Nifty Snaps 5-Day Losing Streak On Global Growth Optimism
Indian shares snapped a five-day losing streak as better-than-expected data from two of world’s largest economy boosted optimism around global economic recovery.
The S&P BSE Sensex gained 0.29 percent to 29,422 while the NSE Nifty rose 0.36 to 9,136. The market breadth remained skewed in favour of the buyers through the trading session.
Among the sectoral indices, the Nifty Media index was the top gainer while the Nifty Private Bank Index dragged the most on Yes Bank’s disappointing earnings.
“There seem to be an air of caution surrounding equity trading at the moment,” Dipen Mehta, member of BSE told BloombergQuint over phone. While he said the structurally the Indian equities remains in a bull market, the current leg of the rally may be coming to an end. “We have entered the earnings season at record levels. So, any disappointment will probably get a sharp reaction like we saw in case of Yes Bank.”
Mehta advised investors to wait for more clarity from the fourth quarter earnings season – in terms of both numbers and market commentary – before taking up fresh investments.
Expect A Breakout If Nifty Sustains Above 9,220, Says Gaurav Bissa
Most European Shares Climb
Brokerages Unimpressed As Yes Bank’s Bad Loans Double
Brokerages remained cautious over Yes Bank’s asset quality performance, attributing the high risk of corporate slippages to be one of the key factors for the stock to see a ‘significant correction’ going ahead.
To read what brokerages had to say about Yes Bank Q4 performance, click HERE