BSE Realty index fell 5 percent dragged by the Sobha, Sunteck Realty, Oberoi Realty
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
After the 1.2% cut in Nifty last week, the market will try to stage a comeback on the back of the excellent numbers from ICICI Bank and reasonably good numbers from Reliance. A distinct trend in the market for many sessions now has been the outperformance of Bank Nifty which was up 2.5% last week when Nifty was down 1.2%. This outperformance is justified by the bank results so far and the trend may continue since there is valuation comfort in the banking segment in an otherwise overvalued market. So, even if the market turns weak, banking may show resilience.
The threat to the bulls is likely to come from the FIIs who have turned into sustained sellers. The Q2 results, so far, look impressive particularly in energy, metals, mining, IT and banking. The resurgence of Covid cases in the Eastern parts, particularly West Bengal, has to be watched.
Nifty Bank index added 1 percent supported by the ICICI Bank, Axis Bank, RBL Bank
Gold flat after last session's retreat from 1-1/2-month high
Gold prices held steady on Monday after cutting gains in the prior session on U.S. Federal Reserve chief Jerome Powell’s comment that inflation could ease next year and the central bank was on track to start tapering its stimulus.
The metal rallied to its highest since early September on Friday before trimming gains on Fed Chairman Jerome Powell’s comments on tapering.
Market Updates:
Benchmark indices erased all the opening gains and trading flat amid volatility.
At 09:21 IST, the Sensex was up 38.10 points or 0.06% at 60859.72, and the Nifty was up 9 points or 0.05% at 18123.90. About 1074 shares have advanced, 1213 shares declined, and 126 shares are unchanged.
Gainers and losers on the BSE Sensex:
Market Opens: Indian indices opened on positive note on October 25 amid mixed global cues.
At 09:17 IST, the Sensex was up 207.75 points or 0.34% at 61029.37, and the Nifty was up 32.20 points or 0.18% at 18147.10. About 1365 shares have advanced, 680 shares declined, and 124 shares are unchanged.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
After the 1.2% cut in Nifty last week, the market will try to stage a comeback on the back of the excellent numbers from ICICI Bank and reasonably good numbers from Reliance. A distinct trend in the market for many sessions now has been the outperformance of Bank Nifty which was up 2.5% last week when Nifty was down 1.2%. This outperformance is justified by the bank results so far and the trend may continue since there is valuation comfort in the banking segment in an otherwise overvalued market. So, even if the market turns weak, banking may show resilience.
The threat to the bulls is likely to come from the FIIs who have turned into sustained sellers. The Q2 results, so far, look impressive particularly in energy, metals, mining, IT and banking. The resurgence of Covid cases in the Eastern parts, particularly West Bengal, has to be watched.
ICICI Direct
Indian markets are likely to open on a positive note on the back of mixed global cues as traders weighed inflation risks, a Covid-19 outbreak in China and earnings prospects of major technology firms.
US markets ended mixed on the back of losses in technology stocks amid a slew of fresh earnings reports from major companies.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session.
At 09:02 IST, the Sensex was up 121.75 points or 0.20% at 60,943.37, and the Nifty was up 167.30 points or 0.92% at 18,282.20.
Coforge Q2 earnings:
The company's Q2 net profit rose 18.7% at Rs 146.7 crore against Rs 123.6 crore and revenue was up 7.4% at Rs 1,569.4 crore versus Rs 1,461.6 crore, QoQ.
Dollar revenue was up 6.5% at USD 212.8 million versus USD 199.7 million, QoQ.
Oil prices on the march again in tight market; U.S. crude at 7-yr high
Oil prices rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps.
Brent crude futures climbed 26 cents, or 0.3%, to $85.79 a barrel at 0048 GMT, following on from last Friday's 1.1% gain. The contract was near a three-year high of $86.10, hit last Thursday.
U.S. West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.6%, to $84.24 a barrel, after climbing 1.5% on Friday. It touched its highest since October 2014 - $84.28 - earlier in the session.
Market LIVE Updates: Indices erase opening gains, trade flat; RIL, ICICI Bank in focus post Q2 earning - Moneycontrol.com
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