Nifty and Sensex Could Be in for Significant Gains in the Coming Days

The NSE Nifty and BSE Sensex are in an excellent position to gain further in the days to come. Both the benchmark indices are in a positive terrain ever since the Finance Minister announced a reduction in the corporate tax rate last month. Both Nifty and Sensex gained nearly 3% last week. 

Reliance Industries reported its earnings last Friday. The second-quarter profits went up by 18.3% to touch Rs 11,262 crore in the quarter, which ended in September. HDFC Bank announced that it had recorded a net profit of Rs 6,345 crore in the September quarter, to record an increase of 26.7% year on year. 

The Reserve Bank of India (RBI) is all set to announce further interest rate cuts in its upcoming policy review meetings with a view of taking an accommodative stance to improve the economy. On last Friday, the RBI released its minutes and said that it would support the economy until it’s on the right path. 

The Indian stock markets have seen massive ups and downs over the last six months. They shot up to breach their record levels during the general elections in May 2019 and plummeted post the Budget amendments in July. The FPIs have come and gone. The markets were highly volatile due to various global and domestic factors.

Also Read: Surprise slash in the corporate tax rate spikes Sensex and Nifty

To revive the ailing economy, the Finance Minister of India announced two sets of boosters – one in August and the other in September. But the global factors such as the Sino-American trade war initially outweighed the boosters. Now, the growth boosters seem to have weighed in on the markets as they have shown signs of recovery. 

The poor performance of the banking indices has been a matter of concern. Adding to that, the merger of the scheduled banks has added to the woes of the ailing banking sector. Amidst this, the announcement from HDFC regarding its profits in the previous quarter is welcoming, and this could well trigger positive developments. 

The growth potential of small and mid-cap stocks can attract investors in the near future. The rallying of markets is presently in the catch-up stage, and this could penetrate across all underperforming sectors. This is only going to help Sensex and Nifty continue rallying.

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