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Sensex above 29000, Nifty reclaims 8800; ITC gains strength


The News International Team

12:45pm Divestment Update: The government will fast track the approval process for divestment in select PSU bluechips, Disinvestment Secretary Aradhana Johri said.

The government has set a divestment target of Rs 69,500 crore for this fiscal in the Budget, and Johri felt this was achievable as every single stock on offer were bluechips.

She does not see another disinvestment in Coal India for at least the next six months.

Falling crude prices is one of the main reasons for the ONGC divestment getting delayed, she said.

Johri said the Central Public Sector Enterprise (CPSE) exchange traded fund will be revamped so as to make it more investor friendly.

12:25pm Market Expert: Dipan Mehta, Member, BSE & NSE in an interview to CNBC-TV18 says if this trend in the midcap and smallcap rally continues then investors and traders would start to find value in the largecaps too.

He expects the market to witness lot of volatility around the earnings season and so would prefer to be in a wait and watch mode till the end of it. Earnings according to him would be a reality check for the market and in case the reported numbers do not meet expectations then stocks are likely to come under pressure.

According to him, the market is currently witnessing fresh liquidity flows from retail investors, high networth individuals (HNIs) and foreign inflows.

12:00pm Market Check

The market gained some strength amid consolidation in noon trade with capital goods, realty and consumer durables holding firm. The Sensex rose 137.06 points to 29016.44 and the Nifty climbed 39.90 points to 8820.25.

The BSE Midcap and Smallcap indices gained 0.7 percent and 1.3 percent, respectively. About 1665 shares have advanced, 836 shares declined, and 179 shares are unchanged on the BSE.

BHEL, Bharti Airtel, ITC, Tata Power, HDFC and Tata Steel are top gainers in the Sensex. Among the losers are GAIL, M&M, Hindalco, Dr Reddy’s Labs and Tata Motors.

Crude prices remained flat on a big jump in US crude inventories and stoke concerns of a global supply glut.

Meanwhile, consumer price index (CPI) data for the month of March that will be released later today is estimated to possibly harden a little to 5.36 percent versus 5.37 percent. The CPI data could come anywhere between the range of 5.08 to 5.6 percent due to the impact of food inflation that could be seen this time. A group of economists believe that the food inflation might not be high this time because of the unseasonal rains as there isn’t much of an impact and secondly, it could be a lead impact. Hence, it could be more evident in the coming months as opposed to the month of March.

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