10:30am Market
Expert
Gautam Shah,
associate director & technical analyst, JM Financial seems extremely
bullish on Indian equities. Speaking to CNBC-TV18, he said that Indian equities
have been resilient as there has not been even a 10 percent correction in the
last 14 months. “This market has seen only time correction and no real price
correction. The market set-up continues to be very constructive and the bull
trend is definitely intact. So, these dips are healthy for the Nifty to
continue its upmove,” he added.
Continuing his
positive tone, he said that 8,050 level is short-term resistance for the Nifty
and it is likely to hit new record high once this level is breached. Further,
he sees the benchmark at 8,700-8,800 by this year-end.
Interestingly,
October is a poor month for the Nifty historically, but this time the market
has defied history and performed well, he said. However, sentiment and trends
for the Nifty are usually upbeat in November and December.
Shah is also
upbeat on the Bank Nifty. He has a near-term target of 17,000 for the banking
index and eventual target of 19,000.
10:00am Market
Check
Equity benchmarks
maintained early gains with the Sensex rising 82.79 points to 26835.69 and the
Nifty climbing 23.75 points to 8015.45. The broader markets gained marginally
too with the BSE Midcap and Smallcap indices advancing 0.4-0.5 percent.
About 1118 shares
have advanced, 675 shares declined, and 69 shares are unchanged on the Bombay
Stock Exchange.
Sun Pharma, SBI,
ICICI Bank, Gail India, Wipro, Zee Entertainment and Tech Mahindra toppped the
buying list with 1.5-2 percent gains followed by L&T, HDFC, Tata Motors,
Cipla and Wipro with one percent upside.
However, Bharti
Airtel, BHEL, Hero Motocorp, HUL, Reliance Industries, Lupin and Jindal Steel
declined 1-3 percent.
State Bank of
India's subsidiaries rallied sharply post strong profit numbers in Q2 by State
Bank of Mysore (SBM). SBM rallied 15.5 percent as profits surged 3.4 times to
Rs 102 crore from Rs 30.1 crore Y-o-Y on the back of lower provisions. The bank
reported a 5 percent jump in net interest income at Rs 513.6 crore and asset
quality trends were stable.
State Bank of
Travancore gained 9.31 percent and State Bank of Bikaner and Jaipur rose 8.09
percent.
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