BSE Sensex crossed the milestone of 66,000 points on Thursday morning.
BSE Sensex is up 625 points in a ferocious rally at 66,019 points powered by positive cues from the US market.
Sensex was up 586 points at 65,980 points in Thursday morning trade.
IT stocks powered the Sensex rally with TCS, Infosys, Tech Mahindra up by more than 2 per cent.
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said the ongoing global rally in stock markets will get a further mild boost from the latest US consumer inflation for June which has come at 3 per cent, better than market expectation of 3.1 per cent. Importantly core inflation has dipped below 5 per cent.
This is clear indication that the disinflation process is on in the US and might persuade the Fed to pause once again in the July 26 rate decision. This is an important positive global cue, he said.
In India, though the June CPI inflation has increased to 4.81 per cent, this was expected since the prices of vegetables and milk had spiked. The positive number is the May IIP at 5.2 per cent, which indicates that the growth momentum in the economy is robust.
Q1 results of TCS and HCL Tech, particularly that of HCL Tech, confirm the slowdown in the IT space, he added.
Even though the cues are positive, high valuations are likely to restrain the bulls from charging ferociously.
Centre sets up Global Tariff and Trade Helpdesk to assist exporters, importers
The Centre has operationalised a dedicated ‘Global Tariff and Trade Helpdesk’ to assist the country’s exporters and importers in navigating emerging trade issues due to the hike in tariffs announced by the US.
India's forex reserves surge to $676.3 billion
India's foreign exchange reserves surged by $10.8 billion to $676.3 billion during the week ended April 4, according to data released by the Reserve Bank of India on Friday.
Sensex jumps over 1,300 points after Trump pauses tariffs till July 9
The Sensex witnessed a sharp rally of more than 1,300 points on Thursday after US President Donald Trump announced a 90-day pause on trade tariffs for most countries, including India.
US major BlackRock largest investor in Adani Group’s $750 million bond issue
US-based leading asset manager BlackRock is the largest investor in $750 million private bond issuance by the Indian behemoth Adani Group, informed sources said on Thursday.
NPCI to decide on person-to-merchant payments cap on UPI transactions: RBI
In order to further boost digital payments, the National Payments Corporation of India will be enabled to set the limit on person-to-merchants transactions via Unified Payments Interface (UPI), RBI Governor Sanjay Malhotra said on Wednesday.
RBI cuts repo rate by 25 basis points, switches to accommodative stance to spur growth
RBI Governor Sanjay Malhotra on Wednesday announced a 25 basis cut in the policy rate from 6.25 per cent to 6 per cent and change in monetary policy stance from neutral to accommodative to accelerate economic growth.
Sensex, Nifty see strong relief rally ahead of key RBI MPC decision
The Indian stock markets staged a robust relief rally on Tuesday, snapping a three-day losing streak ahead of the Reserve Bank of India's (RBI) monetary policy decision on April 9.