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Sensex, Nifty up over 1%; Navkar Corp opens lower at Rs 152

Navkar Corporation listed at Rs 152, down 2 percent compared to issue price of Rs 155 apiece on the National Stock Exchange.

10:00

TheNewsInternational Team

10:15 am Market Expert:

While it may be a little too early to take a call on whether the worst is behind us, the India story continues to remain intact, is the word coming in from Nilesh Shah, MD and CEO of Envision Capital. Though the course of the market over the next 2-3 months will be decided by global events, he says.

On the domestic front, issues such as reforms impasse and poor monsoon can play spoilsport with earnings recovery, he adds. To that extent, the rural consumption story may not kick in post monsoon. However, Shah believes that over the next 3-5 years, the Indian market will give more than 100 percent returns.

According to him, the only asset class that can outperform equities is fixed income in the next 3-6 months, more so in India if the Reserve Bank lowers rates.

He says the next leg of leadership will come from exporters, who will gain from rupee depreciation, and the domestic consumption theme. The rate sensitives and the cyclical companies with good, strong balance sheet may also provide a good buying opportunity. He also adds that the delta may be with technology stocks over the next 12-18 months.

10:00 am Market Check

The market remained strong in morning trade, supported by technology, banking & financials and auto stocks. The 30-share BSE Sensex rose 320.90 points or 1.27 percent to 25638.77 and the 50-share NSE Nifty climbed 101.80 points or 1.32 percent to 7790.05.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than 1.5 percent. About five shares advanced for every 1 share declining on the Bombay Stock Exchange.

Navkar Corporation listed at Rs 152, down 2 percent compared to issue price of Rs 155 apiece on the National Stock Exchange.

09:15

Nifty hovers around 7800, Sensex up over 350 pts; metals up

Vedanta, Hindalco, Infosys, HDFC and ICICI Bank are top gainers. GAIL is down 1 percent.

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