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Wednesday, 25 October 2017

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Sensex, Nifty clock fresh record highs; 5 factors fuelling the rally

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The Indian market soared to a fresh record high on Wednesday as investors cheered multiple factors such as bank recapitalisation plan, a few other global and technical factors.
The 30-share BSE Sensex saw a gap-up opening of 456.55 points, or 1.40 percent, at 33,063.89 and the 50-share NSE Nifty rose 104.80 points, or 1.03 percent, to 10,312.50. But investors have looked to book profits from that point, as indices have cooled off from the record highs.
Sundaram Mutual Fund believes that the bank recapitalisation plan of the government is a very long awaited step by the government. “They had to take the bull by the horns and it has taken the massive step to put this capital. This changes the framework with which an investor would look at banking and financial space. Structurally, they are back in the game,” S Krishna Kumar, CIO Equity, Sundaram Mutual Fund told CNBC-TV18 in an interview, adding that the risk profile of PSU banks will get a lot better.
out five factors that is driving the markets today.
Bank recapitalisation
Bharatmala push
Stable global cues
Broader market leading the charge
Technical take

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