Indian Markets reach 7-week closing high - Standard Chartered Securities

Key benchmark indices gained for second day in a row and reached 7-week closing high as European stocks rose after Federal Reserve Chairman Ben Bernanke said Fed's asset purchases "are by no means on a preset course" and could even be expanded should economic conditions warrant. The Sensex moved past the psychological 20,000 level and the CNX Nifty pierced the psychological 6,000 level.

Bank stocks rose across the board after private sector bank Axis Bank reported strong Q1 results. FMCG stocks extended gains as a bountiful rainfall this year has prepared the ground for bumper harvest. Realty stocks rose on bargain hunting. Telecom stocks were mostly higher in volatile trade. Capital goods shares were in demand on renewed buying.

Markets expected to open higher, tracking firm global and Asian markets. Further, investor focus continues you to be June quarter results, wherein the management commentary will be closely watched.

Source : Equity Bulls

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