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Stock market: Sensex surges over 350 pts, Nifty50 above 10,250

Sensex surges over 450 pts, Nifty50 above 10,250; key factors driving this market rally

Sensex:Benchmark indices made a spectacular comeback on Thursday after banking stocks rallied on RBI’s decision to ease provisioning norms.

Besides, ebbing of trade war concerns and positive global cues too added to the sentiment. At 09:20 am, the S&P BSE Sensex was trading 369.35 points higher.

All 30 stocks in the index were trading in the green with Tata MotorsBSE 2.80 % (up 2 per cent) being the top performer.

The broader Nifty50 index of National Stock Exchange (NSE) was trading at 10,246, up 118.10 points with 49 out of 50 constituents trading in the positive territory.

Here’s a look at the key factors that led to smart upmove in the market today:

RBI gives provisioning relief to stressed banks

Reserve Bank of India (RBI) has temporarily relaxed provisioning norms for lenders to defaulters undergoing bankruptcy resolution in a move that could help banks bolster their financial results for the year and quarter ended March.

Provisions for accounts referred to the National Company Law Tribunal (NCLT).

Asian stocks rally as trade war fears ease

Asian shares bounced from two-month lows on Thursday as world equities recovered from a selloff triggered by escalating Sino-US trade tensions, with investors hoping a full-blown trade war between the world’s two biggest economies can be averted, Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent. Japan’s Nikkei gained 1.2 per cent. Markets in mainland China, and those in Hong Kong and Taiwan, are closed on Thursday, Reuters reported.

US Dow Jones index rose 0.96 per cent to 24264.30 in overnight trade.

Macro cues
Brokerage Centrum said, “We believe that India is much better placed now in comparison to 2007 and 2013.

However, admittedly, the “sweet-spot” is behind us which India had enjoyed during 2014-2017 when macros and political stability were at enviable levels.”

Anxiety has been building-up in terms of slowing FDIs, widening trade deficit, tightening global liquidity with global central banks coming off their accommodative stance, concerns over fiscal slippag (indicating fiscal deficit at ~3.5% for FY18) and political uncertainty.

Biggest headwind, of course, is painful banking woes in terms of frauds and non-performing assets (NPAs). At this juncture, macros are precariously poised.

Technical factors
While the Nifty50 on Wednesday made a Bearish Engulfing pattern on the daily, technical analysts noted that the selloff had more to do with global concerns.

Mazhar Mohammad of said chances of stability in market post RBI policy outcome can’t be ruled out.

“The 10,016 level is a critical level to watch out for as breach of this level, based on our technical observations, shall lead to retest of 9950 kind of levels.

Upsides for time being shall remained capped around 10,279 levels,” the expert said.

Opinion Poll
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ओपिनियन पोल
छत्तीसगढ़ की आगामी विधानसभा चुनाव के लिए डिजिटल मीडिया ‘’ नेसटीक ओपिनियन पोल करनेका निश्चय किया है. अतः आप नीचे दिए सवालों के निष्पक्ष जवाब देंताकि राज्य की आने वाले दिनों की सही सियासी तस्वीर सामनेआ सके. कृपया अपना मत जरूर दें- With assembly election ahead
विधानसभा क्षेत्र
फ़ोन नं
विधानसभा चुनाव में सबसे बड़ी पार्टी कौन सी होगी ?
किस पार्टी को कितनी सीटें मिलेगी?
अगले मुख्यमंत्री के रूप में किसे देखना चाहेंगे?
क्या आपके क्षेत्र में विकास दिखाई पड़ रहा है?
क्या छत्तीसगढ़ का किसान भाजपा शासन से संतुष्ट है?
जो रोजगार छत्तीसगढ़ सरकार ने दिया, क्या उससे युवा वर्ग संतुष्ट है?
राज्य सरकार ने महिलाओं के सशक्तिकरण के लिए जो किया, उससे महिलाएं संतुष्ट हैं?
क्या आप अपने विधायक से संतुष्ट हैं? उन्होंने अपने वादे पूरे किए या अधूरे हैं उनके काम?
क्या आप अपने क्षेत्र की सरकारी सुविधाओं सेसंतुष्ट हैं?
क्या नक्सली समस्या पर नियंत्रण हुआ है?
क्या प्रदेश के मंत्रियों के कामकाज से संतुष्ट हैं?
-देश हित के लिए मतदान अवश्य करें-

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