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Sensex, Nifty firm; Asian Paints, TCS, Bajaj Auto top gaine Using Awesome Backgrounds
Asian Paints, TCS, Bajaj Auto, M&M and Hero MotoCorp are top gainers while Dr Reddy's Labs, ITC, Lupin, Cipla and GAIL are losers in the Sensex.
European Markets: European stocks opened higher on Wednesday as the US dollar paused for breath after a rally that has been driven by a rise in bond yields following Donald Trump's victory in the presidential election. The pan-European STOXX 600 was up 0.58 percent. Traders continue to watch Trump's economic policies closely for clues on the outlook for interest rates. The Republican has said that he planned to spend on infrastructure and cut taxes to stimulate the economy. Increased fiscal stimulus could have an impact on the Federal Reserve's interest rate hiking path.
Demonetisation: With opposition seeking to rake up the issue of demonetisation in Parliament, Prime Minister NarendraModi today said the government is ready to discuss all issues and hoped parties will contribute in completing the legislative agenda in the Winter session. Addressing the media outside Parliament House on day one of the month-long Winter session, he hoped a "very good" discussion will take place on all issues which are based on the political ideologies of parties, the hopes and aspirations of the common man, and the thinking of the government. "I feel a very good debate will take place in this session too. All parties will have the best of contribution. Best of efforts will be made to take all parties along in completing the government business," he said.
The market continues to maintain gains as the Sensex is up 173.32 points or 0.6 percent at 26477.95 and the Nifty is up 59.25 points or 0.7 percent at 8167.70. About 1366 shares have advanced, 1077 shares declined, and 136 shares are unchanged. Asian Paints, TCS, Bajaj Auto, M&M and Hero MotoCorp are top gainers while Dr Reddy's Labs, ITC, Lupin, Cipla and GAIL are losers in the Sensex.
According to global financial services major HSBC, inflation momentum remained comfortable for both consumer and wholesale prices and the October inflation print confirms that RBI's upcoming inflation target will be easily met. "The government's newly announced demonetisation scheme is likely to put additional downward pressure on growth and inflation over the next year," HSBC said in a research note adding that it expects a 25 bps rate cut this fiscal.