Nifty& Sensex breaches a 18-month high record
Union Cabinet’s meeting on second round of reforms of pension and insurance in FDI to 49% has raised the hopes in investors for more scope of investment and breaks the record with 50-share Nifty reaching 5,800 mark on Thursday.
Sensex is showing strong hopes that UPA will bring more FDI Caps in Insurance and Pension as well as Infrastructural sectors along with approval of Bills today, bringing more opportunity in PSU banking, auto sector, civil aviation and infrastructure sector.
Reports said that it was for the first time that BSE Sensex hiked more than 19,000 since July 15, 2011 while the Nifty recording a 18-month high in stock market since April 29, 2011 with the 5,800 mark.
Meanwhile, Indian currency rupee hit a 5 months high against the dollar, bringing more foreign investing scopes which raise exports and revenue being strong the Indian currency.
As per stock market records, Banking, Power and Capital Goods stocks rose 2% high, while healthcare and IT sector downed by less than 1 %, recording around 120 gainers against 478 losers. In insurance sector, shares of Max India, Aditya Birla Nuvo and Reliance Capital and in Finance sectors Bajaj Finserv surged high record by 5 %.
In stock market, chances are high to further flow this upward slope as the government’s efforts are most appreciated by investors. If another second round of big ticket reforms would bring by UPA-II at right time which seems to be now, then it give a historical boost in market which strengthen the Indian Rupee more and make hole on inflation with more growth opportunities.