IT, metals and pharma have extended their gains, while, autos are trading higher too. Energy stocks are seeing some weakness, with the Nifty energy index falling 0.2 percent.
Market Outlook: GDP growth at 8.2 percent for the June quarter is a strong sign but the number itself should not be taken as a strong indicator of growth, Neelkanth Mishra, MD and India economist and strategist, Credit Suisse said in an interview with CNBC-TV18.
If we analyze the June quarter results for companies, most of the results have come off from a weak or a low base highlights Mishra.
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If we remember the period in the run-up to the start of the Goods & Services Tax (GST) regime, there was significant inventory reduction in the economy which led to a fall in industrial growth last year.
Market Update: Shares are marginally off their high points, but the Nifty is managing to hold 11,700. The Sensex is trading above 38,700-mark as well.
Market Update: Shares are marginally off their high points, but the Nifty is managing to hold 11,700. The Sensex is trading above 38,700-mark as well.
The Bank Nifty is trading flat with a negative bias, while all other sectoral indices are trading in the green. IT, metals and pharma have extended their gains, while, autos are trading higher too. Energy stocks are seeing some weakness, with the Nifty energy index falling 0.2 percent. In the broader market, the Nifty Midcap is up around a percent.
The Sensex is up 79.67 points or 0.21% at 38724.74, and the Nifty up 23.20 points or 0.20% at 11703.70. The market breadth is positive as 1,461 shares advanced, against a decline of 860 shares, while 108 shares are unchanged.
ICICI Bank falls 1.5%: Shares of ICICI Bank fell over 1.5 percent on Monday morning as investors turned wary of reports around Chanda Kochhar and family.
The stock touched an intraday high of Rs 345.00 and an intraday low of Rs 337.30.
The panel headed by Justice BN Srikrishna will examine property dealings undertaken by Chanda Kochhar and her family since she took over as CEO of ICICI Bank.
According to an Economic Times report, the board of ICICI Bank has requested the panel to determine whether the Kochhar family acquired the assets at concessional or rates lower than that prevailing in the market.
The panel will also probe whether sellers of these assets were granted special terms of loans or any other banking privileges with the bank. The report quoted Justice Srikrishna as confirming he is investigating allegations that were raised by a whistle-blower.
Market Update: Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning, with the Nifty continuing to hold 11,700. The Sensex is up over 100 points. Tech stocks are soaring on the back of a huge upmove on Wipro, which is currently up around 6 percent. The rally is spilling over to other IT stocks as well.
Automobile stocks are also rising as investors are reacting to their monthly sales data for August. Buying counters are also buzzing in the midcaps space, with the Nifty Midcap index extending gains to around half a percent. Other big gainers include Bajaj Auto, and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance have lost the most.
The Sensex is up 127.93 points or 0.33% at 38773.00, while the Nifty is up 29.00 points or 0.25% at 11709.50. The market breadth is positive as 1,115 shares advanced, against a decline of 621 shares, while 100 shares are unchanged.
Market opens: It’s a good start on this Monday morning on D-Street as investors are betting on positive GDP data for the June quarter of this fiscal. The figure rose to 8.2 percent in Q1 of FY19.
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The Sensex is up 79.67 points or 0.21% at 38724.74, and the Nifty up 23.20 points or 0.20% at 11703.70. The market breadth is positive as 1,461 shares advanced, against a decline of 860 shares, while 108 shares are unchanged.
ICICI Bank falls 1.5%: Shares of ICICI Bank fell over 1.5 percent on Monday morning as investors turned wary of reports around Chanda Kochhar and family.
The stock touched an intraday high of Rs 345.00 and an intraday low of Rs 337.30.
The panel headed by Justice BN Srikrishna will examine property dealings undertaken by Chanda Kochhar and her family since she took over as CEO of ICICI Bank.
According to an Economic Times report, the board of ICICI Bank has requested the panel to determine whether the Kochhar family acquired the assets at concessional or rates lower than that prevailing in the market.
The panel will also probe whether sellers of these assets were granted special terms of loans or any other banking privileges with the bank. The report quoted Justice Srikrishna as confirming he is investigating allegations that were raised by a whistle-blower.
Market Update: Gains in IT, pharma and automobiles have helped the market offset losses in banks on Monday morning, with the Nifty continuing to hold 11,700. The Sensex is up over 100 points. Tech stocks are soaring on the back of a huge upmove on Wipro, which is currently up around 6 percent. The rally is spilling over to other IT stocks as well.
Automobile stocks are also rising as investors are reacting to their monthly sales data for August. Buying counters are also buzzing in the midcaps space, with the Nifty Midcap index extending gains to around half a percent. Other big gainers include Bajaj Auto, and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance have lost the most.
The Sensex is up 127.93 points or 0.33% at 38773.00, while the Nifty is up 29.00 points or 0.25% at 11709.50. The market breadth is positive as 1,115 shares advanced, against a decline of 621 shares, while 100 shares are unchanged.
Market opens: It’s a good start on this Monday morning on D-Street as investors are betting on positive GDP data for the June quarter of this fiscal. The figure rose to 8.2 percent in Q1 of FY19.
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The Sensex is up 149.60 points or 0.39% at 38794.67, while the Nifty is up 36.50 points or 0.31% at 11717.00. The market breadth is positive as 398 shares advanced, against a decline of 112 shares, while 36 shares were unchanged.
Among sectors, banks are trading flat, while pharmaceuticals and IT are the lead gainers among other indices. Metals and infrastructure are also in the green. The Nifty auto is trading higher on the back of auto sales data for August. In the broader markets, the Nifty Midcap index is up over quarter of a percent.
The Indian economy grew 8.2 percent in April-June this year, the highest in two years, amid signs that households are buying more and companies, are adding capacities, shrugging off the disorderly effects of the twin shocks of demonetization and the goods and services tax (GST).
Shares of Wipro are higher by 6 percent after it signed its biggest deal.
Among sectors, banks are trading flat, while pharmaceuticals and IT are the lead gainers among other indices. Metals and infrastructure are also in the green. The Nifty auto is trading higher on the back of auto sales data for August. In the broader markets, the Nifty Midcap index is up over quarter of a percent.
The Indian economy grew 8.2 percent in April-June this year, the highest in two years, amid signs that households are buying more and companies, are adding capacities, shrugging off the disorderly effects of the twin shocks of demonetization and the goods and services tax (GST).
Shares of Wipro are higher by 6 percent after it signed its biggest deal.
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