Experts feel the market may cross 27000 level on the Sensex soon but getting above 28000-mark may depend on September quarter earnings that will kick off next week with Infosys.
It was a spectacular start to the week as the Sensex surged more than 600 points intraday Monday and the Nifty surpassed 8100-mark, tracking strong global cues. Bank Nifty outperformed benchmarks, rising 3 percent on hopes of more rate cuts going ahead as disappointed US jobs data may delay interest rate hike by Federal Reserve. The 30-share BSE Sensex surged 564.60 points or 2.15 percent to 26785.55 and the 50-share NSE Nifty jumped 168.40 points or 2.12 percent to 8119.30. The broader markets underperformed benchmarks as the BSE Midcap gained 1.8 percent and Smallcap rose 1.6 percent.
Experts feel the market may cross 27000 level on the Sensex soon but getting above 28000-mark may depend on September quarter earnings that will kick off next week with Infosys. India is looking like an island of prosperity among emerging markets , says Nandita Parker, general partner at Karma Capital Management LLC. With the US Federal Reserve liftoff getting delayed, the market, especially emerging markets, are getting enough time to adjust to the first rate hike, whenever that might happen, she says, adding investors in the US are positive on the country. Global markets were strong today. Asian markets like Hang Seng, Nikkei and Straits Times rallied 1.6-2 percent while China was shut for the national day holiday until Wednesday. Key European indices like FTSE, CAC and DAX gained 2-3 percent (at 16 hours IST) after a weak US employment report on Friday dampened expectations that the Fed will start raising interest rates soon. Back home, the Indian rupee appreciated further, up 21 paise to 65.29 a dollar on strong equity markets rally.
It was a spectacular start to the week as the Sensex surged more than 600 points intraday Monday and the Nifty surpassed 8100-mark, tracking strong global cues. Bank Nifty outperformed benchmarks, rising 3 percent on hopes of more rate cuts going ahead as disappointed US jobs data may delay interest rate hike by Federal Reserve. The 30-share BSE Sensex surged 564.60 points or 2.15 percent to 26785.55 and the 50-share NSE Nifty jumped 168.40 points or 2.12 percent to 8119.30. The broader markets underperformed benchmarks as the BSE Midcap gained 1.8 percent and Smallcap rose 1.6 percent.
Experts feel the market may cross 27000 level on the Sensex soon but getting above 28000-mark may depend on September quarter earnings that will kick off next week with Infosys. India is looking like an island of prosperity among emerging markets , says Nandita Parker, general partner at Karma Capital Management LLC. With the US Federal Reserve liftoff getting delayed, the market, especially emerging markets, are getting enough time to adjust to the first rate hike, whenever that might happen, she says, adding investors in the US are positive on the country. Global markets were strong today. Asian markets like Hang Seng, Nikkei and Straits Times rallied 1.6-2 percent while China was shut for the national day holiday until Wednesday. Key European indices like FTSE, CAC and DAX gained 2-3 percent (at 16 hours IST) after a weak US employment report on Friday dampened expectations that the Fed will start raising interest rates soon. Back home, the Indian rupee appreciated further, up 21 paise to 65.29 a dollar on strong equity markets rally.
