11:30 am FII view:
Given the current market scenario, a bottom is definitely difficult to assess, is the word coming in from Pramod Gubbi of Ambit. He, however, says the market is relatively more attractive now. He advises investors to have a bottom up approach. He is positive on Indian equities from a long-term perspective — 2-3 years time horizon. On the ongoing earnings season, he says it is as per expectation. He had expected earnings downgrades and sees a few more of them in the banking sector. He feels the banking sector is likely to remain weak for a while.
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The market is gaining strength with from banks and pharma stocks. The Sensex is up 155.81 points or 0.6 percent at 24591.47 and the Nifty is up 43.35 points or 0.6 percent at 7465.80. About 1730 shares have advanced, 423 shares declined, and 93 shares are unchanged.
Sun Pharma, HDFC, Tata Steel, TCS and ICICI Bank are top gainers while Hero MotoCorp, Axis Bank, L&T, Bharti and ITC are laggards in the Sensex.
Gold steadied near a 1-1.5 week peak at just below USD 1,100 an ounce early on Monday, with investors eyeing whether equities will come under renewed pressure and refresh safe-haven demand for bullion. The precious metal had benefitted from investor aversion towards risky assets that has hit global stocks and crude oil. It peaked at USD 1,109.20 last week, its loftiest since January 8.