Wed, Feb 27, 2013 at 16:10
Equity benchmarks rallied Wednesday after the Economic Survey said that the current economic downturn may have run its course, and things were looking up. Midcap shares continued to be under pressure as cash-strapped traders unwound their positions, unable to pay the margins required to hold them.
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Sensex rallies as Survey says worst for eco over; Jet soars
Equity benchmarks rallied Wednesday after the Economic Survey said that the current economic downturn may have run its course, and things were looking up. Midcap shares continued to be under pressure as cash-strapped traders unwound their positions, unable to pay the margins required to hold them.
Like this story, share it with millions of investors on M3
Sensex rallies as Survey says worst for eco over; Jet soars
Equity benchmarks rallied Wednesday after the Economic Survey said that the current economic downturn may have run its course, and things were looking up. Midcap shares continued to be under pressure as cash-strapped traders unwound their positions, unable to pay the margins required to hold them.
16:10
Moneycontrol BureauEquity benchmarks rallied Wednesday after the Economic Survey said that the current economic downturn may have run its course, and things were looking up. Midcap shares continued to be under pressure as cash-strapped traders unwound their positions, unable to pay the margins required to hold them.
ALSO READ: Govt needs to take tough steps to revive economy: Economic Survey
The Sensex rose 137.27 points to close at 19152.41 and the Nifty ended at 5796.90, up 35.55 points over the previous close.
Brokers say stocks would have also got a leg up due to short covering of positions after Tuesday's crash when the Sensex shed over 300 points.
But they said today's rise notwithstanding, near term outlook on the market had soured, unless the Finance Minister had some solid positive surprises in the Budget. The Economic Survey too raised plenty of red flags even as it provided a glimmer of hope.
Jet Airways led gainers in the Sensex, climbing as much as 20 percent intra-day after Etihad Airways said it had paid USD 70 million for three slots of Jet at London's Heathrow airport. The stock closed at Rs 534.85, up 19.3 percent over its previous close. The latest development raised hope among investors that Etihad is on track to buy a stake in Jet. The stock had fallen sharply on Tuesday on concerns that the deal may not materialize.
Larsen & Toubro, ONGC, Bajaj Auto, Mahindra & Mahindra and BHEL were the other key gainers, rising between 2-3 percent.
Core Education was the biggest loser among midcaps, falling 46 percent to close at Rs 60, even as the management maintained that the company was doing fine operationally.
In the last three sessions, the stock has fallen nearly 80 percent.
Shares of Educomp Solutions, Opto Circuits, Pipavav Defence, Welspun Corp and Delta Corp were down between 4-8 percent.
highlights
- No hike in passenger fees by Railways
- Railways propose hike in Reservation fee, Tatkal charge
- Freight rates to go up by 5.8%
- Railways to launch 67 new express trains, 26 new passenger trains
flashes
- Economic Survey in favour of widening tax base and prioritising expenditure
- WPI inflation may decline to 6.2-6.6% in March
- Indian economy likely to grow at 6.1-6.7% in FY14
- FY13 GDP growth seen at 5%
InterpretationS
- Railway minister has done a commendable job in meeting competing demands of improving services and controlling expenditure: PM
- It is a reformist and forward- looking Budget: PM
- If you look at the overall Budget, it was relatively muted and there was nothing exciting and no steps were taken, which would make the market happy: ICICI Direct
- There is no major capex from the civil construction on the freight corridor, though some investments are coming on the metro side: KEC International
SECTOR IMPACT
Select Sector to see impact
- Cement - Major
- Infrastructure - General
- Mining/Minerals
EXPECTATIONS
expectation on: People
Saurabh Mukherjea
Head of Equities | Ambit Capital
expectation on: Markets
Ridham Desai
MD and Head Of India Research | Morgan Stanley
expectation on: Markets
Ashok Wadhwa
Group CEO | Ambit Holdings
expectation on: Business
Laurent Dhaeyer
MD | Ogone Asia and EBS
expectation on: Markets
Rajesh Iyer
Head Investments & Family Office | Kotak Wealth Management
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