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 percent.
0 comments:
Post a Comment