Tax rate cut expectations pushed sensex up 600 points, samvat 2076 started on a bull run , as the nifty50 and the sensex closed above the crucial resistance level to a 4 month high on October 29 helped by short covering.
The sensex rose 581points to 39831, while Nifty closed 159 points at 11,786.The market which was already trading at a positive bias picked up momentum after media reports suggested that PM Narendra Modi and Finance Minister Nirmala Sitharaman are planning a series of tax alignments for equities in the comingweeks in a bid to furthur boost investor sentiment, sources in the Finance Ministry and Niti Ayog said.
50 stocks closed highest level since budget. 1055 stocks advanced and 732 shares declined on NSE. A 6% growth for the whole year is expected says Mark Mobius veteran investor. Mikesh Ambani the richest person in Asia says Indias economy slowdown will reverse in coming years, and Reliance will be investing in Saudi Arabia. Mahindra and Mahindra has delivered close to 13500 vehicles on Dhanteras,the number was higher than deliveries last year.We had recommended Mahindra & Mahindra at 550/ on 27/08/2019, quoting 611.80 on Nse today. Most ideas today are sourced from Bloomberg quint and Moneycontrol.
