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Wednesday, 29 October 2014

Sensex, Nifty maintain uptrend; OBC, DRL fall post Q2 nos

The market maintains its uptrend with support from global cues. The Sensex is up 148.73 points at 27029.55 and the Nifty is up 37.05 points at 8064.65. About 1473 shares have advanced, 1225 shares declined, and 101 shares are unchanged.

Hindalco, Tata Motors, M&M, Tata Steel and Infosys are top gainers in the Sensex. Among the losers are, BHEL, GAIL and Sun Pharma.

Dr Reddy's is under pressure on disappointing September earnings. Its topline missed estimates while margins declined on account of higher R&D spends. Oriental Bank of Commerce falls 4 percent on deteriorating asset quality in Q2.

The US Federal Reserve is expected to shutter its bond-buying programme, closing one controversial chapter in its crisis response even as it struggles to manage a full return to normal monetary policy.

The Fed is likely to announce at the end of a two-day meeting that it will no longer add to its holdings of Treasury bonds and mortgage-backed securities, halting the final USD 15 billion in monthly purchases under a program that at its peak pumped USD 85 billion a month into the financial system.

An important symbolic step, the end of the purchases still leaves the Fed far from a normal posture. Its balance sheet has swollen to more than USD 4 trillion, interest rates remain at zero, and, if anything, recent events have increased the risk the US central bank may need to keep propping up the economy for longer than had been expected just a few weeks ago. More information please visit this site

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