Sensex may touch 21,000 level by Diwali: Experts

New Delhi: The BSE benchmark Sensex is likely to hit the much awaited psychological level of 21,000 this Diwali, driven by robust foreign fund inflow, good quarterly earnings from corporates so far and favourable global cues, say analysts.

The Sensex touched its one-year high level of 20,932.23 on Friday triggered by global cues as concerns about the US tapering eased and China's economic growth picked up.

The 30-stock index is 323.88 points away from its all- time peak of 21,206.77 hit on January 10, 2008.

Meanwhile, foreign institutional investors (FIIs), the main driver of the Indian stock market, have poured in nearly Rs 7,000 crore (USD 1.12 billion) in the domestic equity market since the beginning of this month.

With this, the total foreign investment in the Indian stock market has reached Rs 80,174 crore (USD 14.77 billion) so far in 2013, as per data available with market regulator Sebi.

Marketmen attributed the foreign fund inflows to easing concerns over the US tapering.

"Markets rose sharply on Friday, buoyed by the postponement of the debt ceiling issue and on likely expectations that the Fed will not taper the stimulus programme in its next meeting, pending final resolution of the debt ceiling programme," said Dipen Shah, Head of Private Client Group Research at Kotak Securities.

The Sensex has gained 1,365.74 points or 6.99 percent so far this month to 20,882.89.

According to analysts, the way things are looking positive for the country and the liquidity force will take markets to higher levels.

"The Sensex is likely to remain strong in near-term. The kind of inflows and liquidity that we are seeing indicates that the Sensex may scale new highs in the days to come. The Sensex is likely to touch its all-time high by Diwali as the global set-up is good, results by Indian Inc is reasonably decent and most importantly FII inflows are robust," said Paras Bothra, Research Head at Ashika Stock Brokers.

The sentiment in the market last week was boosted on speculation that Federal Reserve could maintain monetary stimulus next year on concerns that the 16-day partial US government shutdown may curb growth in the world's largest economy.

"Markets may move up further as indications from the US markets are positive, corporate results are good. Besides, FIIs are positive on the Indian stock market. So, it is likely that markets may touch their record high levels by Diwali," said Alex Matthews, Geojit BNP, Research Head.

BSE Sensex fails to maintain initial gains, turns negative

 
New Delhi: The S&P BSE benchmark Sensex failed to maintain initial gains and was quoted lower in afternoon trade Monday on selling pressure mainly in consumer durables and IT counters.

The 30-share index opened higher at 20,915.76 and moved up to 20,970.92 on buying in capital goods, auto and realty shares on the back persistent capital inflows from foreign funds coupled with higher global cues.

However, it later dropped to 20,787.56 and was quoted at 20,810, showing a loss of 72.74 points, from its last weekend's level.

Similarly, the 50-share NSE benchmark Nifty moved lower by 7.70 points, to 6,182.

Foreign institutional investors (FIIs) bought shares worth Rs 1752.98 crore on last Friday, according to provisional data from the stock exchanges.

Asian markets rose as traders continued buying spree that began last week on bets that US Federal Reserve will continue its monetary stimulus for the world's largest economy.

Key benchmark indices in Singapore, Hong Kong, China, Indonesia and Japan rose between 0.1 percent and 1.13 percent, while indices in South Korea and Taiwan fell between 0.12 percent and 0.21 percent.

How to make Narendra Modi PM, Web masters at work

 
The Congress polled about 11 crore votes to win the 2009 general election decisively. In 2014, when the country votes again, it will have more than 14 crore mobile Internet users alone.
That’s a thought for pause. And that’s the thought that Narendra Modi seized upon at a BJP office-bearers’ meeting in Delhi on April 7 to underline how the 2014 polls could be won — on the Internet. Two months later, after being named the BJP’s campaign committee chief, he told a Maharashtra core group meeting that there were 165 Lok Sabha seats where social media could be used to enhance the campaign pitch.
That thought has since then fructified into an Information and Communication sub-committee headed by Rajya Sabha MP Piyush Goyal, as part of the panels set up by the BJP on July 19 to look after various aspects of its poll campaign. The sub-committee in turn is helped by the party’s IT cell, with an alumnus of IIT-BHU, Arvind Gupta, as convenor, and a Communication (or Samvad) Cell, headed by an MBA degree holder from IIFT (Indian Institute of Foreign Trade), Anupam Trivedi.
The BJP’s IT drive includes a third arm outside the party fold: Rajesh Jain. An IIT-Bombay alumnus and one of the original IT entrepreneurs turned venture capitalists and serial entrepreneurs, he is working as a volunteer for the party.
“Rajesh, Arvind and Anupam are the three pillars of my Information and Communication sub-committee,” says Piyush Goyal.
While Gupta and his team look after digital and social media platforms, Trivedi’s men work on content development. Jain and his self-initiated team handle IT-enabled election management down to the booth level.
If anyone had doubts about how thorough this work was, Jain effectively removed these at a meeting in the Capital on August 18, according to those present. Asked to make a presentation before a gathering of BJP central office-bearers, state unit chiefs and state organisation secretaries, Jain took up former deputy chief minister of Bihar Sushil Modi as an example, used a software tool that crawls through the Election Commission’s database of electoral rolls, identified the BJP leader’s polling booth, then

India rupee falls for second day on hopes of US debt deal

Rupee ends at 61.8350/8450 per dlr vs 61.55/56 on Monday
* High domestic inflation further hurts rupee sentiment
* Choppy domestic shares; broad dlr rally weighs on local unit
By Swati Bhat
MUMBAI, Oct 15 (Reuters) - The Indian rupee weakened for a second session on Tuesday as the dollar rallied broadly on hopes U.S. lawmakers would agree on a deal to raise the country's debt limit, averting an immediate default.
The plan being negotiated by U.S. Senate leaders would end a partial government shutdown and raise the debt ceiling by enough to cover the nation's borrowing needs at least through mid-February 2014, a source familiar with the negotiations told Reuters.
The index of the dollar against six major currencies rose to a one-month high of 80.678, pushing the rupee to session lows in the last hour of trade.
"The market is not positioned big yet for the 17th of October. It is not ready for a repeat of the 2008 mayhem with more intensity," said Vikas Babu Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank.
"The deal will likely go through last minute but either way the rupee will weaken further. If the deal doesn't go through, the fall would be much more," he added.
The partially convertible rupee closed at 61.8350/8450 per dollar compared to 61.55/56 on Monday. It moved in a wide band of 61.25 to 61.94 range during the session.
Financial markets will remain closed on Wednesday for a religious holiday.
Traders said choppy domestic shares also provided little comfort to the rupee, while expectations the Reserve Bank of India would raise interest rates late this month also weighed after data late on Monday showed annual consumer price inflation quickened more than expected to 9.84 percent in September.
Data on Monday had showed wholesale price inflation also accelerated more than expected.
In the offshore non-deliverable forwards, the one-month contract was at 62.30 while the three-month was at 63.32.
In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all closed at around 61.98 with a total traded volume of $2.36 billion. (Editing by Sunil Nair)

India's BSE index falls from nearly 3-year high; US debt deal key

BSE index falls 0.29 pct; NSE ends 0.39 pct lower * Indian shares snap 5-day winning streak * HDFC Bank posts slowest quarterly profit growth in a decade * Investors turn 'equal-weight' on India - Morgan Stanley survey By Abhishek Vishnoi MUMBAI, Oct 15 - India's benchmark index fell on Tuesday, retreating from a nearly three-year high hit earlier in the session, as blue chips declined ahead of the Oct. 17 deadline to lift the U.S. debt ceiling. Lenders also