The News International Team
Live Market Commentary
10:10am FII View
Jyotivardhan Jaipuria, Bank of America Merrill Lynch says the brokerage house continues to be bullish in the long-term on the Indian market and believes that buying on dips is a particularly compelling strategy.
“Our bullishness is driven by the bottoming of the earnings cycle, a view we first articulated a year ago saying that earnings would double over next 4-5 years. We continue to reinforce our message that earnings are set to double over next 4 years to FY18 and market returns could mirror earnings growth,” he adds.
10:00am Equity benchmarks jumped to all-time high with the Sensex rising 190.82 points to 26828.93 and the Nifty climbing 60.60 points to 8014.95 aided by banks, infrastructure and technology stocks.
The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices gaining a percent each. Advancing shares outnumbered declining ones by a ratio of 1379 to 501 on the Bombay Stock Exchange.
Shares of L&T, Hindalco Industries, Cipla, GAIL and Tata Power topped the buying list, up more than 2 percent followed by State Bank of India, ICICI Bank, ONGC, Bharti Airtel, Hero Motocorp, Maruti Suzuki, Coal India and Tata Steel with 1-1.8 percent.
However, HDFC, Sun Pharma and Tata Motors were only losers in the Sensex.
In the midcap space, ESS DEE Aluminium, Linde India, Lakshmi Machine, Crompton Greaves and Suzlon Energy rallied 4-5.5 percent while among smallcaps, Essar Shipping, Insecticides India, Nilkamal, Munjal Showa and Kewal Kiran jumped 5-10 percent.