Indian Markets Gain as BSE Sensex Jumps Nearly 500 Points in Early Trade
Indian markets witnessed a strong opening for the trading week on Monday suggesting that Bulls are in charge and we could see markets cross major resistance levels. Banking stocks are in focus and many banking stocks have been suggested as BUY Call by market analysts today. SBI, Axis Bank, IndusInd Bank, HDFC Bank, Kotak Mahindra Bank and ICICI Bank were among major gainers.
Among other gainers were Reliance Industries, Bajaj Finance, HDFC, ONGC and Bajaj Finserv. India’s GDP data for first quarter will be release today. However, the data will be announced around 5 pm today, after market hours. Reuters poll of analysts predicted that gross domestic product in India could contract by 18.3 percent in the June quarter.
Sage Investor Warren Buffett’s company Berkshire Hathway has invested in five major Japanese trading companies. The investment in these companies account for nearly $6.5 billion at current market price and Berkshire has made these investments over the last one year by buying stocks at Tokyo Stock Exchange.
Chinese markets were trading low as China's factory activity grew at a slower pace in August. The major reason for the decline was floods across southwestern China, leading to disruption in production. Asian markets were trading mixed on Monday.