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Sensex, Nifty still sluggish; Oil Gas index gains 1%

13:11

The News International Team

1:50 pm Market outlook: Pankaj Pandey, Head of Research at ICICI Direct expects earnings to grow at about 17 percent CAGR in 2015 and has set the Nifty target at 9750.

However, in a bear case scenario he feels the Nifty can correct up to 6900 kind of levels if freefall in crude prices continue. “That may pose challenges to oil exporting economies and probably might sort of culminate into some kind of financial crisis,” he told CNBC-TV18.

Pandey expects a 17-18 percent kind of market returns this year compared to 30 percent last year. “In shorter term, markets may oscillate in the range of 8000-8150 to 8626,” he said.

1:30 pm Upgrades: Shares of HUL has extended its gain from yesterday after a slew of upgrades following Deutsche Bank. The stock was up 4 percent intraday and gained 6 percent year-to-date.

Credit Suisse upgraded the FMCG major to outperform from neutral rating. It has increased its target price to Rs 915 from Rs 800 earlier. Earnings is revised by 4 percent to build in lower input costs and hopes to see 21 percent CAGR over Fy15-17.

JP Morgan has also hiked its rating to neutral and target price to Rs 790 per share on expectation of gradual volume growth recovery over Fy16 and better margin outlook aided by moderating input costs.

Don’t miss: Naughty at 40! Will crude sink to $ 40/bbl & drag markets further?

The market is still sluggish as the Nifty is somehow managing to hold above the 8100-level. The 50-share index is down 10.50 points at 8116.85. The Sensex is down 34.49 points at 26952.97. About 1067 shares have advanced, 1512 shares declined, and 467 shares are unchanged.

HUL is still up 3 percent folowed by other gainers like Reliance, NTPC, Bajaj Auto and M&M. Losers include BHEL, GAIL, ICICI Bank, Hindalco and Tata Steel. Oil & gas index is up 1 percent.

Crude oil futures prices today fell by another 0.46 percent to Rs 3,055 per barrel, as speculators engaged in reducing exposures amidst a mixed trend in the Asian trade. The trading sentiment turned weak in futures trade here with crude prices lingering at their lowest levels in five and a half years on fears of fresh global turmoil over a political crisis in Greece, analysts said.

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