Domestic market is losing its trend to rate sensitive stocks post the announcement of the new RBI governor who is likely to maintain a cautious stance on interest rate cut
Sensex ends lower; govt schemes in focus.
Markets ended in green on rate cut hope.
Strong macroeconomic headwinds causing turbulence in the $245-billion Indian IT industry are yet to calm down. Top Indian IT services companies are likely to post a decline or just marginal growth in sequential revenue in Q1FY24 because of a soft discretionary spending environment. Though the first quarter is seasonally strong for IT firms, "June 2023 will be an exception", according to analysts at Kotak Institutional Equities.
Sentiments turned somewhat weak towards the middle of the session as profit-booking emerged as investors turned cautious on disappointing quarterly earnings by some bluechip companies
FPIs sold shares worth a net Rs 1236.95 crore on Friday.
The Nifty Bank index has come off 15 per cent from its peak in February, underperforming the benchmark Nifty which is down 6%.
Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sent.
Among the private banking majors ICICI Bank and HDFC Bank were down 0.2%-0.5% each.
Pulbic banks have no reason to cheer Budget announcement.
The CBI has shared its findings with the Enforcement Directorate.
In the Sensex pack, Hero MotoCorp, IndusInd Bank, Bajaj Auto, Maruti and M&M were the top gainers, spurting up to 2.66 per cent.
Brokers said a flurry of buying by investors in blue-chips mainly influenced the sentiment.
Gains were led by Tata Motors amid robust sales in June along with select financials.
Markets surged in late trades to snap five-day losing streak led by bank shares.
ICICI Bank, SBI, Axis Bank and HDFC Bank dipped between 1-2% each.
The 30-share Sensex ended down 261 points at 27,177 and the 50-share Nifty ended down 91 points at 8,214.
The rupee fell to a two-year low of 64.84 against the US dollar.
The 30-share Sensex jumped 729 points to end at 28,076 and the 50-share Nifty soared 217 points to end at 8,494.
Investors widened their bets on optimism that upcoming general budget -- to be unveiled next month - would contain incentives for corporates, which will help boost the economy
'More than 900 companies believe that the majority of their employees worry about AI's role in potential job losses.' 'It makes employees anxious about working with machines or AI applications and fuels resistance to change,' says a Capgemini report.
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
The broader markets are outperforming the benchmark indices.
BSE Sensex ended at 25,549.72 up by 321 points or 1.27% and the Nifty ended 7624.40 up by 97.75 points or 1.30%.
Metal stocks fell on Tuesday, with the S&P BSE metal index sliding 2.8 per cent compared to the 0.64 per cent fall in the benchmark S&P BSE Sensex
Experts hail 2014 as the worst year for banks.
Financials were the top gainers lead by private lenders ICICI Bank and HDFC Bank
Markets have witnessed a gap down opening mirroring losses in the global equities with US markets taking a hit on worries about the health of Chinese economy.
Sensex closed the day 416 points higher.
Sensex firm on favourable GDP numbers for FY16.
The broader markets ended in line with the benchmark indices- BSE Midcap and Smallcap indices ended higher by 1.3% and 0.9% each.
In the metal pack, Tata Steel was up 3.7% while Vedanta was up 1.8% .
Dr Reddy's was the top gainer in the Sensex pack, rising over 3 per cent, followed by PowerGrid, TCS, HCL Tech, Infosys and Reliance Industries. On the other hand, L&T, IndusInd Bank, Bajaj Finserv and Bharti Airtel were among the laggards.
The government is scheduled to release index of industrial growth for November and consumer price inflation for December later today.
Notable losers were ONGC, Axis Bank, ITC, SBI, ICICI Bank, NTPC, Hero Motocorp, Sun Pharma and Bharti Airtel who fell by up to 2.80 per cent.
It's not e-retailers alone. Bankers are also celebrating initiatives like 'Big Billion Day Sale' this festive season.
Backed by their strong physical presence across the country, UTI Mutual Fund and SBI Mutual Fund (MF) have managed to mobilise a higher proportion of their total assets under management (AUM) from towns and villages than their peers. Data compiled by Nuvama Institutional Equities shows that UTI MF and SBI MF are the only two major fund houses with over a fifth of their AUM coming from areas beyond the top 30 cities (referred to as B-30). UTI MF tops the chart with 23.8 per cent of its assets belonging to B-30 centres, followed by SBI MF with 21.2 per cent B-30 assets. The industry average stands at 17 per cent.
Experts say the move will make matters worse for buyers, reports Karan Choudhury.
Sensex eneded 374 points higher on rate cut expectation from the RBI.
Sensex ended up 190 points at 25,519 and Nifty climbed 57 points to end at 7,626.
