Organization of the petroleum exporting countries, Intergovernmental organization

Mumbai, Oct 4 Expectation of healthy quarterly results along with a likely pause in RBI's monetary policy and bottom fishing triggered a rebound in India's key equity indices after falling for the last four consecutive sessions.Globally, markets remained on a back foot weighed by ongoing concerns over the health of property giant China Evergrande Group and ahead of an OPEC meeting.Sector wise, realty, power, metals, capital goods and healthcare indices gained whereas consumer durables index fell.Consequently, the 30-scrip sensitive index closed at 59,299.32 points up 533.74 points or 0.91 per cent.The Sensex opened at 59,143 points from its previous close of 58,765.58 points.Besides, the NSE Nifty50 ended the day's tarde at 17,691.25 points, up by 159.20 points or 0.91 per cent.It opened at 17,615.55 points from its previous close of 17,532.05 points."Nifty has formed a bullish morning star pattern though its placement is normally after a deep or prolonged sell-off," said Deepak Jasani, Head of Retail Research, HDFC Securities."Advance decline ratio is also sharply positive. Nifty could continue its uptick and remain in the 17,576-17,781 band for the near term."According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services: "Domestic cues remain positive as economic activities gain further momentum but the elevated valuations along with multiple global concerns would keep markets volatile.""RBI credit policy and TCS quarterly results due on 8th September (Friday) are the two key events which will be widely tracked. The RBI is expected to maintain its policy rates but it may lay the roadmap for stimulus tapering in line with other central banks. TCS would mark the start of Q3FY22 earnings season which is expected to continue the strong earnings momentum."In addition, Vinod Nair, Head of Research at Geojit Financial Services said: "After a week-long consolidation, the Indian market is back in action despite unfavourable global sentiments. The momentum is driven by the expectation of better Q2 earnings backed by recovery in economic activity, second wave fallout not being severe and in anticipation of a better outlook from festival demand.""The IT sector was under consolidation before the start of quarterly results, which has led to a marginal uptick as major companies are scheduled to announce their results, which can emerge as an opportunity if the results are in line with the robust outlook. RBI Monetary Policy Meeting is another key event that is being keenly watched by the market which is expecting no change instance."Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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