HSBC sees the CPI inflation remaining in a comfortable range - undershooting the Reserve Bank of India's 5% target of early-2018, and averaging 4.75% over the next 12 months.
HSBC said the revenue miss was driven by slippage of a large deal in India to the third quarter and overall weakness in the retail business which declined 3.1% sequentially in the quarter.
“The gap between broad market performance and share of profits suggest that mid-caps may be pricing in an earnings recovery,” said Morgan Stanley.
Year-to-date, Vedanta and Hindalco have surged 118% and 89%, respectively compared to a 48% gain in the Nifty Metal index.
On Monday , Tribhovandas Bhimji Zaveri surged 14.7% to Rs 87.4, PC Jeweller surged 7% to Rs 519.2 and Gitanjali Gems gained 5% to Rs 87.9. Titan Co gained 2% to Rs 404.
If a stock or an index falls below this technical level, it means that a new buyer is willing to pay less than average price for it.
The oil index hit a high of 12326.75 intraday, the highest level since January 21, 2008 before ending the session at 12160.14, up 2.6% from the previous close.
Among PSBs, Union Bank of India was the biggest gainer, advancing 6.8%. Canara Bank, State Bank of India, Punjab National Bank and Canara Bank rose 2-4%.
Total traded volume in the cash and derivatives segment during the April-September period stood at Rs 24.17 lakh crore and Rs 417.8 lakh crore respectively.
The BSE Auto index gained 2.4% to end at 22774.95, outperforming the Sensex that rose 1.3%. Maruti Suzuki shares rose 3.7%, emerging as the top gainer on the Sensex.
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