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Monday, 8 December 2014

Sensex, Nifty volatile; metals melt further, ONGC loses 1%

Lack of supply pressures have kept stocks at elevated levels, says Nilesh Shah, MD and CEO, Axis Capital. He expects divestment to help investors create new positions and feels short-term corrections are healthy for Indian market in “the long-term”.

Shah, who prefers equities against the fixed income asset class, feels gilt funds are unlikely to outperform equity markets. He expects banking and financial sectors to grow at a faster rate and recommends staying overweight on the sector.

Shah expects earnings growth to pick up in the next 2 years and sees strong demand in Indian markets from international and local investors.

“The market looks to be well supported for next the 3-5 years… We are looking to adopt more bottom-up approach,” he said.

10:00am Market Check

Equity benchmarks remained in a consolidation mode after a more than one percent fall seen in previous session. The Sensex declined 17.49 points to 28101.91 and the Nifty fell 11.05 points to 8427.20. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.3 percent each.

About 1057 shares have advanced, 797 shares declined, and 87 shares are unchanged on the Bombay Stock Exchange.

Geoff Dennis, UBS said the brokerage upgraded upgrade China and India to overweight within global emerging markets and cut Korea and Taiwan to neutral. "We go into 2015 with an overweight in Asia, as lower oil prices should boost corporate margins," he added.

Metals stocks like Sesa Sterlite, Hindalco Industries and Tata Steel shed around a percent in addition to 2-3 percent fall in previous session. Power stocks namely Tata Power and NTPC, power equipment maker BHEL slipped 1 percent each.

Shares of ITC, HDFC, ONGC, Larsen & Toubro, Tata Motors, Axis Bank and HUL dipped 0.6-1.3 percent whereas TCS, Sun Pharma, ICICI Bank, Infosys, Dr Reddy's Labs, HDFC Bank and Wipro bounced back after yesterday's fall, up 0.5-1.5 percent. More information please visit this site

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