Friday 31 July 2015

Sensex up 409 pts over PSB fund play

Boosted by the government's decision to recapitalize state-run banks, the sensexrallied 409 points, its biggest one-day gain in a month, to close at 28,115. The government's move to divest its stake in Hindustan Copper, following a stake sale in Power Finance Corp earlier this week, also helped improve sentiment on Dalal Street, dealers said Stock Market Trading Tips

Investors were also enthused by the news that EPFO, which recently agreed to invest 5% of its incremental corpus into equities, will finally start the process on August 6 through the exchange traded fund ( ETF) route. 

Analyst expectations that corporate earnings for the April-June quarter may not be as bad as was earlier expected, along with a near-normal monsoon rainfall so far in the season, also helped sentiment, dealers said Financial astrology Trading Tips

On Friday, the sensex opened about 100 points higher and gained through the session to go above the 28K-mark after a week. The day's strong gains, however, came on the back of a Rs 278-crore net selling by FIIs. During the day, bank stocks gained over the news that the finance minister was seeking to pump in Rs 70,000 crore into public sector banks in the next four years. For the last four years, PSBs have been witnessing a rising trend of stressed assets as well as bad loans. 

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