Loading Ticker...
You Are Here: Home » Sensex

India’s Shares Rise As Confidence Rises Due To The Performance of U.S Banking System

Indian shares witness biggest rise in 3 months, as optimism on the recovery of the U.S banking sector boosts investor confidence. The 30 share BSE index (BSEN) witnessed a 4.95% rise in prices, marking its highest one-day percentage gain since Dec 2011. 28 of it’s constitute stocks rose in the broader market, as gainers led losers in a 2:1 ratio. Volume was relatively light at 266.1 million shares.

Indian Stock Market

Indian Stock Market

However, Chief Executive of brokerage KR Choksey, Deven Choksey, warns that this move could potentially be a bear rally.

The performance of financial stocks was lifted as big U.S banks, Bank of America, JP Morgan Chase and Citigroup reported positive results in January and February.

Technical analysts say the market could be reaching a bottom, but more confirmation on market trend is required before a decisive turnaround.

Traders are also jittery on concerns regarding foreign funds, which have maintained a bullish stance for the past year.

via, image

Share this post

Subscribe to our updates via e-mail or get our  RSS Feed
Enter your email address:

Other Related Stories: