Sensex, Nifty firm; SBI subsidiaries rally on SBM Q2 nos

10:30am Market Expert Gautam Shah, associate director & technical analyst, JM Financial seems extremely bullish on Indian equities. Speaking to CNBC-TV18, he said that Indian equities have been resilient as there has not been even a 10 percent correction in the last 14 months. “This market has seen only time correction and no real price correction. The market set-up continues to be very constructive and the bull trend is definitely intact. So, these dips are healthy for the Nifty to continue its upmove,” he added. Continuing his positive tone, he said that 8,050 level is short-term resistance for the Nifty and it is likely to hit new record high once this level is breached. Further, he sees the benchmark at 8,700-8,800 by this year-end. Interestingly, October is a poor month for the Nifty historically, but this time the market has defied history and performed well, he said. However, sentiment and trends for the Nifty are usually upbeat in November and December. Shah is also upbeat on the Bank Nifty. He has a near-term target of 17,000 for the banking index and eventual target of 19,000. 10:00am Market Check Equity benchmarks maintained early gains with the Sensex rising 82.79 points to 26835.69 and the Nifty climbing 23.75 points to 8015.45. The broader markets gained marginally too with the BSE Midcap and Smallcap indices advancing 0.4-0.5 percent. About 1118 shares have advanced, 675 shares declined, and 69 shares are unchanged on the Bombay Stock Exchange. Sun Pharma, SBI, ICICI Bank, Gail India, Wipro, Zee Entertainment and Tech Mahindra toppped the buying list with 1.5-2 percent gains followed by L&T, HDFC, Tata Motors, Cipla and Wipro with one percent upside. However, Bharti Airtel, BHEL, Hero Motocorp, HUL, Reliance Industries, Lupin and Jindal Steel declined 1-3 percent. State Bank of India's subsidiaries rallied sharply post strong profit numbers in Q2 by State Bank of Mysore (SBM). SBM rallied 15.5 percent as profits surged 3.4 times to Rs 102 crore from Rs 30.1 crore Y-o-Y on the back of lower provisions. The bank reported a 5 percent jump in net interest income at Rs 513.6 crore and asset quality trends were stable. State Bank of Travancore gained 9.31 percent and State Bank of Bikaner and Jaipur rose 8.09 percent. HMT gained for the second consecutive session, up 11.70 percent in addition to 20 percent rally in previous session. Indian Hotels spiked 7.06 percent while Astral Poly Technik, Lakshmi Machine, Hindustan National Glass, Kajaria Ceramic and Jubilant Foodworks lost 2.5-5 percent. More information please visit this site www.bigprofitbuzz.com