01:25pm Market Expert
The Nifty is likely to hit 9000 by Budget in late February, feels Andrew
Holland of Ambit Investment Advisors. In an interview with CNBC-TV18, he says
the Sensex is likely to hit 45,000 in the next three years.
Holland is not bullish on PSU banks from a long term perspective, though he
has become constructive on the banking space near term. Holland sees the RBI
cutting interest rates in the March quarter.
He expects crude prices to decline further as he feels it is more of a
demand issue than a supply problem. Holland feels the best way to play the oil
story would be to bet on companies building oil & gas pipelines across the
country.
He expects a global sell-off in January on economic growth concerns. Should
global markets crack, India will not be immune to it, cautions Holland. But he
says any steep decline will be a good buying opportunity.
01:00pm Market Check
The market turned choppy after Reserve Bank of India (RBI) kept rates
unchanged in its fifth bimonthly monetary policy review. The Nifty and the Bank
Nifty recovered from the day's low after RBI's dovish stance spurred hope of a
rate cut as early as March next year. The BSE Midcap outperformed, up half a
percent.
The Sensex declined 59.77 points to 28499.85 and the Nifty fell 17.75 points
to 8538.15. About 1236 shares have advanced, 1403 shares declined, and 116
shares are unchanged on the Bombay Stock Exchange.
The Reserve Bank of India cut the March-end CPI inflation target to 6
percent from 8 percent earlier. The governor Raghuram Rajan says change in
monetary policy stance now would be premature, adding RBI may change stance in
early 2015 if inflation eases.
The central bank further added that it would want to see pace of
disinflationary process set in, before taking a decision and that moderate
inflation is a must to sustain healthy growth. The governor says that the
government is comfortable with median inflation aim of 4 percent.
Bajaj Auto fell over 1 percent after reporting weak November sales numbers
that came in lower by 0.5 percent primarily owing to the slump in domestic
sales which are down 19 percnet year-on-year. Mahindra & Mahindra slipped
nearly 3 percent while Tata Motors, Maruti Suzuki and Hero Motocorp lost
0.7-1.3 percent.
Infosys declined 1.7 percent as the stock price adjusted for bonus issue in
the ratio of one share for every one share held. Housing finance company HDFC
slipped over a percent.
However, shares of L&T, ICICI Bank, Reliance Industries, Bharti Airtel,
ONGC, Sesa Sterlite, Sun Pharma, Hindalco and Tata Steel gained 0.5-1.5
percent. More information please visit this site www.bigprofitbuzz.com
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