The market remained in a consolidation mode from early trade
today but the broader markets outperformed frontline indices with the BSE
Midcap and Smallcap indices rising 0.6 percent each.
The 30-share BSE Sensex rose 12.23 points to 27597.50 and
the 50-share NSE Nifty climbed 17.25 points to 8340.25. About 1248 shares have
advanced, 700 shares declined, and 321 shares are unchanged on the BSE.
Things are improving at the macro level, but it could take
some time for it to translate into corporate earnings, feels Vibhav Kapoor,
Group Chief Investment Officer of IL&FS.
Kapoor says he expects marginal earnings downgrades. This in
turn could keep the market upswing in check, he says, adding that the medium
term outlook remains positive. Part of it is because of the steep fall in crude
and metal prices, which will hurt earnings of the companies in both sectors.
The other reason is because of too much expectations of a recovery at the
ground level, which is not playing out as expected.
Shares of ITC, State Bank of India, Axis Bank, Cipla, Maruti
Suzuki, Sesa Sterlite, Hindalco Industries, Bajaj Auto and Sun Pharma gained
0.5-2 percent. However, Infosys and ONGC fell more than 1 percent followed by Tata
Motors, Reliance Industries, L&T and HUL with marginal loss. More
information please visit this site www.bigprofitbuzz.com
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