Home / Business / Money / Nifty holds 8550, Sensex firm; HUL, Hero, TCS laggards

Nifty holds 8550, Sensex firm; HUL, Hero, TCS laggards

11:13

The News International Team

11:50 am MF expert: The big challenge for the market is that even though the macro situation will continue to improve, further upside in share prices will depend on the growth in corporate earnings, says Vetri Subramanium, Chief Investment Officer, Religare Invesco Mutual Fund. In an interview to CNBC-TV18, he says valuations are no longer cheap even if they may not be absurdly expensive. So there is unlikely to be a further expansion in price to earning (PE)multiple, and market performance will be related to earnings growth. Putting this in perspective, Subramanium said last year’s 30 percent rally in benchmark indices was driven two-thirds by PE expansion and one-third by earnings growth.

11:40 am FII view: Prabhat Awasthi, Nomura says the December 2015, the Sensex target of 33,500 implies 20 percent potential upside.

“Our bullish stance on the Indian market for this year is based on our high-conviction view that the improvement in India’s macro environment over the past year is durable and will improve further,” he adds.

“The lagged effect of the much-needed complete overhaul of the political economy is a significant tailwind. The extent to which this is not yet priced in will provide upside to multiples, thus adding to market returns over and above earnings growth, in our view,” says Awasthi.

11:30 am Buzzing: Shares of Oberoi Realty rose 5 percent intraday after it reported 16 percent increase in the consolidated net profit at Rs 79.23 for the quarter ended December 31, 2014 on higher sales.

It had posted a net profit of Rs 68.06 crore in the year-ago period.

Total income rose to Rs 219.6 crore in the third quarter of this fiscal from Rs 185.95 crore in the corresponding period of the previous year, Mumbai-based Oberoi Realty said in a filing to the BSE.

Net sales increased by 28 percent to Rs 215.73 crore in October-December period as against Rs 169 crore in the year- ago period. Oberoi Realty has completed more than 35 projects across Mumbai.

Don’t miss: Wipro up 6% post Q3 earnings; brokerages neutral

The Indian market is supported by firm global cues. The Sensex is up 189.96 points or 0.7 percent at 28311.85 and the Nifty is up 51.65 points or 0.6 percent at 8565.45. About 1627 shares have advanced, 781 shares declined, and 256 shares are unchanged. 

Wipro, GAIL, Axis Bank, BHEL and Cipla are top gainers in the Sensex. Among the losers are HUL, Hero, TCS, Infosys and Bajaj Auto.

Oil prices edged lower in Asia as a rally late last week fizzled out owing to lingering concerns about weak demand and a global supply glut, analysts said. US benchmark West Texas Intermediate (WTI) for delivery in February eased three cents to USD 48.66 in late-morning trade and Brent crude for March fell 41 cents to USD 49.76. Prices rebounded Friday after the International Energy Agency said there were signs “the tide will turn” in the battered market following recent falls to near six-year lows.

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 ...