Hopes for good second quarter results are pushing the markets up; oil stocks are increasing
Bombay, October 5 (SocialNews.XYZ) Major Indian stock indices rose during Tuesday’s trading session on the basis of positive economic data and hopes for good second quarter results.
However, both key indices languished for most of the day after opening a lower gap.
Globally, the tech stock selloff deepened in Asia on Tuesday, as investors fear rising interest rates and surging commodity prices, fueling inflation concerns global.
Domestically, the IHS Markit India Services Purchasing Managers’ Index (PMI) survey report indicates that service sector activity remained strong in September despite a slight decline from August.
Data showed the services PMI stood at 55.2 in September, up from 56.7 in August.
At the sector level, the Oil & Gas, Telecom and Power indices rose the most, while the Realty and Healthcare indices fell.
As a result, the sensitive 30-stock index closed at 59,744.88 points, up 445.56 points or 0.75%.
Likewise, the NSE Nifty50 ended the day’s trade at 17,822.30 points, up 131.05 points or 0.74%.
“Nifty closed near the high of the day with high volumes and a positive expected decline ratio. Nifty is showing good momentum, ”said Deepak Jasani, head of retail research, HDFC Securities.
“The next resistance for the Nifty is 17 912-17 948 while the support is at 17 711.”
According to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services: “Indian stocks opened with a negative bias, but picked up momentum in the second half of the year to rise slightly as large-scale buys were seen in the market before. September quarter results.
“The majority of global markets have rebounded as investors put aside concerns about rising oil and gas prices.”
Additionally, Vinod Nair, Head of Research at Geojit Financial Services, said: “After a week of consolidation, the Indian market is back despite unfavorable global sentiment.
“The momentum is fueled by the expectation of better profits in the second quarter supported by the recovery in economic activity, the fallout from the second wave not being severe and in anticipation of a better outlook for festival demand. . “