong momentum in technology and consumer discretionary stocks assisted the market. The 10-year USA Treasury yield softened by 3bps to 1.28 per cent, which aided sensitive sectors such as technology. In terms of key economic data, pending home sales data for July was published, fell 1.8% MoM against the consensus estimate of 0.5 per cent growth. In our view, non-farm payroll data for the month of August will be the most important data point in the coming days as Mr. Powell stressed on the stability of job recovery before finalizing the deadline for scaling back the monthly asset purchase programme. Was. The consensus estimates that there will be an increase of 7.5 lakh jobs in August’21, with an unemployment rate of 5.2 percent. Additionally, consumer confidence data, manufacturing and services PMI will also be in focus,” said Binod Modi, Head Strategy, Reliance Securities.
At 1252 hours IST, the BSE Sensex was up 306.57 points or 0.54 per cent 57,196.33. Nath Bio Jeans, 3M India are the toppers on BSE and on the other hand, IFCI, Sundaram Fasteners, Sudarshan Chemical were among the laggards.
BSE’s 30-share benchmark Sensex climbed over 4,000 points so far this month to hit 57,000 for the first time on Tuesday as equity markets continue to rally. The sharp rally in both BSE and NSE reflects the strong sentiment in the market despite current global and domestic concerns.
Indian and other markets, last week, were treading cautiously as they sought clarity on the US tapering of $120 billion of asset purchases every month. Bazaar was looking forward to Jeremy Powell’s speech at the much-anticipated Jackson Hole symposium.
Last Friday, Powell did not give a specific timeline for the tapering, but said it would only happen this year. So the clarity on the tapering and Powell’s sluggish stance boosted the sentiments of the markets today.
The Japanese stock also hit a 3-week high in 1324 hours based on Powell’s speech. The Nikkei stock average climbed 1.08 per cent to 28,089.54, closing above the 28,000 level for the first time since August 12. Broader Topics rose 0.54 percent to 1,960.70. In early trade, both BSE Sensex and Nifty 50 opened in green, with BSE Sensex up 194.75 points or 0.34 per cent at 57,000 while Nifty 50 opened up 28.59 points or 0.17 per cent at 16,959.
Now the GDP figures coming today will decide the direction of the Indian market from tomorrow. The country’s GDP growth is expected to be in double digits in the first quarter of FY12.
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