Sensex, Nifty rally after six-session slump; banking, oil stocks surge, metals falter
After a punishing six-session losing streak, the Sensex and Nifty roared back to life, closing higher as banking, oil & gas, and auto sectors led the charge. Meanwhile, the metal sector struggled to shake off the pressure and ended in the red on October 8.
At close, the Sensex was up 584 points or 0.7 percent at 81,634 and the Nifty was up 239 points or nearly 1 percent at 25,035. About 2,884 shares advanced, 895 shares declined, and 94 shares unchanged.
Domestic market Sentiments is also influenced by anticipation of September Quarter Earnings. FII are also easing out on their relentless selling.
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Following are the Mutual Funds we have studied and we feel are the best in each sector.
1) Large Cap Funds : Nippon India Large Cap Fund
2) Mid Cap Funds : Kotak Emerging Equity Funds
3) Flexi Cap Funds : Parag Parikh Flexi Cap Fund
4) Balanced Fund : HDFC Hybrid Debt Fund.
The company is a niche player on diversified financial services platforms. It has posted steady growth in its top and bottom lines for the reported periods. Based on FY24 earnings, the issue relatively appears reasonably priced. The company is poised for bright prospects ahead. Investors may park funds for the medium to long term. The company is supported by proprietary technology stack, which enables efficient debt transactions and underwriting processes.
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