Investors expect that the Union Budget will be fiscally prudent
THE Nifty hit a life-time high on Friday as blue chips like
Foreign institutional investors (FIIs), who have been the mainstay of the 23 per cent gain in the broader Nifty so far this year, bought shares worth `
" Most investors, including FIIs, are putting new money in the market on hopes the Budget will lead the way to a revival in the economy.
Build-up of positions has already started," said
We are bullish and expect the Nifty to trade between 7,500 and 8,000 in the near term," he added.
Traders said receding fears of the impact of a delayed monsoon on prices and strong global cues after upbeat US data and easing oil prices also boosted the market sentiment.
Blue chips were among the leading gainers.
Investors also hedged their risk by buying defensives such as
The stock still gained 7.7 per cent this week.
Market breadth continued to remain positive as 1,683 stocks finished with gains while 1,357 stocks ended lower. Total turnover rose to `
" We believe the benchmarks will continue their positive move on Monday as well. However, volatility is a key concern among the participants nowadays and it will continue to remain so due to the upcoming Union Budget," said
Most Asian stocks ended higher today as US jobs growth bolstered the outlook for the world's largest economy.
Key benchmark indices in
European markets were trading lower as
US stocks rose on Thursday with the Dow Jones Industrial Average hitting 17,000 for the first time and the S& P 500 index also scaling records after June jobs report.
RAILWAYSTOCKS ON AROLL
Stocks of companies related to the Railways closed with gains of up to 8% on hopes of reform measures in the Rail Budget, which will be presented on Tuesday Texmaco Rail & Engineering Ltd zoomed 7.69% while
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