10:25am Market Expert: Vibhav
Kapoor of IL&FS expects more consolidation in the market. According to
him, the downside range for the Nifty is 8000-8300, while the index may hit
9,000 on the upside.
In an interview, Kapoor said that some major
steps taken by the government may help revive the economy but feels the rural
consumption may still take some time to improve.
He expects the US Fed to delay the hike in
interest rates as employment numbers remain weak and sees more retail investors
entering the domestic market through IPOs.
Kapoor sees earnings improving by the second half of the quarter if the monsoon is good. He, however, expects IT companies to post moderate Q4 earnings.
10:00am Market Check
The market entered into consolidation mode after
rallying in last five consecutive sessions. Private banking & financials
stocks declined whereas oil and PSU banks stocks gained.
The Sensex declined 7.82 points to 28877.39 and
the Nifty fell 2.30 points to 8776.00. However, the broader markets continued
to outperform benchmarks; the BSE Midcap and Smallcap indices gained more than
0.5 percent. About 1157 shares have advanced, 684 shares declined, and 132
shares are unchanged on the BSE.
In the pharma sector, Cipla slipped over a
percent as CLSA downgraded stock to a sell from underperform with a target
price of Rs 619. Biocon gained 2 percent on approval for insulin glargine in
Mexico.
IDFC gained more than 3 percent as shareholders
approved scheme of arrangement between company and IDFC Bank. Rajiv Lall, CEO
& MD of IDFC said banking operations will start on October 1, with the
total balance-sheet size on October 1 will stand at Rs 70,000 crore. For More
information please visit this site www.sharemarket259.blogspot.in
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