Use this space to put some text. Update this text in HTML

www.bigprofitbuzz.com. Powered by Blogger.

Tuesday 20 January 2015

Sensex inches towards 29000, Nifty firm; HDFC & SBI up 2-3%

10:25am FII View

There can be sizeable job creation even without large capex spends, says Adrian Mowat of JP Morgan. He says the government needs to improve the business environment and that itself will encourage many companies to add to their workforce.

In an interview  Mowat said things are improving on the macro front, but in absolute terms, the pace is still not satisfying.

On the Budget, Mowat feels the government should not be worried about a higher fiscal deficit, and should instead concentrate on narrowing revenue deficit.

“Let’s have a bigger fiscal deficit, but a lesser revenue deficit,” Mowat said, adding that the government should borrow more now that interest rates were cooling, and also because of weak crude prices.

“Borrow more, but spend wisely; invest in infrastructure,” Mowat said.

10:00am Market Check

Equity benchmarks extended gains for the fifth consecutive session today as the Sensex is inching towards 29000 supported by banking & financials and select technology stocks.

The index climbed 153.45 points or 0.53 percent to 28938.12 and the Nifty rose 41.60 points to 8737.20. The broader markets gained half a percent too. Two shares advanced for every share declining on the Bombay Stock Exchange.

Gaurav Mehta, Ambit says having found strong support on multiple occasions at the lower end of the all-important channel that has defined Nifty's upmove over the past twelve months, the uptrend in the index has been reinforced.

“We look for upside targets near the 9000 mark over the next few weeks,” he adds.

Housing finance company HDFC rallied another 3 percent today, in addition to 6 percent gains seen yesterday. Public sector lender State Bank of India jumped over 2 percent while its rivals ICICI Bank and HDFC Bank gained 0.5 percent each.

Larsen & Toubro, Maruti Suzuki, Bharti Airtel and Bajaj Auto advanced 1-1.5 percent whereas Tata Motors and Sesa Sterlite lost 1-2 percent on profit booking. Reliance Industries and ONGC declined half a percent each.

ITC erased early gains, falling 0.2 percent ahead of Q3 earnings. A poll expects 12.6 percent growth in profit at Rs 2,686 crore and 11.7 percent growth in revenue at Rs 9,744 crore for the quarter. More information please visit this site www.bigprofitbuzz.com

No comments:

Post a Comment