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Nifty holds 7800; Tata Power up 3%, ITC Infosys drag

10:11

The News International Team

10:45 am Market outlook: Nilesh Shah, MD & CEO, Axis Capital feels the markets will look favourably at PM’s ‘Made in India’ intent, but is sceptical that execution is critical than the intent. The market is at a multi-year bull run. It is entering a consolidation phase, which makes it a “buy on dips market”, he said in an interview to CNBC-TV18.

According to him, the market will continue to focus on RBI’s monetary policy stance.

Shah said defensives like FMCG, IT & pharma have moved up, but some cyclicals have corrected 10-15 percent in the consolidation phase and so have PSU bank stocks. “PSU banks available at under 1x book can be good trading bets,” he said.

Don’t miss: Tata Motors jumps 3% on JLR July sales; Macquarie bullish

The market is refusing to budge but the Nifty has held 7800-levels. The 50-share index is up 26.15 points at 7817.85 while the Sensex is up 82.26 points at 26185.49. About 1330 shares have advanced, 595 shares declined, and 73 shares are unchanged.

Tata Power is up 3 percent, followed by Tata Motors, BHEL, Cipla and Bharti Airtel. Among the laggards are ITC, Infosys, HDFC, TCS and Wipro.

Asian stocks eked out gains on Monday after seeing Wall Street recover from the latest round of tensions in the Ukrainian crisis, although renewed uncertainty over the volatile conflict put a firm lid on markets.The dollar was on the back foot against the safe-haven yen, weighed by a slide in Treasury yields.

News late on Friday that Ukrainian forces said they had destroyed a Russian military column in Ukrainian territory initially hit Wall Street, drove down government bond yields and boosted safe-haven currencies such as the yen and Swiss franc.

Still, with the four-month conflict reaching a critical phase over the weekend – Kiev and Western governments are nervously watching if Russia will intervene in support of the increasingly besieged rebels in eastern Ukraine- risk appetite was subdued.

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