Loading ...
Domestic stock markets rallied for the fifth consecutive day on Thursday, thanks to upbeat investor sentiments and positive global cues. While Sensex hit a lifetime high of 36,699.53 intraday surpassing its previous high of 36,444 recorded on January 29, 2018, the broader Nifty50 index crossed the 11,000 mark after a gap of five months and is just 100-150 points shy of its record high.
RIL, the index heavyweight was the major contributor to the rally in Sensex as it hit a record high of Rs 1,090 on the BSE. The Mukesh Ambani-led company crossed $100 billion market cap and became the second Indian company to cross the milestone after TCS. Hopes of better-than-expected earnings for the June quarter has boosted the investor sentiments. Tech giant Tata Consultancy Services (TCS) already fired on all cylinders in first-quarter earnings on Tuesday.
Oil refining and marketing companies – HPCL, BPCL and IOC posted big gains rallying up to 6% as global benchmark Brent crude oil marked its biggest one-day drop in two years on Wednesday.
Global stocks also moved north on Thursday shrugging off trade worries. Stock markets from Sydney to Hong Kong climbed alongside US and UK equity futures, paring some of Wednesday’s losses that were impelled by Trump’s aggressive trade stance, which was seen to deteriorate the growth outlook. Chinese stocks put up an excellent show.
Back home, traders are awaiting CPI inflation and IIP data due to be released later in the day. There are expectations that retail inflation rose to a near two-year high in June, driven by surging oil and food prices. Meanwhile, the Indian rupee strengthened against the US dollar on Thursday, tracking gains in the equity market. At 2.01pm, the rupee was trading at 68.54 a dollar, up 0.34% from its Wednesday’s close of 68.77.
Regulated by SCA
Century Financial Consultancy LLC
Reach us:
-
Dubai
6th Floor, Building 4, Emaar Square,
Downtown Dubai, P.O. Box 65777,
Dubai, United Arab Emirates -
Abu Dhabi
Office 3014, 30th Floor
Tamouh Tower, Building 12, Marina Square,
Al Reem Island, Abu Dhabi - +971 (4) 356 2800
- info@century.ae
Disclaimer: Trading in leveraged Over-The-Counter (OTC) Derivative products including Contracts for Difference (CFDs) and spot foreign exchange contracts involves a significant risk of loss which can exceed deposits and may not be suitable for all investors. OTC Derivative products / CFDs are complex financial instruments that do not confer any claim or right to the underlying financial instrument. Transactions in these instruments are very risky, and you should trade only with the capital you can afford to lose. Before deciding to trade on these products, you should consider your investment objectives, risk tolerance, and your level of experience. Accordingly, you should ensure that you understand the risks involved and seek independent advice from professionals, if necessary.
Century Financial Consultancy LLC (CFC) is duly licensed and regulated by the Securities and Commodities Authority of UAE (SCA) under license numbers 20200000028, 20200000081 and 301044 to practice the activities of Trading broker in the international markets, Trading broker of the OTC derivatives and currencies in the spot market, Introduction, Financial Consultation and Financial Analysis, and Promotion. CFC is a Limited Liability Company incorporated under the laws of UAE and registered with the Department of Economic Development of Dubai (registration number 768189). CFC has its registered office at 601, Level 6, Building no. 4, Emaar Square, Downtown, Dubai, UAE, PO Box 65777.
Any content available on our website is presented solely to provide information and educate visitors. Under no circumstances is any of this content meant to be construed as an offer, recommendation, advice, or solicitation to buy or sell securities or other financial products.
This website's information is not intended for use by anybody residing outside UAE or where such use would violate local laws or regulations.
