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
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