Post Session- Sensex hits record high; surges 293 pts.
08/09/2014 16:27
Snapping a two-day losing streak, the key domestic benchmarks rallied handsomely on Monday as the Sensex closed at a fresh high, up by 293 points led by gains in oil and gas, and FMCG stocks driven by robust buying by foreign investors ahead of key macroeconomic indicators this week which may signal a further revival in Asia’s third biggest economy. Investors are eying the industrial output data for the month of July and consumer inflation numbers for August to be released this week.A dip in global oil prices also boosted sentiment as lower crude prices may reduce the government’s subsidy burden, trimming the fiscal shortfall.
Asian stocks ended mixed as a surge in China’s exports signaled an easing slowdown in the world’s second biggest economy. China’s overseas shipments rose 9.4 per cent in August 2014 from the same month a year ago as the country reported a record trade surplus of USD 49.8 billion. Weaker than expected US jobs data dampened the prospects of earlier than expected monetary tightening by the Federal Reserve, boosting the appetite for risky assets. The US economy added the fewest jobs this year as non-farm payrolls rose 142,000 in the month of August. China’s Shanghai Composite was closed today, Hang Seng fell but Japan’s Nikkei 225 ended higher as a weaker yen boosted the appeal of exporter stocks even as Japan’s economy contracted an annualized 7.1 per cent in Q2 2014.
08/09/2014 16:27
Snapping a two-day losing streak, the key domestic benchmarks rallied handsomely on Monday as the Sensex closed at a fresh high, up by 293 points led by gains in oil and gas, and FMCG stocks driven by robust buying by foreign investors ahead of key macroeconomic indicators this week which may signal a further revival in Asia’s third biggest economy. Investors are eying the industrial output data for the month of July and consumer inflation numbers for August to be released this week.A dip in global oil prices also boosted sentiment as lower crude prices may reduce the government’s subsidy burden, trimming the fiscal shortfall.
Asian stocks ended mixed as a surge in China’s exports signaled an easing slowdown in the world’s second biggest economy. China’s overseas shipments rose 9.4 per cent in August 2014 from the same month a year ago as the country reported a record trade surplus of USD 49.8 billion. Weaker than expected US jobs data dampened the prospects of earlier than expected monetary tightening by the Federal Reserve, boosting the appetite for risky assets. The US economy added the fewest jobs this year as non-farm payrolls rose 142,000 in the month of August. China’s Shanghai Composite was closed today, Hang Seng fell but Japan’s Nikkei 225 ended higher as a weaker yen boosted the appeal of exporter stocks even as Japan’s economy contracted an annualized 7.1 per cent in Q2 2014.
