Indian Market Review:
Bulls have taken control of Dalal Street on Wednesday after a consolidation for previous four days, supported by foreign money. It seemed like the benchmark Nifty has given a signal to cross the all-time high soon; it closed at 32-month high today on broad based buying and stayed above 6200 level.
The 30-share BSE Sensex closed at 20,687.88, up 484.54 points or 2.40% and the 50-share NSE Nifty surged 143 points or 2.35% to settle at 6,233.90.
Unstoppable buying by foreign institutional investors (FIIs) was the actual factor behind this rally. FIIs were net buyers to the tune of more than Rs 40,000 crore since first day of September month till date.
Global Cues:
China's foreign-exchange reserves, the world's largest, surged by a record to $2.65 trillion at the end of September, adding fuel to complaints that the nation's curbs on gains in the yuan are undermining the global recovery.
Standard Chartered Plc's 3.3 billion-pound ($5.2 billion) rights offer may mark the start of a race among European banks to raise more capital than the minimum required by international regulators under Basel III.
U.S. mortgage applications for home refinancing loans rose for the first time in six weeks, with demand jumping to its highest level since late August as home-owners reacted to record low interest rates, data from an industry group showed on Wednesday.
Bulls have taken control of Dalal Street on Wednesday after a consolidation for previous four days, supported by foreign money. It seemed like the benchmark Nifty has given a signal to cross the all-time high soon; it closed at 32-month high today on broad based buying and stayed above 6200 level.
The 30-share BSE Sensex closed at 20,687.88, up 484.54 points or 2.40% and the 50-share NSE Nifty surged 143 points or 2.35% to settle at 6,233.90.
Unstoppable buying by foreign institutional investors (FIIs) was the actual factor behind this rally. FIIs were net buyers to the tune of more than Rs 40,000 crore since first day of September month till date.
Global Cues:
China's foreign-exchange reserves, the world's largest, surged by a record to $2.65 trillion at the end of September, adding fuel to complaints that the nation's curbs on gains in the yuan are undermining the global recovery.
Standard Chartered Plc's 3.3 billion-pound ($5.2 billion) rights offer may mark the start of a race among European banks to raise more capital than the minimum required by international regulators under Basel III.
U.S. mortgage applications for home refinancing loans rose for the first time in six weeks, with demand jumping to its highest level since late August as home-owners reacted to record low interest rates, data from an industry group showed on Wednesday.
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