The News International Team
1:50 pm Market outlook: A combination of low inflation, declining interest rates and strong corporate earnings growth will support the ongoing rally, feels Jeff Chowdhry, Senior Portfolio Manager, LGM.
In an interview with CNBC-TV18, Chowdhry says India’s macro economic fundamentals have improved significantly over the last year.
He says he is not worried about the market levels and basis his investment decisions on whether the outlook on fundamentals is positive and what are the other alternatives?
Art this point, very few emerging market stories are as good as that of India, Chowdhry says. He is bullish on private sector banks and select consumer names, and sees the rupee strengthening as the outlook on corporate earnings improves.
1:30 pm Result: Bank of Baroda disappointed street on Friday by reporting a 68 percent (Y-o-Y) decline in profit at Rs 334 crore for quarter ended December 2014. Higher provisions and tax rate impacted the bottomline. Profit of the public sector lender was expected at Rs 1,243.6 crore and net interest income at Rs 3,501 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18. Net interest income grew 7.5 percent to Rs 3,286 crore in the quarter ended December 2014 from Rs 3,057.1 crore in same quarter last fiscal. Net interest income is the difference between interest earned and interest expended.
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The market continues to be under sharp selling pressure. The Sensex is down 413.87 points or 1.4 percent at 29267.90, and the Nifty slips 118.35 points or 1.3 percent at 8834.
About 1139 shares have advanced, 1501 shares declined, and 251 shares are unchanged.
NTPC is up 2 percent while BHEL, Tata Power, Wipro and Hero are top gainers in the Sensex. Among the losers are SBI, HDFC, Coal India, Dr Reddy’s Labs and TCS.
Overseas investors have remained the backbone of the rally, with net purchases of USD 2.1 billion so far this month till Thursday, provisional exchange and regulatory data showed.
Gold prices rose by Rs 73 to Rs 27,482 per 10 gram in futures trade as speculators engaged in enlarging positions amid a better trend overseas. Analysts said the rise in gold prices at futures trade was mostly in line with a firming trend overseas where the precious metals advanced from a two-week low on easing of selling pressure. Meanwhile, gold rose as much as 0.4 per cent to USD 1,262.07 an ounce in Singapore