12:20 pm Market Expert:
The market has already priced in a 25 basis point-hike in interest rates by the US Fed next week, says Amit Khurana, Co- head Equities & Head of Research, Dolat Capital Market.
The best case for the Indian market would be the Fed not hiking rates and sounding dovish in its outlook, which in turn could prompt the RBI to cut interest rates by as much as 50 basis points, Khurana tells CNBC-TV18.
However, the possibility of that is slim, he says.
While the market has shown signs of recovery in the last few sessions, Khurana expects it to be volatile near term.
Also read – Mkt attractively priced; see value across sectors: I-Pru
12:00 pm Market Check
Equity benchmarks were marginally higher in noon trade. The Sensex rose 62.74 points to 25684.91 and the Nifty advanced 19.90 points to 7808. Capital goods and select auto stocks were under pressure while technology, FMCG, healthcare and select banking & financials stocks gained.
The broader markets marginally outperformed benchmarks. The BSE Midcap and Smallcap gained 0.4 percent and 0.8 percent, respectively. About 1508 shares have advanced against 779 shares declined on the Bombay Stock Exchange.
HDFC, State Bank of India, ONGC, Wipro and Hindalco Industries topped the buying list on Sensex. Infosys rose 0.9 percent; in an analyst meet, COO UB Pravin said that margins will be under pressure for sometime especially in large deals.
However, Tata Motors lost 1.4 percent on profit booking after it rising 2.7 percent in previous session. Reliance Industries, L&T, ICICI Bank, BHEL, Tata Steel and GAIL declined 0.5-1.8 percent.