Multiple tailwinds for the automobile sector, including a cut in goods and services tax (GST) rates, are keeping analysts bullish on auto stocks from a long-term perspective, even as they see the rally running its course in the near term.
Among Sensex firms, Maruti zoomed the most by 8.94 per cent. Bajaj Finance rallied over 5 per cent, UltraTech Cement by 3.71 per cent, and Bajaj Finserv by 3.7 per cent. Mahindra & Mahindra, Hindustan Unilever and Trent were also among the gainers. However, ITC was the biggest loser, dropping by 1.26 per cent. Eternal, Tech Mahindra and Larsen & Toubro also declined.
Domestic equity markets, which are at record high levels, will be driven by quarterly earnings, global trends and foreign fund movement, analysts said. The movement of rupee and global oil benchmark Brent crude will also be tracked by investors. "The direction of global stock markets, fluctuations in the rupee-to-dollar exchange rate, and movement in crude oil prices will all play a crucial role in influencing the overall market trend.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
The 50-share NSE Nifty ended at 9,143.80, up 43 points, or 0.47 per cent, after moving between 9,153.15 and 9,109.10.
Markets in green tracking firm global cues.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Banks led the decline with Nifty Bank and BSE Bank index dropping over 3% each.
The Indian indices also offer one of the lowest dividend yields.
The Sensex closed higher by 170 points at 26,128 and the Nifty rose 59 points to end at 7,943.
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