Business News Live: Strong signals from global market, Indian market may start better
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IT sector returning towards normalcy: Geojit Financial Services
Vinod Nair, head of research at Geojit Financial Services, said that the IT sector is showing signs of returning to normalcy. Although there is a consensus that the second quarter results will be positive, this optimistic scenario may get a blow due to increasing geopolitical tensions. Investors are exercising caution ahead of macro-economic data to be announced later this week. Industrial production and manufacturing data for August will be announced on October 12, while wholesale inflation for the month of September will be announced on October 13.
Investors are avoiding taking risks: Shrikant Chauhan
Shrikant Chauhan, Head of Research (Retail), Kotak Securities Limited, said that investors avoided taking risks in view of the uncertainty created by the outbreak of Israel-Hamas conflict. Due to the presence of most of the oil producing countries near this conflict zone, international prices of crude oil may rise if the war prolongs. Among the Sensex companies, Mahindra & Mahindra had the biggest decline of 2.05 percent. After this, shares of Bajaj Finance, Tata Steel, SBI, Asian Paints, Kotak Mahindra Bank and Titan also declined significantly.
Stock market slipped on Monday due to tension in West Asia, Sensex fell 483 points
Amid rising tensions in West Asia and rising crude oil prices, investors on Monday sold shares of financial and energy companies, causing domestic benchmark indices Sensex and Nifty to fall by almost one percent. According to analysts, the conflict between Israel and Hamas has created a situation of uncertainty due to which investors are avoiding taking big risks. BSE’s 30-share index Sensex fell 483.24 points or 0.73 percent and closed at 65,512.39 points. National Stock Exchange (NSE) index Nifty also closed at 19,512.35 points with a decline of 141.15 points or 0.72 percent. Shares of only three Sensex companies closed with gains. Similarly, 43 out of 50 stocks of Nifty recorded a decline.
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