Sensex rises due to rise in auto stocks
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Mumbai (Uttam Hindu News): BSE Sensex is trading 392 points higher at 74,640.36 points on Monday. Auto shares are leading the rise of Sensex. M&M is up 3 per cent and Maruti is up more than 2 per cent.
On the other hand, Nifty has gained 131.55 points and is trading at 22,645.20.
V.K., chief investment strategist at Geojit Financial Services. Vijayakumar says that the fourth quarter results will be sluggish for IT companies. Therefore, the market reaction will depend on the details.
He said that the results of banks are expected to be good. Bank Nifty may go up led by big banking companies like HDFC Bank and ICICI Bank.
Small banks are also performing well. Capital goods and auto are in a strong position. FMCG is weak due to low volume growth, he said.
This year started with expectations of a rate cut by the Fed. Many believe the Fed may cut rates only twice this year, down from seven. The strength of the US economy and labor market has surprised most experts, he said.
Despite little hope of a rate cut, the US market remains bullish and is setting new records. He said this will provide global support to equity markets like India.
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