1:45 pm Market check: The market recovers a bit as the
Nifty manages to rise above the 8800-level. The 50-share index is up 2.00
points at 8810.90. The Sensex is down 10.85 points at 29172.10. About
1557 shares have advanced, 1163 shares declined, and 231 shares are unchanged.
Hindalco is up 4 percent while Axis Bank and Wipro gain 3 percent each.
GAIL & L&T are up 1.5 percent.
1:30 pm FII View: Shane Lee Director, Economist &
Strategist-Equity Research, CIMB says the expectations around India's growth is
worrisome since the only way it can pick up is through investments, which at
the moment looks sluggish. Lee says he is overweight on financials and
consumer discretionaries in India but underweight on cement.
However, he says Indian equities may not repeat the tops achieved last year. He
has kept a Nifty target of 5500 this year.
Speaking about US market, Lee said the US GDP numbers may force the Fed to
push back its interest rate raising programme. However, a lot of capital flew
into US bond market over the last few weeks.
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Retail up 12% as it applies for payment bank license
Profit booking continues on Dalal Street dragging the indices sharply. The
Sensex is down 190.68 points or 0.6 percent at 28992.27. The Nifty slips 50.20
points or 0.6 percent at 8758.70. About 1504 shares have advanced, 1152 shares
declined, and 242 shares are unchanged.
Bharti Airtel, Dr Reddy's Labs and ICICI Bank are down 3 percent while Bajaj
Auto and HUL are other losers in the Sensex. Among the gainers are Hindalco,
Wipro, GAIL, Sun Pharma and TCS. More information please visit this site www.bigprofitbuzz.com
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