Tuesday, 24 February 2015

Sensex hovers around 29000; FMCG, IT, capital goods gain

10:30am Market Expert

The investor mood is very positive at the moment and investors are looking for more buy ideas than sell, is the word coming in from Prabodh Agrawal, president and head of research at IIFL Institutional Equities. However, he adds that investors may hold off for a bit as the market has already run up quite a bit and may remain in a consolidation phase from now to the Budget.

He is of the opinion that investors should not get distracted by the Budget and continue buying the market. He does not see a major correction in the market.

Agrawal is expecting announcements pertaining to increase in spending in physical and social infrastructure in the Budget. He adds that this increase will partly be funded through increase in taxes – primarily indirect taxes.

He expects the government to target subsidies successfully and chalk a clear roadmap of subsidies and social spending. He also feels the government should do something to recapitalize public sector banks. According to him, if finance minister Arun Jaitley manages to deliver on these fronts, the market will be very happy.

10:00am Market Check

The market continued to consolidate today with the Sensex hovering around 29000 level, up 21.65 points at 28996.76. The Nifty rose 0.55 points to 8755.50.

The broader markets were also in consolidation mode ahead of Union Budget 2015 (to be announced on Saturday). About 957 shares have advanced, 975 shares declined, and 182 shares are unchanged on the Bombay Stock Exchange.

FMCG, technology, capital goods, healthcare and select auto stocks supported the market whereas banks and oil & gas stocks remained under pressure.

Shares of ITC, Larsen & Toubro, Hindustan Unilever, Wipro and Cipla gained 1 percent each. Infosys, TCS, HDFC, Maruti Suzuki, Coal India and Hero Motocorp traded with marginal gains.

However, Tata Motors, ICICI Bank, Reliance Industries, State Bank of India, ONGC, Axis Bank, Sesa Sterlite, Bharti Airtel and Tata Steel fell 0.6-1.8 percent. More information please visit this site www.bigprofitbuzz.com


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