Sensex gained, Banking Stocks Rebound

Posted by On October 30, 2015 0 Comment

Sensex and Nifty gained some traction in early noon trade after wobbling in the early trade. The Sensex gained over 100 points while Nifty inched closer to 8150 levels.

Here Are Top 10 Developments:

1) Banking stocks attracted strong buying after suffering a selloff in the previous few sessions. Yes Bank, ICICI Bank, SBI and Kotak Mahindra Bank gained over 1 per cent. ICICI Bank and Kotak Mahindra Bank are scheduled to announce their Q2 earnings later in the day.

2) Market heavyweight ITC fell 1.7 per cent ahead of its Q2 earnings announcement later in the day.

3) Dr Reddy’s Lab, which posted strong earnings yesterday, gained 1.8 per cent. Another pharma Glenmark also rose over 4 per cent.

4) Aviation stocks SpiceJet (up 3.5 per cent) and Jet Airways (up 1.7 per cent) were in focus after the government today announced the draft aviation policy to boost the passenger traffic in the country.

5) Market experts remain cautious on their near-term outlook for stocks. They say that Nifty risks falling to below 8,000 levels in the near term on disappointing earnings and caution ahead of the outcome of the Bihar election results.

6) The rupee pulled back slightly after slumping by 38 paise to close at more than 3-week low of 65.31/dollar yesterday. The rupee rose to 65.25/dollar today.

7) Analysts would be closely watching the buying activity from foreign institutional investors after the US Fed signaled the possibility of a rate hike in December. FIIs bought Indian shares worth Rs 174.12 crore (net) on Thursday in the cash market, taking their overall buying to nearly Rs 4500 crore so far this month.

8) Domestic institutional investors have resorted to profit-taking and sold Indian shares worth nearly Rs 300 crore on Thursday, taking their overall sell numbers to over Rs 3,000 crore this month.

9) The US Federal Reserve kept interest rates unchanged on Wednesday but hinted at the possibility of rate hike in December. Investors had expected the Fed to remain pat on rates, but the overt reference to December came as a surprise.

10) Asian shares were down on Friday and on track for a weekly loss as investors grappled with the prospect of higher borrowing costs in the United States, as the Federal Reserve prepares to raise rates amid the backdrop of slowing global growth.

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Source:Ndtvv

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