The benchmark 50-share Nifty topped the psychological 6000-mark as markets across Asia rallied on the US “fiscal cliff” being averted. The US Congress approved a tax increase on Tuesday targeted at wealthy households in a budget deal that should stop the economy from slipping into a recession.
The Nifty was up 54 points at a 2-year high of 6005, and the Sensex rose 171 points to 19751. Market experts however cautioned against buying into the rally.
The Market Reports suggest Indian markets in the U.S. Fiscal Cliff subject of concern for the good news. Increased flow of money into the Indian markets FIIs raise money. America, Europe, the situation has improved in developed countries and developing countries like India will benefit foreign capital into the domestic market.
Consumer durables, capital goods, metal, oil & gas, banking, power and government stocks has been rose 1.5 to 1 per cent. Realty, auto, technology, healthcare and IT stocks are strong from 0.8 to 0.3 per cent. FMCG stocks are sluggish.
Nifty stocks, JP Associates, PNB, BHEL, IDFC, Sesa Goa, Axis Bank, Maruti Suzuki, Jindal Steel, HDFC, Ambuja Cement, Bajaj Auto, GAIL, Siemens, Kotak Mahindra Bank, L & T, Hindalco, Cipla rose by 3 to 1.5 percent.
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