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Wednesday, September 30, 2015

Asia Pacific Market: Positive cues globally prevailed

European shares edged higher, with shares of automakers boosted by a Chinese tax cut on small cars while miner Glencore rallied after saying it had no solvency issues. Trading in US index futures indicated that the Dow could jump 181 points at the opening bell today, 30 September 2015. US stocks finished mostly higher yesterday, 29 September 2015, as a stronger-than-expected reading on consumer confidence and rising house prices pointed to a stronger US economy.

In Asia, Japanese stocks surged on expectations for more monetary and fiscal stimulus after the latest data showed that Japanese industrial output fell unexpectedly for the second straight month in August. Chinese stocks nudged higher after a private consumer sentiment index reached its highest level in over a year in September 2015. 

Australian market bounces back above 5000 level. Nikkei rebounds 2.7% from 8-month lows. China market ends higher on bargain buying. Hong Kong stocks up on upbeat offshore lead. 

Positive lead from global markets aided rally on the domestic bourses, with the barometer index, the S&P BSE Sensex, piercing the psychological 26,000 mark. The Sensex jumped 376.17 points or 1.46% to settle at 26,154.83. The 50-unit CNX Nifty rose 105.60 points or 1.35% to settle at 7,948.90. The Sensex and Nifty, both, attained their highest closing level in more than a week. Telecom, oil and power sector stocks led rally for key benchmark indices which remained in positive zone throughout the trading session.

The rally on the domestic bourses materialized a day after the Reserve Bank of India (RBI) surprised financial markets by announcing a steeper-than-expected 50 basis points reduction in its benchmark lending rate viz. the repo rate after a regular monetary policy review yesterday, 29 September 2015. The Sensex and the Nifty registered modest gains after witnessing high intraday volatility yesterday, 29 September 2015, in the wake of the RBI decision. 

From a 52-week low of 24,833.54 hit on 8 September 2015, the Sensex has risen 1,321.29 points or 5.32%. The Sensex is off 3,869.91 points or 12.89% from a record high of 30,024.74 hit on 4 March 2015.
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