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Monday, 2 March 2015

Sensex rebounds, Midcap outperforms; Reliance, TCS rally

The market recouped early losses amid choppy trade. The Sensex rose 58.39 points to 29517.53 and the Nifty climbed 8.65 points to 8965.40.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.8 percent each. Advancing shares outnumbered declining ones by a ratio of 1291 to 712 on the Bombay Stock Exchange.

Sakthi Siva, Credit Suisse says with MSCI Asia ex-Japan up 8 percent from the lows of December 17, the key question for investors is whether it is time to take profits.

"If we look at the last two years, the answer appears to be yes as the Index peaked with price-to-book at 1.58x in September 2014 & November 2013 and the current price-to-book is already 1.57x," she adds.

TCS and Reliance Industries topped the buying list on Sensex and were also the major contributors to Sensex' gains, rising 2 percent each. HDFC, Sun Pharma, Wipro, Dr Reddy's Labs, Sesa Sterlite and Bajaj Auto gained 1-1.7 percent. More information please visit this site

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