01:30pm
Market Expert
The improving macro numbers will
surely give us an advantage in this kind of a market, especially when the
global markets are so volatile, says Taher Badshah of Motilal Oswal AMC.
The consumer price inflation for the
month of September cooled off to its all-time low of 6.46 percent , the lowest
since India started computing consumer price index (CPI) in January 2012, led
by lower food prices and fuel costs. The food inflation trimmed down to 7.67
percent against 9.42 percent MoM.
There are lot of good things going
in our favour. We have seen a significant amount of decline in oil prices but
the corresponding translation of it into the domestic economy is yet to happen.
So, the market will probably wait for a cut in diesel prices post elections. I
think that has the capability to drive down these inflation numbers even lower
as we go ahead,” he says.
According to Badshah, Indian market
has the ability to resist heawinds of global effect, however the only thing
that it is lacking right now is FII flow. “When the weather becomes favourable,
we may see the flows coming back,” he adds.
01:00pm Market Check
Equity benchmarks remained marginally weak amid
consolidation in afternoon trade with the Sensex declining 21.48 points to
26362.59 and the Nifty falling 14.70 points to 7869.55.
The index found 7850 as its support
due to fall in inflation. September inflation eased to 2.38 percent (hit a
five-year low) versus 3.74 percent in previous month aided by lower food
inflation which hit a 33-month low at 3.52 percent.
DLF lost over 26 percent after Sebi
barred company and six of its senior executives from accessing capital markets
for three years. Analysts say there will be no major impact on company's
operations but it will push forward any plans for further equity issuance and
could postpone value unlocking.
Sesa Sterlite recovered from day's
low, down 1.7 percent (compared to more than 10 percent fall in late morning
trade) after Goa Mineral Ore Exporters' Association clarified that Supreme
Court order will impact only a part of total inventorised cargo of 15.2 million
tonne out of which Sesa's share is seen to the tune of about 3-4 million
tonnes.
Reliance Industries' second quarter
net profit came in at Rs 5,972 crore, beating street estimates, led by higher
than expected USD 8.30 per barrel gross refining margins. Macquarie reiterated
outperform rating on the stock, with a target of Rs 1100 while CLSA expects
EBITDA to double.
Bajaj Auto is among the top Nifty gainers
today ahead of its earnings. A CNBC-TV18 poll sees net profit rising 4 percent
to Rs 870 crore. Superior product mix, currency benefits and operating leverage
are expected to aid margins. More information please visit this site www.bigprofitbuzz.com
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