The market is still holding early gains supported majorly by banks and auto. The Sensex is up 83.57 points at 28198.13, and the Nifty is up 19.70 points at 8552.55. About 1611 shares have advanced, 739 shares declined, and 131 shares are unchanged. SBI, ICICI Bank, Maruti, Tata Motors and Axis Bank are top gainers in the Sensex. Among the losers are Hero, L&T, Coal India, HUL and M&M.
Meanwhile,Asian dividend-paying equity funds are reducing investments in traditional safe bets in favour of companies with rising dividend payouts to guard against investors selling out from the funds when US interest rates rise. Dividend funds usually invest in stable assets that yield more than bonds and pay predictable returns, but these will become less attractive to investors amid rising returns from Treasuries when the Federal Reserve starts to hike rates.
Some fund managers say they are shifting from traditional favourites such as investment trusts, telecoms and utilities to emerging market companies offering faster earnings growth and cheaper valuations.
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