Tuesday, 16 June 2015

Sensex, Nifty under pressure; HDFC, private banks drag


HDFC and ICICI Bank dropped 1.8 percent and 1.2 percent, respectively. HDFC Bank, Reliance Industries, Axis Bank, Bharti Airtel, ONGC, ITC, BHEL and Cipla dropped 0.2-0.6 percent while Infosys, M&M, Wipro, Coal India and NTPC gained 0.2-0.8 percent.

10:15am Market Triggers: Ridham Desai, Morgan Stanley said next triggers for market performance include legislation, rains, growth data, rate cuts & global developments.

Earnings cycle is likely to turn in H2 2015 even as the earnings revisions breadth is at its worst level in history, he believes.

Over the coming two years, he sees earnings compounding at 21 percent for the Sensex and & 18 percent for the broad market. "Market valuations are middling, although if we are right about growth & rates, then they are attractive at 12x our FY17 estimate for BSE Sensex. Post a modest first half, we expect more than 20percent index returns in the next 12 months,”said Desai.

10:00am Market Check

The market remained under pressure, dragged by private banking & financials, oil and metals stocks. However, power and select technology stocks gained. The broader markets were flat.

The Sensex declined 100.62 points to 26485.93 and the Nifty fell 31.75 points to 7982.15. About 698 shares have advanced, 996 shares declined, and 135 shares are unchanged on the BSE.

Nervousness in global markets due to Greece worries also dampened the investor mood. Global markets also looked cautious ahead of Federal Open Market Committee's two-day meeting tonight. Shanghai and Kospi fell more than 1 percent. Hang Seng, Nikkei, Straits Times and Taiwan Weighted declined 0.4-0.8 percent.

HDFC and ICICI Bank dropped 1.8 percent and 1.2 percent, respectively. HDFC Bank, Reliance Industries, Axis Bank, Bharti Airtel, ONGC, ITC, BHEL and Cipla dropped 0.2-0.6 percent while Infosys, M&M, Wipro, Coal India and NTPC gained 0.2-0.8 percent.
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