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Thursday, 18 December 2014

Sensex up 300 pts; heavyweights lead, Monte Carlo falls 9%

10:20am Market Expert

The market has already garnered more than 35 percent returns this year, yet Jyotivardhan Jaipuria, head-Research, Bank of America Merrill Lynch is hopeful of positive returns in the coming year, though lower than 2014. He expects around 15 percent returns in 2015.

Speaking to CNBC-TV18, he says the government is likely to change its fiscal deficit target of 4.1 percent in its mid-year review of the economy on Friday.

According to him, the expenditure cut by finance minister Arun Jaitley signals a positive move and the first quarter of next year should see some big ticket divestments by the government.   

Going ahead, Jaipuria expects 25 percent earnings growth in FY17. He expects earnings to double over the next four years. However, Q3 earnings for FY15 may fall below expectation due to sluggish demand and inventory losses by sudden fall in crude prices.

10:00am Market Check

Equity benchmarks gained more strength in morning trade led by rally in heavyweights like Reliance Industries, Infosys, HDFC and ICICI Bank. The Sensex surged 325.86 points or 1.20 percent to 27452.43 and the Nifty rose 87.85 points or 1.08 percent to 8247.15.

The broader markets rallied too with the BSE Midcap and Smallcap indices rising 1.3 percent and 1.5 percent, respectively. About 1461 shares have advanced, 473 shares declined, and 60 shares are unchanged on the Bombay Stock Exchange.

Brian Kelleher, Morgan Stanley says India's BSE Sensex has fallen 6.2 percent as global risk aversion started to take hold from December 4, slightly lagging MSCI Asia Pacific ex-Japan.

"We acknowledge that India remains one of the best-performing markets globally in 2014, but given the strong reform momentum, we think this pause is a good opportunity to revisit some strong buying ideas," he adds.

Shares of ICICI Bank, Reliance Industries, Infosys, HDFC, L&T, TCS, HDFC Bank, Maruti Suzuki, Axis Bank, Wipro and Tata Motors gained 1-2 percent. M&M, Hero Motocorp, Sesa Sterlite and Coal India climbed over 2 percent while Bharti Airtel fell 1 percent.

Monte Carlo Fashions opened at Rs 584, down 9.5 percent compared to issue price of Rs 645 a share. It was trading down 3 percent at Rs 626.50. More information please visit this site

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