Excel Funds Management Inc.

Emerging Markets

Breaking News : Sensex closes 300 points higher

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The Sensex staged excellent performance on Monday, extending Friday’s rally to 500 points in two sessions.  The Sensex today went up over 300 points or 1.8% to post a one-week high of 17,143.68, its biggest rally in over a month.  Realty, power and capital goods shares were the top gainers rising over 3% while banking stocks rebounded sharply, gaining 2.7%.  SBI topped the buying list rising 4.63% today, followed by Tata Motors and Tata Power that rose 4.1% each.  ICICI Bank, Bhel, L&T, GAIL and Sterlite rose in the 3-3.9% range.  Investor wealth rose by Rs 1 lakh crore with over 1,600 stocks closing higher.  Buying was so strong that all 13 sectorial indices closed with sharp gains. 


A portion of today’s rally may be attributable on the hopes of surprise policy changes by the Reserve Bank of India in its first quarter monetary policy review tomorrow.  Majority of experts do not expect change in policy rates and cash reserve ratio as inflation is still above the RBI’s comfort level of 7% but some experts feel that the RBI may cut repo rate by 25 basis points.  Domestic investors were also encouraged by reports that the government has prepared contingency plans for 320 districts where monsoon rains have been poor amidst fears of a 20% shortfall in rains. 


Global cues helped the sentiment through speculation that European Union policy makers will take action to ease the region’s debt crisis and revive its sluggish economy.  Asian markets, barring China ended with gains between 0.48% and 1.61% on hopes of actions by European leaders to curb the region’s debt crisis.  European stocks also traded higher as key indices from France, Germany and UK were quoting increases between the range of 0.4% to 0.76%. 


In India, major Sensex gainers were SBI (4.63%), Tata Motors (4.16%), Tata Power (4.12%), ICICI Bank (3.89%), BHEL (3.82%), L&T (3.38%), GAIL India (3.31%), Sterlite Industries (3.27%) and NTPC (3.01%).

Infosys (2.82%), Tata Steel (2.73%), M&M (2.44%), Sun Pharma (2.31%), Jindal Steel (2.09%), Cipla (1.98%), Bajaj Auto (1.43%), ITC (1.38%) and RIL (1.23%) also notched up.


Among losers, ONGC shed 0.31%, followed by HUL and Wipro that closed marginally down from Friday’s levels.


Among sectorial indices, the BSE-Power jumped 3.58%, followed by the BSE-Realty (3.13%), the BSE-CG (3%), the BSE-Bankex (2.67%), the BSE-CD (2.53%), the BSE-Auto (2.26%), the BSE-Metal (2.09%) and the BSE-PSU (1.94%).


Total turnover dropped from Rs 1,748.49 crore to Rs 2,514.43 crore from last Friday.


Author: Excel Funds Management

We Are Leaders. Our Focus is Undivided. Excel Funds is Canada’s specialist in Emerging Market investment opportunities. We pioneered Emerging Market mutual fund design and distribution in Canada. Our focus is undivided – Emerging Markets is all we do. Our Mission Is To Offer Canadians True Global Access By offering Canadians access to rapid growth markets, Excel Funds provides truly global and diverse investment value. Our clients want consistent, responsible and intelligent solutions – we will never stop being challenged and deliver on client expectations. We Listen. We Are Determined To Deliver. Our clients want to understand better. Excel Funds is the only company dedicated to providing investors with actively managed, best-in-class Portfolio Managers based in regional markets. In order to deliver deeper understanding, we are not removed from unique cultural, political and economic experiences. We Initiate. We Create. Investors benefit from strong, sustainable growth. To create wealth for our clients we will: • Offer globally diverse opportunities to capture shifts in world economies • Not resist change and continually lead in Emerging Markets global growth • Engage world class institutional managers for retail investors We Are Passionate. We Will Never Stop Innovating. True leadership is enabling and seeks a positive outcome for all invested. We will not rest on past success, and continue to provide clients with: • Innovative fund structures • Canada’s largest & most comprehensive Emerging Markets products • The best institutional level Portfolio Managers • World class on-the-ground active managers • A singular focus on Emerging Markets, the driver of global growth

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