Home / Business / Money / BSE Sensex, Nifty flat; SBI, Coal India, BHEL top gainers

BSE Sensex, Nifty flat; SBI, Coal India, BHEL top gainers

11:00

The News International Team

11:50 am Interview: KV Kamath, non-executive chairman, ICICI Bank says that government signals are not transmitting to the ground and to get growth back the country will need much deeper rate cuts. According to him, the twin deficits are now under control and there is no worry on that front.

“I think inflation is also on a downward trend and now you have growth which is also negative which ought not to have been. So I would think all the ingredients for a rate cut are there,” Kamath adds. He further says that the call is entirely on the Reserve Bank of India now, and if the economy has to really get back to 10 percent trajectory, rate cut will have to be much deeper than what has being discussed so far.

11:30 am Market outlook:  Sanjeev Prasad of Kotak Securities feels macro-economic recovery and impending interest rate cuts are the two key themes that investors should look to play.

He says good quality names in auto and banking sectors should be bought. He is bullish on IT despite December quarter earnings likely to be impacted by adverse cross currency movements. He says there is value emerging in stocks like Wipro and Tech Mahindra . He says investors should not read negatively into the stake sale by Infosys promoters. Prasad says India is a good growth story and that banks would be the best stocks to play the cyclical recovery. He is advising clients to look at stocks like Havells India and TTK Prestige from a medium term perspective.

Don’t miss: TCS tanks 4% on weak Q3 outlook; brokerages still bullish

The market continues to be sluggish as the Sensex is down 30.48 points at 27320.20. The Nifty is down 3.60 points at 8220.50. About 1014 shares have advanced, 1212 shares declined, and 79 shares are unchanged.

HDFC, Coal India, BHEL, SBI and NTPC are top gainers in teh Sensex. Among the losers are TCS, GAIL, Cipla, Wipro and HUL.

Crude oil futures fell by 0.32 percent to Rs 3,669 per barrel today as traders trimmed positions
amid a weakening trend in Asian trade where it sank to a fresh five-year low. The trading sentiment eased at futures trade after crude oil prices dipped to a fresh five-year low in Asian trade today, analysts said.

Gold futures fell 0.50 percent to Rs 27,024 per 10 grams today as participants indulged in
reducing exposures, largely in line with a global trend. Analysts said a weakening trend overseas ahead of Federal Reserve meets to assess a pledge to keep borrowing costs low for a considerable time and provide guidance on the outlook for monetary policy, weighed on gold prices at futures trade.

Leave a Reply

x

Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...