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Sensex, Nifty, broader markets firm; Tata Motors, SBI rally

10:00

The News International Team

10:55am FII View

Ridham Desai, Morgan Stanley says Indian stocks continue to register gains, helped by improving corporate performance, growing faith expressed by investors in the India story, and a benign global environment. Corporate balance sheets are improving, backed by real money flows over the past year or so, he adds.

“India’s macro environment is getting a helping hand from weak oil prices, and fund flows appear to be on the verge of a structural shift. Indeed, a cyclical uptick in fund flows is already underway, but weakening net real money flows due to a likely rise in equity supply plus some tightening in financial conditions are challenges to overcome,” says Desai.

10:25am Interview

GVK Mumbai International Airport Limited has inked a commercial property development deal with Oasis Realty for Rs 580 crore. Sanjay Reddy, vice chairman, GVK Power says the deal comes as the realty sector is seeing signs of revival under the Modi-led government.

“We sold the land for Rs 5000 per square feet and we hope to get a better rate in the upcoming deals,” adds Reddy.

Reddy says the company will be focusing on real estate development and this pact is only the first step towards monetizing value at the Mumbai Airport. The company is looking to monetize about 2 million square feet of land of the total 22 million they own.

10:00am The market remained firm in morning trade supported by broadbased buying. The Sensex climbed 129.88 points to 26572.69 and the Nifty advanced 32.30 points to 7937.05 while the broader markets outperformed benchmarks.

The BSE Midcap and Smallcap indices gained 0.6 percent and 1 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1342 to 635 on the Bombay Stock Exchange.

Atul Suri of Rare Enterprises goes gung-ho over the Indian market and expects Nifty to hit 10,460 by May 2015. According to him, the Nifty has gained around 48 percent in the past one year and the upside trend is likely to continue with the next bull run being EPS driven.

He, however, will be worried if the Nifty violates the 7540 mark.

In an interview to CNBC-TV18, Suri says the Bank Nifty is likely to outperform going ahead as there is still a lot of steam left in the private banks. The Bank Nifty has witnessed nearly 80 percent gain in last one year, all thanks to private banks, he adds.

ONGC, HCL Technologies, Bajaj Auto, Dr Reddy’s Labs, ICICI Bank and Tata Motors topped the buying list, up 1-2 percent. NTPC, Hindalco Industries, GAIL, Kotak Mahindra Bank and Ambuja Cements dropped 1-1.8 percent.

Among midcaps, Havells India, MphasiS, SKS Microfinance, eClerx Services and Bharat Electronics gained 6-7 percent while UCO Bank, PS IT Infra, Bhushan Steel, Prism Cement and Risa International fell 4-5 percent.

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