By Malvika Gurung
Investing.com -- After making a weak opening to the holiday-truncated week, the domestic market witnessed a solid opening on Tuesday, mirroring strong cues from global markets, as Wall Street rallied almost 3% in the overnight session, marking its best day since the summer and Asian equities followed suit in today’s session.
Banking and financial stocks led the market rally, while metal and IT stocks added to the uptrend too ahead of a Dalal Street day-off on account of Dusshera.
Barring Dr. Reddy’s Laboratories and PowerGrid Corp, all stocks under the Nifty50 index traded in green, led by IndusInd Bank (NS: INBK ), up 5%.
Dr V K Vijayakumar of Geojit Financial Services states that the markets have a record of troughing out in October, which may happen this time too. He added that in the past 8 out of 10 years, Sensex has given positive returns in the month.
“For the near-term, the market sentiments have turned positive with a declining trend in dollar and US bond yields. If this trend continues FIIs will again turn big buyers in India and they will not get stocks cheap,” the expert stated.
Vijayakumar sees financial and auto stocks leading the uptrend given their strong fundamentals and prospects. Capital goods are likely to join the rally and telecom is on a strong wicket, he added.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.