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Nifty struggles to hit 8150; tyre stocks rally, midcaps up


The News International Team

1:30 pm FII view: In a very optimistic call, Jim Walker, MD, Asianomics expects the current bull run in Indian indices to continue till 2018. In an interview to CNBC-TV18, he says this is not the time to think about end of the bull run instead it is great time to buy into the market.  On specific sectors, Walker finds value in industrial and cyclical stocks. He says the industrial midcap space holds the best value right now.

“I think you might be talking about 2017-2018 before this bull run is finished. We do have a global economy that is looking for growth and turns in the business cycle and India is providing that. I do not think we could be thinking about the end of the bull run anytime soon,” he adds.

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It’s a strong day of trade on Dalal Street with the Nifty & Sensex scaling fresh highs. The Nifty is still trying hard to hit 8150. The 50-share index is up 47.85 points at 8134.70 while the Sensex is up 160.90 points at 27187.60. About 1905 shares have advanced, 888 shares declined, and 92 shares are unchanged.

ONGC, Bajaj Auto, Hindalco, HUL and HDFC Bank are top gainers in the Sensex while Maruti, M&M, Tata Motors and HDFC.

Tyre stocks like CEAT, Apollo Tyres and JK Tyres are on rampage today as rubber prices see sharpest fall in last 5 years. Rubber prices are down 25 percent since January average of Rs 169 per kg.

Gold prices were up by 0.27 percent to Rs 27,614 per 10 gram in futures trade as speculators enlarged positions amid a firming global trend. Analysts said the rise in gold prices at futures trade was mostly attributed to a firming trend overseas as speculators enlarged positions.


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