Asian Stocks Continue to Rise
Asian stocks continued the upward movement after a rebound in U.S. home sales bolstered confidence that consumer spending will be sustained in US. Data released yesterday showed an unexpected rise in new home sales for the month of August and helped ease concerns about a housing market slump. South Korea added nearly 0.85 per cent while Indonesia and Shanghai ended with gains of around 0.7 per cent each. Japan added close to 0.5 per cent and Singapore closed with gains of nearly 0.4 per cent. Malaysia and Hong Kong ended with modest gains. Thailand was the only loser, declining nearly 0.75 per cent.
India's sensex gained marginally on the expiry day of september futures, amidst relative volatility and mixed trends across sectoral indices. Strong gains in banking stocks was the highlight of the day for the Indian markets.
The 30-share BSE Sensex rose 13.83 points or 0.1 per cent to close at 12,380.74, moving between 12,340.17 and 12,431.79 intra day. The broader 50-share NSE index S&P CNX Nifty lost 7.55 points or 0.2 per cent to 3,571.75.
The major Sensex gainers were HDFC Bank (+4.81%), HDFC (+3.27%), ICICI Bank (+2.99%), SBI (+2.97%), Ranbaxy (+2.24%). Major Losers were L&T, TCS (-2.34%), Maruti (-1.92%), Reliance Communication (-1.88%) and Satyam (-1.64%).
Banking stocks rallied strongly for the third straight day, reflecting hopes of declining interest rates following indications from US that the Fed is done with its hiking spree as also a substantial decline in crude prices over last few weeks. There is a view gaining ground among bankers in India that chances of further rate hikes by RBI in near future are low. Oriental Bank was the star performer with about 7% gains; Union Bank, UTI Bank, Bank of India and Bank of Baroda all gained around 6.5 per cent each. Kotak Mahindra gained close to 6 per cent while Canara Bank added more than 5 per cent.
Asian stocks continued the upward movement after a rebound in U.S. home sales bolstered confidence that consumer spending will be sustained in US. Data released yesterday showed an unexpected rise in new home sales for the month of August and helped ease concerns about a housing market slump. South Korea added nearly 0.85 per cent while Indonesia and Shanghai ended with gains of around 0.7 per cent each. Japan added close to 0.5 per cent and Singapore closed with gains of nearly 0.4 per cent. Malaysia and Hong Kong ended with modest gains. Thailand was the only loser, declining nearly 0.75 per cent.
India's sensex gained marginally on the expiry day of september futures, amidst relative volatility and mixed trends across sectoral indices. Strong gains in banking stocks was the highlight of the day for the Indian markets.
The 30-share BSE Sensex rose 13.83 points or 0.1 per cent to close at 12,380.74, moving between 12,340.17 and 12,431.79 intra day. The broader 50-share NSE index S&P CNX Nifty lost 7.55 points or 0.2 per cent to 3,571.75.
The major Sensex gainers were HDFC Bank (+4.81%), HDFC (+3.27%), ICICI Bank (+2.99%), SBI (+2.97%), Ranbaxy (+2.24%). Major Losers were L&T, TCS (-2.34%), Maruti (-1.92%), Reliance Communication (-1.88%) and Satyam (-1.64%).
Banking stocks rallied strongly for the third straight day, reflecting hopes of declining interest rates following indications from US that the Fed is done with its hiking spree as also a substantial decline in crude prices over last few weeks. There is a view gaining ground among bankers in India that chances of further rate hikes by RBI in near future are low. Oriental Bank was the star performer with about 7% gains; Union Bank, UTI Bank, Bank of India and Bank of Baroda all gained around 6.5 per cent each. Kotak Mahindra gained close to 6 per cent while Canara Bank added more than 5 per cent.
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