1:50 pm Market outlook: A combination of
low inflation, declining interest rates and strong corporate earnings growth
will support the ongoing rally, feels Jeff Chowdhry, Senior Portfolio Manager,
LGM.
In an interview Chowdhry says India’s macro
economic fundamentals have improved significantly over the last year.
He says he is not worried about the market levels
and basis his investment decisions on whether the outlook on fundamentals is
positive and what are the other alternatives?
Art this point, very few emerging market stories
are as good as that of India, Chowdhry says. He is bullish on private sector
banks and select consumer names, and sees the rupee strengthening as the
outlook on corporate earnings improves.
1:30 pm Result: Bank of Baroda
disappointed street on Friday by reporting a 68 percent (Y-o-Y) decline in
profit at Rs 334 crore for quarter ended December 2014. Higher provisions and
tax rate impacted the bottomline. Profit of the public sector lender was
expected at Rs 1,243.6 crore and net interest income at Rs 3,501 crore for the
quarter, according to the average of estimates of analysts. Net interest income
grew 7.5 percent to Rs 3,286 crore in the quarter ended December 2014 from Rs
3,057.1 crore in same quarter last fiscal. Net interest income is the
difference between interest earned and interest expended.
Don't miss: Coal India slips 4% as OFS opens;
brokerages bet on it
The market continues to be under sharp selling
pressure. The Sensex is down 413.87 points or 1.4 percent at 29267.90, and the
Nifty slips 118.35 points or 1.3 percent at 8834.
About 1139 shares have advanced, 1501 shares
declined, and 251 shares are unchanged.
NTPC is up 2 percent while BHEL, Tata Power,
Wipro and Hero are top gainers in the Sensex. Among the losers are SBI, HDFC,
Coal India, Dr Reddy's Labs and TCS.
Overseas investors have remained the backbone of
the rally, with net purchases of USD 2.1 billion so far this month till
Thursday, provisional exchange and regulatory data showed.
Gold prices rose by Rs 73 to Rs 27,482 per 10
gram in futures trade as speculators engaged in enlarging positions amid a
better trend overseas. Analysts said the rise in gold prices at futures trade
was mostly in line with a firming trend overseas where the precious metals
advanced from a two-week low on easing of selling pressure. Meanwhile, gold
rose as much as 0.4 per cent to USD 1,262.07 an ounce in Singapore. More
information please visit this site www.bigprofitbuzz.com
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