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Nifty holds 8100; LT, ONGC lead; HDFC under pressure

10:00

The News International Team

10:55am Market Expert

Indian equities are not overvalued at this point and the Nifty could touch 9000 by March, feels Vibhav Kapoor, group Chief Investment Officer, IL&FS.

In an interview with CNBC-TV18, Kapoor says global equities in general are in a sweet spot, and even if the Fed were to hike rates, liquidity flows to emerging market would not impacted in a big way.

Kapoor feels some capital goods shares are expensive at current levels, but he is bullish on Larsen and Toubro if the economy can sustain the pace of recovery seen in the first quarter.

10:25am Infosys on buyers’ radar

Shares of Infosys gain a percent as investors celebrate clenching its first big deal under new leadership of Vishal Sikka. The IT firm bagged five-year deal worth USD 500 million with BP.

As per the agreement, Infosys will provide IT services across BP’s operations, including corporate functions, upstream, and downstream segments, energy trading and marketing in Houston, Texas, UK, Azerbaijan, Angola, Brazil and Singapore.

JP Morgan maintains overweight rating on Infosys with a December 2015 price target of Rs 3900, stating that the recent management change has potentially delayed revenue growth recovery but has also brought much-needed visibility.

10:00am Equity benchmarks continued to trade with marginal gains with the Sensex rising 30.38 points to 27116.31 and the Nifty gaining 11.80 points to 8107.75 supported by technology, oil & gas and metals stocks.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices advancing 0.7 percent and 0.9 percent, respectively. About two shares advanced for every share declining on the Bombay Stock Exchange.
 
NMDC topped the buying list in Nifty 50, up nearly 3 percent followed by ONGC, Infosys, DLF and GAIL with more than a percent gain.

Larsen and Toubro climbed over a percent too on getting a turnkey order for setting up a 2X660 MW supercritical thermal power project at Shree Singaji TPP on a complete engineering-procurement-construction basis from the state utility MP Power Generating Company. The company said the order, which is valued over Rs 5,100 crore, demands stringent completion schedule of 43/47 months (first unit/second unit).

However, HDFC, Coal India, Bharti Airtel, BHEL, Hero Motocorp, United Spirits and BPCL lost 1-2 percent.

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