Nifty Nearing The 15,000 Mark

Nifty Nearing The 15,000 Mark : Indian equities not only reversed losses, but also ended at new highs on Thursday, extending their gains for the fourth straight day.

The S&P BSE Sensex closed above 50,000 for the first time, while the Nifty 50 index is now just 100 points away from scaling 15,000.

So far this week, the Sensex and Nifty have gained more than 9.5%, and are poised for their best weekly advance in 10 months.

Futures are indicating a positive start to Friday’s session as well. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 14,970 as of 7:55 a.m.

Hero MotoCorp, Brigade Enterprises, Tata Power, among others, may react to their quarterly results reported after market hours on Thursday.

Britannia Industries and Mahindra & Mahindra are the only two Nifty 50 companies that will report results today, along with broader market stocks like Aditya Birla Capital, Gujarat Gas, Gulf Oil Lubricants, Punjab National Bank, Shipping Corporation, Jamna Auto, among others.

Asian equities are trading higher on the final trading day of the week with Japanese and Hong Kong equities outperforming. Futures on the Dow Jones reversed losses and are now trading 50 points higher.

West Texas Intermediate crude rose 0.7% to $56.65 per barrel, while gold was little changed at $1,797/Oz.

Indian equities opened higher for the fifth straight day, as sentiment across the Asia-Pacific remained in risk-on mode.

The S&P BSE Sensex opened 0.8% higher at 51,031 while the NSE Nifty 50 index opened 0.4% higher at 14,952.

Among the sectoral indices, the Nifty Bank index opened 300 points or 0.8%. The PSU Bank index has opened 4.2% higher, courtesy gains seen in State Bank of India.

The Media index has opened 0.9% higher while the Auto index saw gains of 0.8% at the start of trade.

Broader markets too have opened higher with the Midcap index opening 0.7% higher while the Smallcap index rose 0.8%.

1,211 stocks on the NSE traded with gains while 704 stocks have opened lower.

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