Indian Market Gains; RBI Policy Cheers Investors
Indian stocks ended with massive gains on Tuesday with BSE Sensex closing 359 points higher at 20929 after RBI policy was announced. Indian market is trading near its all-time high and investors are expecting more money to pour in by festival season. Reserve Bank of India increased the repo-rate by 25 basis points to 7.75 percent.
Banking stocks were in focus after the RBI announced positive changes to rates. Among major gainers were ICICI Bank, IndusInd Bank, SBI, Bank of Baroda, PNB, Bank of India, Maruti Suzuki and Canara Bank. Maruti announced positive results and the stock closed higher by more than 8 percent.
Among major losers were Ranbaxy Labs, GAIL and ITC. As the market sentiment was positive, most of the stocks closed higher. Ranbaxy Labs disappointed with quarterly results but the stock managed to close with marginal loss of 0.6%.
Indian markets have seen massive gain after the fall in August this year. The currency market has also seen pullback after the Indian rupee touched its all-time low against major currencies in August. With more investments coming in, the country has seen very quick pullback in equities and in currency. This has led to little nervousness among small investors. So, it would be a good strategy to book some gains as the markets seem little higher than fair valuations.
Profit booking at higher levels has been witnessed in past few trading sessions as well. However, the markets have managed to bounce back quickly as the Indian companies are declaring good quarterly numbers. Investors should have cautious approach towards investing in Indian equities at current levels. TopNews team has discussed with various market experts and many have expressed cautious view about Indian markets at current level. Investors are advised to book profit at higher levels. Stock specific action will be seen in the markets in coming quarters.
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