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Tuesday, 2 December 2014

BSE Mid, Smallcap gain 1%; Sensex, Nifty consolidate

10:25am Market Expert

The market will remain elevated till the Budget since most of the news momentum that will be flowing is expected to be positive, said Harendra Kumar of Elara Capital.

On specific stocks, he is positive on consumer-driven sectors. Also, the ongoing decline in global crude oil prices makes paint companies and PVP pipes companies attractive. He expects these stocks to head higher in the next six-12 months.

However, he is not too upbeat on oil marketing companies.

10:00am Market Check

Equity benchmarks continued to consolidate with the Nifty hovering around 8530 level while the broader markets outperformed frontline indices with the BSE Midcap and Smallcap indices rising more than a percent.

The Sensex fell 5.40 points to 28438.61 and the Nifty rose 3.35 points to 8528.05. Advancing shares outnumbered declining ones by a ratio of 1397 to 493 on the Bombay Stock Exchange.

The Nifty could correct briefly over the next few sessions, but has a strong support level at 8460, says Vineet Bhatnagar, Managing Director, Phillip Capital

In an interview with CNBC-TV18, Bhatnagar says there is a higher probability of the index moving towards 8630 by the end of this year.

BHEL topped the buying list, up more than 3 percent followed by State Bank of India, Mahindra & Mahindra and NTPC with more than a percent gain. Commercial vehicle maker Tata Motors rallied 1.7 percent on bagging orders for 1,542 Sumo Gold from police agencies. Shares of ICICI Bank, Axis Bank, Reliance Industries and ONGC were up over 0.4 percent.

However, index heavyweights ITC and Infosys fell 1.6 percent each. HDFC, TCS, Sesa Sterlite and Sun Pharma declined 0.3-0.8 percent. Dr Reddy's Labs lost 1.5 percent. More information please visit this site

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