The News International Team
The market ended the one hour Mahurat trading session on almost flat note. Though the Nifty remained above the 8000-level, it could not make any substantial gains. The 50-share index ended at 8014.55, up 18.65 points. The Sensex was up 63.82 points at 26851. About 2013 shares advanced, 531 shares declined and 91 shares were unchanged.
There more legs to this market rally, feel market experts. According to Ramesh Damani, Member of BSE the market is currently in a firm ‘bull grip’ and he is optimistic on the trend to continue for the next few Diwalis.
Veterans , Samir Arora, Founder & Fund Manager of Helios Capital, and Manish Chokhani, Chairman, TPG Growth India, discuss their expectations from Samvat 2071.
Unfazed by the highs the market can achieve, Damani feels one should rather focus on how low a bull market can go. “Index can go fairly high. The thing is that it should not have more than 10 percent correction in my view,” he added.
Samir Arora too thinks the rally is big and in for a longer duration. However, he does not want to compartmentalize the expected gains on the index to 20 percent or 30 percent. According to Manish Chokhani, the current Indian environment is neither like 1991 nor 2003, but it is a seminal moment as the country has “decisively moved to right of centre in terms of economic policymaking”.
Gainers & losers
Bajaj Auto, ONGC, Reliance, Hindalco and L&T were major gainers in the Sensex.
Wipro lost 4 percent as its second quarter (July-September) net profit declined nearly 1 percent sequentially (up 8 percent year-on-year) to Rs 2,098.3 crore dented by higher tax and finance expenses, and reconciling items. Profit in the previous quarter was Rs 2,118 crore.
It underperformed its peers in dollar revenue growth. TCS had reported 6.4 percent, Infosys 3.19 percent and HCL Technologies 1.9 percent growth in dollar revenue on sequential basis.
Other losers in the Sensex include were BHEL, Maruti, Tata Motors and Sesa Sterlite.
Among the midcaps, KGV Enterprises, Asian Star, Ujaas Energy, Gujarat Natural are gainers.
Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in the national
capital today largely in tandem with a weakening global trend. Silver also dropped by Rs 665 to Rs 38,235 per kg on reduced offtake by industrial units.
Traders attributed the fall in prices to a weakening global trend as signs of economic growth in China and Europe curbed the demand for the precious metals. They said, however, token buying activity on the Auspicious occasion of Diwali and to mark the beginning of Hindu Samvat Year 2071 restricted the fall.
Gold of 99.9 and 99.5 percent purity declined by Rs 50 each to Rs 27,800 and Rs 27,600 per ten grams respectively, while sovereign held steady at Rs 24,300 per piece of eight gram.
Globally, gold prices, which determine rates on the domestic markets, were down 0.20 percent at USD 1,239.16 an ounce in London.