Latest stock market news: Centre's Rs 25,000 cr AIF boosts Sensex to all-time high, Nifty over 12,000
Latest stock market news: It was a good start for domestic stock markets on Thursday! The 30 share BSE scrip opened at an all-time high, hitting fresh highs over 40,600. The benchmark index, Sensex started the session with 200 points jump.
Latest stock market news: It was a good start for domestic stock markets on Thursday! The 30 share BSE scrip opened at an all-time high, hitting fresh highs over 40,600. The benchmark index, Sensex started the session with 200 points jump. Meanwhile the 50 share index, Nifty 50 opened above 12,600 setting the targets high for the day. HDFC, IndusInd Bank and Infosys are the top gainers while Bharti Airtel, ONGC and Maruti are the top drags. The government on Wednesday announced a Rs 25,000 crore fund for completion of stalled residential projects, including ones that have been declared NPAs or admitted for insolvency proceedings.
Talking about the Asian bourses, they were mostly lower today after investors were spooked by speculation the much-anticipated signing of the China-US trade pact could be delayed.
The Indian rupee opened at 71.05 per dollar on Thursday against the last closing of 70.98.
Paras Bothra, President of Equity Research, Ashika Stock Broking told Zee Business Online, ''Domestic markets remained within buyers’ zone with Nifty tantalizingly close to 12,000 marks after Finance Minister Nirmala Sitharaman’s statement that the government is eager to modify rules and boost investment in the infrastructure and real estate space. While investors remained watchful over the prospects over US-China trade progress. The majority of the sectors remained supportive barring select PSU banks and auto stocks.''
It will be interesting to watch Indian real estate stocks today, as the government on Wednesday announced the setting up of a Rs 25,000 crore alternative investment fund (AIF) to provide funds to housing projects that are stuck and bring relief to home buyers.
Finance Minister Nirmala Sitharaman said the government has earmarked Rs 25,000 crore towards the alternative investment fun (AIF), contributing Rs 10,000 cr initially, while State Bank of India, LIC and others would provide Rs 15,000 crore, taking the total size to Rs 25,000 crore. Approximately 1,600 projects are stalled, which is around 4.5 lakh housing units.
The market has been rallying for a while, hitting fresh highs. The major triggers, which have helped domestic stock market leaping are the better than expected Q2 earnings season, government measures to boost economic growth, corporate tax rate cut and support from global markets rally. However, it will be interesting to watch, how it will play the part from here.