12:59 pm Market Update:
Equity benchmarks remained higher. The Sensex rose 89.15 points to 25125.20 and the Nifty gained 25.85 points at 7638.35. About 1499 shares have advanced, 922 shares declined, and 158 shares are unchanged on the BSE.
12:50 pm Market Expert:
Eternal bull Gautam Shah, Associate Director & Technical Analyst, JM Financial would not be surprised if Nifty is at 9500 by June-July, 2016 because 2015 has been a great year of consolidation and the time correction has happened, adding that the risk reward is now favourable to build a long-term portfolio.
In an interview to CNBC-TV18 Shah says, one should follow what Warren Buffet says: be greedy when others are fearful. “This is apt in the current scenario where people are fearful and seem to be losing focus of the medium or long-term trend of the market,” he said.
According to him, the screen is telling us that there is capitulation, so 7500 would prove to be a good support for the Nifty. “Market will find a durable support around 7450-7550 zone, and if we were to see recovery from these levels then we can get back to level of 8000 and then 8300,” he adds.
12:40 pm Buzzings:
12:20 pm Asian markets update: Most Asian stock markets fell today, taking cues from a weak finish in the US. Japan’s Nikkei dropped over 1 percent, Hang Seng declined 0.3 percent and Australia fell 0.8 percent. Shanghai also declined 0.5 percent.
Oil prices, which remain under pressure due to a global supply glut, stayed in focus in commodity-heavy markets such as in Australia.
West Texas Intermediate (WTI) crude futures, traded in the US, were up 26 cents or 0.73 percent at USD 37.43 a barrel while the internationally traded Brent futures were trading 35 cents or 0.87 percent higher at USD 40.46 in Asian afternoon trade.
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12:00 pm Market Check
Equity benchmarks gained marginal strength in noon trade, supported by index heavyweights Reliance Industries (up 2.5 percent), HDFC (up 2 percent), HDFC Bank (up 0.8 percent) and Infosys (up 0.7 percent). Selling in Sun Pharma (down 1.9 percent), Tata Motors (down 1.5 percent), ICICI Bank (down 0.7 percent) and SBI (down over a percent)limited upside.
The Sensex rose 82.79 points to 25118.84 and the Nifty climbed 24.55 points to 7637.05. The broader markets also saw marginal gains with the BSE Midcap and Smallcap indices rising 0.2-0.5 percent.
Even the market breadth has been positive as about 1434 shares have advanced against 934 declining shares on the BSE.