Stock Market: October series begins in cracking note; festivity on street for bulls
NABARD's Social Bonds get listed at @BSEIndia . Mr. Shaji K V, Chairman, NABARD along with Mr. Sundararaman Ramamurthy, MD&CEO, BSE and Mr. Alok C Jena, CGM, NABARD ringing the BSE Bell to mark the listing.
By S Jha
New Delhi, September 29: The October series on Friday began on a strong note even while the caution on the street remains that the markets may have been oversold to give scope for a relief rally. Shrugging off the pessimism in the IT sector in the back of the disappointing outlook given by Accenture, the indices soared high with broad-based rally.
Nifty stayed strong throughout the day and gained over 200 points. Bank Nifty also at one point of time sported a gain of over 440 points. The last half an hour pared parts of the gains, and Nifty closed the day with a gain of 114 points. Nifty has closed 19600 level, which is still not enough for comforts for the bulls.
The Bank Nifty closed the day with a gain of about 300 points, and the index was helped with a rally in ICICI Bank, SBI, and other PSU banks. Bank Nifty had lagged behind the broader markets. With ICICI bank and HDFC Bank commanding 60 per cent weight on the Bank Nifty, the market participants are keeping a close watch on the two scrips to gauge the market direction. Both ICICI Bank and HDFC Bank have not participated in the market rally this year.
Metal pack rallied strongly, with Hindalco, known to be the high beta scrip among the sector, gaining over five per cent. Along with private banks, metals also have not largely taken part in the market rally so far. Stimulus actions in China are known to bring good tidings for the metal sector.
The health sector too rallied strongly with the likes of the heavyweights like Cipla, Sun Pharma, Dr Reddy’s Lab leading the show. The small and midcaps among the healthcare sectors have also been buzzing. However, the health scrips have shown tendencies to fail to give a follow up rally to attract long term investors.
The rea-estate sector has been buzzing following reports that there has been a healthy turnaround in the sector. The likes of Purva, Godrej Properties, Sobha, DLF, and others made smart gains on the bourses on Friday.
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