Reliance Industries, ICICI Bank, HDFC Bank, and Axis Bank dragged Sensex down by 535 points while Bharti Airtel, M&M, SBI, TCS, Infosys and Tata Motors also fellChennai Investment. Nifty Bank, Auto, Financial Services, IT, Media, Realty, Healthcare and Oil & Gas fell by up to 1.6%.
Foreign Institutional Investors (FIIs) shifted their focus to the Chinese market after a series of economic stimulus measures announced by the governmentKolkata Stocks. The blue-chip CSI300 index rose by 3.0% while the Shanghai Composite surged by 4.4%, adding to last week's 13% rallyJaipur Investment. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Market is likely to move into a consolidation phase in the near-term. One significant factor that is influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 % in SeptemberHyderabad Investment. This surge has been triggered by hopes of revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities."
Escalation of Israeli strikes across Lebanon added uncertainty to global markets even though oil prices have been kept in check by potential supply increases. Brent crude futures were up by 0.71% and US West Texas Intermediate increasing by 0.63%.Mumbai Wealth Management
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