Markets back in green; banking stocks rise

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Mumbai, Oct 25 (IANS) India's key equity indices - S&P BSE Sensex and NSE Nifty50 - traded in the green during Monday's pre-noon trade session.

Initially, the Nifty opened flat and started to fall in the first few minutes of the trade.

However, the key indices pared losses around the pre-noon session.

In terms of sectors, bank index is the largest gainer whereas Realty, Auto, IT and FMCG have lost the most so far.

At 11.30 a.m., the 30-scrip sensitive index traded at 60,959.72 points, up 138.10 points or 0.23 per cent.

The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.

Besides, the NSE Nifty50 traded at 18,140.45 points, up by only 25.55 points or 0.14 per cent.

It opened at 18,229.50 points from its previous close of 18,114.90 points.

"Nifty has taken support from 17,968 and the 17,948-17,968 band has to be protected for Nifty to bounce meaningfully from here," said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: "There may be some cautiousness as IMF notes that the pandemic has taken a turn for the worse in Asia.

"Traders may be concerned as foreign portfolio investors (FPIs) have turned net sellers in Indian market by pulling out Rs 3,825 crore in October so far. There may be some buzz in power stocks as the Ministry of Power announced new rules to sustain economic viability of the sector."

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