Wednesday, 23 November 2016

Sensex, Nifty may rally on global cues

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The market may rally Wednesday on strong global while the SGX Nifty indicates a strong start on Dalal Street. The US markets extend their all-time highs, with the Dow topping 19000 for the first time ever. Asia, too, opened on a strong footing. Japanese markets are shut for trade today. Yesterday, short covering and positive global cues helped the BSE Sensex snap six-day losing streak and the Nifty close above 8000 level. 

 

The 30-share BSE Sensex was up 195.64 points at 25960.78 and the 50-share NSE Nifty climbed 73.20 points to 8002.30. L&T will react to its Q2 earnings which beat street estimates. Divestment gain, other income and lower finance cost drove bottomline growth. The company has maintained its FY17 revenue and order inflow guidance. US FDA woes continue for Wockhardt as it gets another warning letter for its UK subsidiary CP Pharma. The letter highlights aseptic processing issues amongst other problems at the plant.

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