Sensex soars 200pts, Nifty strong; ICICI, Adani Ports up over 3% :20-Oct-2016

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The only possible headwinds for the market can come from global cues, says Mihir Vora, Director And Chief Investment Officer at Max Life Insurance.
Global factors such as the possibility December Federal Reserve hike could cause volatility in the market. He does not see any local negative triggers.

He expects a 10-15 percent compounded growth from the market over the next two years. He says the market has delivered a little more than the economy till now. It is high time the economy delivers, too.

He is positive on the local macros for the next 3-6 months.

Benchmark indices gained momentum after yesterday’s consolidation, with the Nifty reclaiming 8700 level on banking & financials support.

The 30-share BSE Sensex was up 196.03 points or 0.70 percent at 28180.40 and the 50-share NSE Nifty climbed 58.05 points or 0.67 percent to 8717.15.
The broader markets too traded in line with benchmarks on positive breadth. About 1476 shares advanced against 542 declining shares on the Bombay Stock Exchange.

ICICI Bank rebounded sharply after yesterday’s profit booking, up 3.4 percent followed by HDFC, SBI and ICICI Bank with over a percent gains. Adani Ports topped the buying list, up 3.8 percent after losing 6 percent in previous session.

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