Opening Bell: Nifty, Sensex in the green; banking shares shine
The Indian markets opened in the green as the benchmarks Nifty50 and S&P BSE Sensex carried on the momentum from the last week.
The Indian markets opened in the green as the benchmarks Nifty50 and S&P BSE Sensex carried on the momentum from the last week.
Sensex started the fresh day of the week at 60,837.40 and was trading 300 points higher minutes after market open.
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Banking stocks shone as HDFC Bank, Kotak Bank were among those gained maximum on Monday.
"Partly justifying the market rally, corporate earnings have grown by 46 % YoY in Q2. The surge in earnings has been led by financials, metals & mining and oil & gas. But, even discounting this impressive performance by India Inc, the market is over-valued and, therefore, corrections are due," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The lead strategist at Geojit Financial Services further said Q3 is likely to be subdued compared to Q2. Headwinds from rising CPI inflation( 4.48% in October) and a decline in IIP to 3.1% in September are likely to impact earnings in many segments in Q3 and Q4.
"The global headwind for markets is likely to come from a sooner-than-expected rate hike by the Fed by, say, mid-2022 contrary to market expectation of a rate lift-off starting early 2023," said the analyst
Earlier in the pre-open, Nifty slipped below crucial 18, 000-mark to 17, 977 and Sensex opened near 60,000 level to 60,837.40. As many as 43 shares advanced and 7 declined on Nity and 27 opened in the green and 3 in the red on Sensex minutes before market open.
Meanwhile, Japanese Nikkei 225 was trading 158 points up to 29,769, Hang Sang Index at Hong Kong Exchange was also trading 0.43% higher to 25,437 and Shanghai Composite was trading marginally up with 4 points gains to 3543.
Earlier on Friday, the major Wall Street indices Dow Jones, Nasdaq Composite and S&P 500—all closed with good gains. Dow Jones closed at 36,100.31, up 179.08 points or 0.50%, Nasdaq Composite added 156.68 points or 1% to 15,860.96 and S&P also got stronger by 0.72% as it settled at 4,682.85, up 33.58 points.
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