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Live: Market flat in noon trade but smallcaps hold fort


The News International Team

12:30 pm: The staidness continues in the market but it is naturally not lacking in individual action.

Hindalco was up 3 percent after a note by Goldman Sachs, which initiated coverage on the stock, laid out a price target of Rs 215 (making out 35 percent potential upside), saying it is positive on its Novellis acquisition.

Info Edge surged 2.23 percent after it upped its stake in fast-growing restaurants listing website Zomato through a Rs 185 crore infusion.

While Shakti Pumps was up 9.6 percent after asset manager Franklin Templeton was reported buying in the counter.

12:00 pm: Frontline shares are largely listless in afternoon Mumbai trading as investors and traders appear to have paused for breath over the past two days after a ferocious rally in the past few weeks that saw the Nifty and Sensex make fresh all-time highs several times.

As of this writing, the BSE Sensex is up 0.08 percent, or 22 points, to 28,185 while NSE Nifty is up 0.02 percent, or 1.9 points, to 8,427.

For traders, though, the advice would continue to be to on the long side, according to Sudarshan Sukhani of s2analytics.com, who advised that stop losses should be raised higher (Sukhani advises 8,400 on the Nifty).

Among bluechips, Hindalco, DLF and BPCL are up 1.7 percent to 3 percent while Sun Pharma, M&M and Cipla have lost 1.2 percent to 1.7 percent.

Consumer stocks are providing support to the markets while oil & gas and IT shares are pressuring the index.

Consumer stocks, which are looking expensive on absolute valuation basis, must be looked at given the fact that they are expected to benefit from the global fall in commodity prices, says Dipen Sheth of HDFC Securities.

In an interview with CNBC-TV18, Sheth outlines stocks he believes are likely to gain over the next 12 months.

Shares in logistics companies have witnessed profit taking after a power-packed rally that has seen several stocks rise manifold over the past one year.

Mid and small cap shares have risen 0.74 percent and 0.83 percent.


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