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Markets close on a 4 month high

Kotak Securities | Published: 07 Aug, 2012  | Source : | Follow Author | Add to my Favourites

Sensex closed on a four-month high today, rallying over 1% for the second consecutive session on Tuesday as traders continued to add long positions ahead of monsoon parliament session. Finance Minister P Chidambaram’s statements regarding plans to reduce fiscal deficit and address tax concerns of overseas investors were among the main reasons for the rally. Sector-wise, the rally was led by Banks, Technology, FMCG and Auto stocks.

European markets were trading mixed as profit taking pared initial gains. Italy's economy contracted by 0.7 percent in the second quarter, sparking recession concerns. Banking shares, which had rallied more than 12 percent over the previous nine days, were the main drag on European indexes, as the Standard Chartered Plc scandal hit the sector. Shares of the global bank were down 12.7% on heavy volumes, after plunging as much as 20 percent in early London trade after New York's top bank regulator accused it of hiding transactions to Iran and threatened to strip the lender of its state banking license.

With the result season nearing to an end, the focus would shift to government action as the monsoon session begins tomorrow.

About Kotak Securities

Kotak Securities is one of India’s largest share broking firm offering demat account, online trading, mutual fund and IPO investing service’s along with a research division specializing in Sectoral Research and Company Specific Equity Research. Express your views on their Facebook Page and Twitter Handle (@KotakSecurities) or you can also visit for more information.

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