10:30am Market Expert
The investor mood is very positive at the moment and investors are looking
for more buy ideas than sell, is the word coming in from Prabodh Agrawal,
president and head of research at IIFL Institutional Equities. However, he adds
that investors may hold off for a bit as the market has already run up quite a
bit and may remain in a consolidation phase from now to the Budget.
He is of the opinion that investors should not get distracted by the Budget
and continue buying the market. He does not see a major correction in the
market.
Agrawal is expecting announcements pertaining to increase in spending in
physical and social infrastructure in the Budget. He adds that this increase
will partly be funded through increase in taxes – primarily indirect taxes.
He expects the government to target subsidies successfully and chalk a clear
roadmap of subsidies and social spending. He also feels the government should
do something to recapitalize public sector banks. According to him, if finance
minister Arun Jaitley manages to deliver on these fronts, the market will be
very happy.
10:00am Market Check
The market continued to consolidate today with the Sensex hovering around
29000 level, up 21.65 points at 28996.76. The Nifty rose 0.55 points to
8755.50.
The broader markets were also in consolidation mode ahead of Union Budget
2015 (to be announced on Saturday). About 957 shares have advanced, 975 shares
declined, and 182 shares are unchanged on the Bombay Stock Exchange.
FMCG, technology, capital goods, healthcare and select auto stocks supported
the market whereas banks and oil & gas stocks remained under pressure.
Shares of ITC, Larsen & Toubro, Hindustan Unilever, Wipro and Cipla
gained 1 percent each. Infosys, TCS, HDFC, Maruti Suzuki, Coal India and Hero
Motocorp traded with marginal gains.
However, Tata Motors, ICICI Bank, Reliance Industries, State Bank of India,
ONGC, Axis Bank, Sesa Sterlite, Bharti Airtel and Tata Steel fell 0.6-1.8
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