INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Bulls made a splendid comeback on Dalal Street on Friday that saw benchmark indices logging solid gains
The SP BSE Sensex rallied 284.32 points or 0.75 per cent to 37,947.88 while the broader Nifty50 index closed at a lifetime high of 11,470.75
after rising 85.70 points or 0.75 per cent.
Here's a look at the key factors that fuelled market rally in today's trade:US-China look to
bury the hatchetAccording to news reports, negotiators from Washington and Beijing will meet later this month in the first publicly
announced meeting in weeks on their bitter trade dispute, which has seen both sides impose reciprocal tariffs on goods worth $34 billion
The news helped global markets regain composure after several days of volatility induced by Turkey's financial crisis and US-China's trade
conflict.
Heavy buying in metals, FMCG and banking stocksInvestors lapped up stocks from metals, FMCG and PSU banks counters
At the time of writing this report, the Nifty PSU bank index was trading 3.15 per cent higher at 3,226, with all 12 constituents in the
ITC, ICICI Bank, SBI and HUL contributed the most to Sensex's rise.
Foreign inflows riseForeign inflows in August stood at Rs 2,400 crore so
far this month, higher tha Rs 2,264 crore seen in the entire month of July
Buying is seen even as there are concerns over EM selloff amid weakening macro environment and US-Sino trade tensions.
Lira firms despite US
warning of more sanctionsThe Turkish lira strengthened against the dollar on Friday as investors weighed up a US warning that Turkey should
expect more economic sanctions unless it hands over detained American pastor Andrew Brunson
At 0656 GMT the currency stood at 5.7700 to the dollar, firming 0.7 per cent from a close of 5.8150, Reuters reported
Experts see India as a bright spot among EMsDespite a slew of headwinds on the global front, India is the most resilient among EM peers,
India’s macros are better than other emerging markets and Prime Minister Narendra Modi is in a strong position.Modi has built incredible
credentials for his government, said Russell Napier, independent investment strategist co-founder of ERIC
This apart, Citi during its Asia FII Roadshow recently noted that India retains its distinct identity in the emerging market pool as
investor interest shows a clear pick-up
Citi noted that select EM investors are looking at India as a safe haven in the volatile EM universe.
