The News International Team
1:45 pm Market outlook: Indian equities have shown some signs of struggle recently, with the Nifty coming off a top of about 9,100 to nearly 8,650 in 15 days. The outlook for the medium term – from now till about October – looks clouded as “headwinds have been growing while tailwinds are reducing”, CNBC-TV18 consulting editor Udayan Mukherjee said in an interview. The veteran anchor and financial journalist said that in the wake of earnings not picking up as much as earlier thought and with valuations continuing to remain slightly uncomfortable, the Nifty could stay in a 8,500-9,100 range in the medium term. “Given the run of play, for investors, it should be prudent to buy on sharp declines instead of chasing rallies,” he said. “Let attractive stock prices come to you instead you going to seek them.”
1:30 pm Buzzing: Shares of Hitachi Home and Siemens rallied 6.6 percent and 2.9 percent intraday on Tuesday (respectively) after signing memorandum of understanding (MoU) with Confederation of Indian Industry for setting up 100 smart cities.
Amitabh Kant said that while cities occupy only 3 percent of the total geographical area of the world, they contribute nearly 80 percent of GDP and 2/3rd of global emissions. According to hime, smart city initiative shall be driven by technology driven companies.
The much awaited Smart Cities project is likely to be rolled out next month as the extensive consultation process with all stakeholders has concluded.
Don’t miss: Indian Hotels rises 3%; Taj Mansingh to be auctioned soon
The market consolidates for second day as the Sensex is up 87.93 points at 28525.64. The Nifty is up 27.35 points at 8660.50. About 1269 shares have advanced, 1297 shares declined, and 178 shares are unchanged.
Hindalco, Dr Reddy’s Labs, Sesa Sterlite, Tata Motors and Tata Steel are top gainers in the Sensex. Among the losers are Bharti Airtel, Infosys, M&M, Tata Power and GAIL.
Fertilisers and Chemicals Travancore (FACT) jumps 17 percent on hopes of a revival plan by government.
US crude fell to near six-year lows in Asia, extending losses in New York as worries about a global oversupply were exacerbated by OPEC warning of a continued petroleum glut, analysts said.
US benchmark West Texas Intermediate (WTI) for April delivery was down eight cents to USD 43.80 in late morning trade, the lowest since March 2009. Brent crude for May, a new contract, rose 27 cents to USD 54.21. Both contracts fell sharply yesterday after a report by the OPEC oil cartel that questioned the strength of last month’s rally, saying the increase came “despite the fact that global supply continued to exceed demand”.