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Tuesday, 30 December 2014

Sensex, Nifty firm amid consolidation; ICICI, RIL support

10:25am Market Expert

2015 will be a good year, but it may not give as good returns as 2014, says Dilip Bhat of Prabhudas Lilladher. But for retail investors it may be a great time to build their portfolios for the next 3-5 years, he adds.

For the January series, or even the month of January there are three factors that need to be watched, according to Bhat. Over the last month, FII interest has waned off significantly, but the broad assumption is it will make a comeback, he says. There may be a pre-Budget rally and the Nifty may once again see 8500-8600 for a brief period. But the spoilsport, according to him, will be the third quarter numbers.

Bhat says the possibility of excise duty concession being withdrawn from the auto sector is a known factor and it is unlikely to impact the market much.

10:00am Market Check

Equity benchmarks gained some strength after flat opening today. The Sensex rose 68.02 points to 27471.56 and the Nifty climbed 22.30 points to 8270.55. Banks, capital goods, oil & gas, metals and power stocks supported the market while auto stocks remained under pressure.

The broader markets gained too with the BSE Midcap and Smallcap indices rising 0.5 percent each. Nearly two shares advanced for every share declining on the Bombay Stock Exchange.

Gaurav Mehta, Ambit Capital says with key trendline resistance in the 8150-8200 region having been respected barring a brief intra-week breach, the near-term uptrend in the index has been reinforced while the structural trend stays up.

“We look for higher levels on the Nifty over the next few weeks, in the range of 8800-9000,” he adds.

Shares of ICICI Bank, Reliance Industries, Axis Bank, State Bank of India, L&T, Dr Reddy's Labs, ONGC, HDFC and ITC were up 0.2-1 percent whereas HDFC Bank declined 0.4 percent.

Auto stocks like M&M, Bajaj Auto, Tata Motors, Maruti and Hero dropped 0.2-1.7 percent on likely removal of excise sops to auto industry. More information please visit this site www.bigprofitbuzz.com

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