09:35am Market Expert
The Indian
equity market is going through a cyclical recovery, so one should brace for
near-term correction, says Pankaj Murarka, Axis Asset Management. However, the
outlook for India remains constructive in the medium-term hence any dip should
be seen as an opportunity to buy, he told CNBC-TV18 in an interview.
The market
would see some pullback due to global cues, but valuations are reasonable, he
added.
On
sectors, Murarka is betting on cyclicals. Among financials, he is positive on
private banks. The fund house has also started buying public sector lenders in
anticipation that economy recovery will help banks to improve their stressed
balance sheets.
He is also
bullish on automobile and capital goods sector.
09:15am Market Check
Equity benchmarks opened marginally lower on
Wednesday following weak global cues. The Sensex slipped 13.61 points to
26258.36 and the Nifty fell 4.75 points to 7847.65.
About 437
shares have advanced, 315 shares declined, and 28 shares are unchanged.
Shares of
Sesa Sterlite, Infosys, Hindalco Industries, Sun Pharma, Gail India, NMDC and
Jindal Steel were down 0.8-1.6 percent while NTPC, ONGC, Bharti Airtel,
M&M, HUL and Tata Power gained 0.5-1 percent.
The Indian
rupee opened flat at 61.46 per dollar on Wednesday as against previous day's
closing value of 61.43 a dollar.
Dollar
bulls are being forced to temper their enthusiasm post weak German data and IMF
cutting its global growth forecast - dollar index eases to 85.664 off its
4-year highs.
NS
Venkatesh of IDBI Bank says the rupee will continue to take the cues from the
equity market flows. He expects the rupee to trade in the range of
61.4-61.6/dollar.
On the
global front, Asian markets were trading weak following negative US cues. In
the US, stocks fell sharply, extending losses into a second session, as
investors fretted slowing economic growth in Europe and the potential impact on
coming third-quarter earnings from US corporations.
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