Rain halts Mumbai, but no stopping for Markets: Markets gained for the sixth straight session with Nifty settling above the 8,200 levels comfortably supported by sustained buying across the board. RIL displayed a spectacular rally for the sixth straight day on optimism concerning the company's 4G telecom services that is likely to roll out under the Reliance Jio brand in December. The Sensex soared 200 points to end at 27,317 and the Nifty surged 50 points to close at 8,225. Above-normal monsoons, positive macroeconomic numbers coupled with a dovish stance by the Fed bolstered the rally. Also, a modest hike in the Minimum Support Price (MSP) for the Kharif crops by the Government in order to contain inflation proved to be a key driver for the markets as investors anticipate a further rate cut by the RBI in the near term.
No comments:
Post a Comment