9:41 am Market Expert: At National Stock Exchange, in an interview with CNBC-TV18, Anish Damania of IDFC Securities said it is always been a stock picker’s market.
“Domestic liquidity is very strong and we expect USD 1 billion of flows every month,” he said.
Important is to look at stocks versus headline index levels. He is positive on the non-ferrous space in metals. He is positive on Hindalco & Vedanta.
9:38 am Earnings growth: Bharat Iyer of JPMorgan said the research house believes FY18 consensus earnings growth numbers remain vulnerable to further cuts particularly for consumer discretionary and financials.
Nearly 70 percent of FY18 earnings growth estimated for the broad market are expected to be contributed by these sectors.
The research house estimated earnings growth of about 12-14 percent for FY18 and 15-16 percent for FY19 for the broad market, he said.
Valuations for the broad market at 18.4x 12-month forward consensus earnings are above +1 standard deviation – expensive from historical averages seen over the last decade, he added.
9:35 am Sectoral indices: All sectoral indices barring IT and Pharma were trading in green.
HDFC Bank, ICICI Bank and ITC continued to lead the market higher while Infosys, Lupin, Wipro, Asian Paints and L&T were under pressure.
9:33 am Market Update: Equity benchmarks came off day’s high after the Nifty hit 10,000 level.
The 30-share BSE Sensex was up 30.78 points at 32,276.65 and the 50-share NSE Nifty gained 9.75 points at 9,976.15.
About 919 shares advanced against 589 declining shares on the BSE.
9:32 am: Market Outlook: Equity story of India is going to continue and still very convinced that equity will be one of the best asset classes to invest in 3-5 years, Madhu Kela, Market Expert said.
9:29 am Market Expert: Market Veteran, Madhu Kela said this is the time to celebrate. Over the last 10-15 years, we have various occasions when there was doubt on India story. We have continuously kept our faith. Congratulations to all investors who participated in this.
There are doubts about valuations, growth picking up and corporate earnings. If you look at 12-month perspective, the market has returned phenomenal. Money made in small, mid and large caps are phenomenally high. We must recognise that.
Word of caution: let us not extrapolate what has happened in past 2-3 years. Next 2-3 years may not be good. There could be challenges in 6-12 months. Picture abhi baaki hain, he feels.
9:20 am HDFC Bank hits new high: HDFC Bank shares touched fresh record high of Rs 1,756 following thumbs up from brokerage houses post better-than-expected earnings despite farm loan waiver concerns.
Jefferies has upgraded the stock to buy and raised target price to Rs 2,000 while Goldman Sachs maintained buy rating with increased target at Rs 2,208, saying the lender is on course for a market capitalisation of USD 100 billion.
BofAML, too, said its market cap could exceed USD 100 billion by FY20.
9:15 am Market Check: Equity benchmarks started off Tuesday at fresh record high, with the Nifty hitting historic high of 10,000-mark.
The 30-share BSE Sensex was up 101.98 points at 32,347.85 and the 50-share NSE Nifty rose 31.80 points to 9,998.20.
HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Hero Motocorp, ITC, SBI, Bharti Airtel and Reliance Industries were top contributors to Sensex’ gains.
9:08 am Pre-opening: Hello and good morning to what could be a historic day as all eyes are set on the Nifty.
The index is likely to clock the 10000-mark, with even the pre-opening rates settling in above the key milestone.
The 50-share NSE Nifty settled at 10,010.55, up 44.15 points in pre-opening while the 30-share BSE Sensex rose 105.01 points to 32,350.88.
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The US markets ended mixed on Monday but Nasdaq hit a record high ahead of a big week of technology earnings reports. The S&P 500 and the Dow industrials lagged behind as losses in healthcare heavyweight Johnson & Johnson took a toll, said a Reuters report.
The major US indexes are trading around record-high levels with a huge batch of second-quarter corporate reports due this week.
The Dow Jones Industrial Average fell 66.9 points, or 0.31 percent, to 21,513.17, the S&P 500 lost 2.63 points, or 0.11 percent, to 2,469.91 and the Nasdaq Composite added 23.05 points, or 0.36 percent, to 6,410.81.
The dollar inched up from its lowest level in more than a year on Monday, assisted by stronger-than-expected readings on the U.S. economy, said a Reuters report.
The dollar rose from a 13-month low against a basket of six major currencies touched in early trading. The dollar index was last trading 0.15 percent higher at 94.006. The euro was last trading at $1.1643, down from a high of $1.1684, its highest since August 2015.
Oil rose more than 1 percent, after leading OPEC producer Saudi Arabia pledged to cut exports in August to help reduce the global crude glut, said a Reuters report.
Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago, it said.
Brent crude futures settled up 54 cents or 1.1 percent to $48.60 a barrel. US West Texas Intermediate (WTI) crude futures settled up 57 cents or about 1.3 percent to $46.34 a barrel.