Stock market today: Domestic blue-chip indices Sensex and Nifty50 started their day on a strong note tracking upbeat sentiment in Asian peers after softer-than-expected U.S. jobs data renewed bets that the Federal Reserve would likely ease rates this year.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Last seen, the 30-scrip gauge rose 0.29 per cent or 224.78 points at 74,102.93 and NSE Nifty was up 59.9 points or 0.24 per cent at 22,529.7. 

Meanwhile, in the broader market, Nifty Midcap 100 and Smallcap 100 also traded in the green. Nifty Bank was up 0.13 per cent at 48,985.35. 

"The cut of 172 points on the Nifty last Friday is rumoured to be triggered by fears of changes in the long-term capital gains tax in the Budget after elections. The finance minister quickly clarified that these are speculative. This clarification and positive global cues are likely to support the market in the near term," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added the US jobs data for April has come lower than expected indicating a weakening labour market and slowing economy. So the possibility of a rate cut by the Fed has again brightened. The decline in the dollar index to 105.8 and the cut in the 10-year US bond yield to 4.49 per cent augur well for the market.

Further, he said that a positive comment by Warren Buffett that India is an untapped market with great potential is hugely important. FIIs can take a cue from that rather than react every time to changes in US bond yields.

The Q4 auto results coming this week will be keenly watched by the markets and positive market responses are likely, he added.

BUZZING STOCKS

Godrej Properties shares were up over 6 per cent after JP Morgan upgraded to 'overweight' and raised the target to Rs 3,100 from Rs 2,250 apiece. 

Kotak Mahindra Bank shares were up over 4 per cent after JP Morgan upgraded to 'overweight' and gave a target of Rs 2,070 apiece.  

CDSL shares were up over 2 per cent after the company posted its Q4 results. 

Deepak Nitrite shares were up over 6 per cent after Morgan Stanley double upgraded to 'overweight' and raised the target price to Rs 2,985 from Rs 1,625 apiece.  

Mishra Dhatu Nigam shares were up over 2 per cent after the company received an order worth Rs 139 crore.

Conversely, Titan shares were down nearly 6 per cent after the company posted below expectations Q4 results.

Mangalore Refinery & Petrochemicals shares were down over 6 per cent after the company reported its Q4 results. 

JNK India shares were down over 3 per cent after DSP Trustee Pvt (PAC) bought 24.85 lakh shares or 4.46 per cent equity in the company.

GLOBAL MARKETS 

Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention.

Trading was thinned in Asia with Japan out for a holiday, though markets in mainland China got off to an upbeat start after returning from an extended break.

(With inputs from agencies.)

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.