Nifty will continue to hit new highs over the course of the next few days. Any market decline will lead to buying by investors
Indian markets on Friday again made a new lifetime high and recorded the highest daily absolute gain since 18 November 2013. The optimism, which came after yesterday’s data on shrinkage of current account deficit, was carried forward with the positive data from the US. Provisionally, the FIIs are estimated to have invested a huge Rs2,577 crore in India today.
The BSE 30-share Sensex opened at 21,539 while the NSE 50-share Nifty opened at 6,414. The market went higher almost all through the session and hit a high of 21,961 and 6,538. While Sensex closed at 21,920 (up 406 points or 1.89%), Nifty closed at 6,527 (up 126 points or 1.96%). The NSE recorded one of the highest volumes ever -- of 100.03 crore shares.
Finance minister P Chidambaram said on Friday that the economy certainly is more stable today than what it was 18 months ago. This is reflected in the strengthening of the rupee which is reflected in heightened interest of investors, both FDI and FII. He also said that the inflation target will be set by the parliament and the Reserve Bank of India will implement it.
US indices closed mostly higher. The jobless claims fell to the lowest level in three months. Fewer Americans than projected filed applications for unemployment benefits last week however the separate data indicated factory goods orders in January fell 0.7% compared more than forecast. The market now awaits US non-farm payrolls report later today.
President Barack Obama said that the US and its allies will keep raising pressure on Russia to back down in Ukraine and held open the possibility of further sanctions if Vladimir Putin's government doesn't respond.
Asian indices had a mixed performance. Nikkei 225 (0.92%) was the top gainer while KLSE Composite (0.35%) was the top loser.
European indices were trading in the red while US futures were trading marginally higher.
In Europe, the European Central Bank kept interest rates unchanged at a record low of 0.25% on Thursday, as stronger inflation and economic output reduced the need for officials to take action.
The Bank of England (BoE) also left interest rates at a record low of 0.5% and its gilt purchase target unchanged at £375 billion ($617 billion), as expected.
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