Domestic markets were unstable today due to the subdued global mood. Though the day started in green S&P BSE Sensex was down 151.60 points to trade at 61,033.55 while, Nifty went down 45.80 points trading at 18,157.
In Sensex, 11 stocks were trading in green in the early morning. In Nifty, 20 stocks were trading in positive. Tech Mahindra, Divis Labs, Powder Grid Corp were among the top Nifty gainers.
All sectors were volatile and shifted between gains and losses. But Media and banking sectors maintained their positive streak. Bank Nifty hit a life time high of 41,939 today with PSU bank index gaining over 3 per cent. Pharma and metal stocks were top loosers.
"PSU banks were trading at an inexpensive valuation for a long time. The lower growth capital and legacy NPAs were the reason for underperformance. However, the concern of asset quality and growth are way behind. The large public banks have delivered strong growth and improvement in credit quality. Therefore, PSU banks are likely to perform well in mid-run. Bank of Baroda, Canara Bank are top picks in PSU space," said Ajit Kabi, Banking Analyst at LKP Securities
In individual stocks, PB Fintech and BLS International surged over 5 per cent.
"Continued FII inflows, combined with a consolidation in the dollar index, boosted market sentiment. A major next trigger could be the US CPI inflation, to be announced tomorrow, consensus indicate a moderation to 7.9% in October compared to 8.2% in Sept. A fast slowdown in inflation would provide the fuel for the market to edge higher, the key problem of 2022," said Vinod Nair, Head of Research at Geojit Financial Services.
