Friday, 10 June 2016

Nifty hovers around 8200, Midcap outperforms; pharma, energy up

The market breadth remained positive as about two shares advanced for every share declining on Bombay Stock Exchange.

10:20 am FII View: A number of brokerages have turned bullish on India of late, such as the likes of HSBC (turned neutral from underweight; target 26,000), Citi (upgraded target to 28,800) and CLSA (increased India overweight by 1 percent).

One of the notable changes in view that has been is brokerage house Ambit turning positive on India.

In a note to investors, Ambit said it had revised its earlier FY17-end target of 22,000 on Sensex to 29,500.

"Although the possibility of Sensex 22,000 remains real, it is no longer our base case scenario, thanks to the firefighting done by the RBI and the Banks Board Bureau," Ambit said in a note.

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10:00 am Market Check


The market continued to consolidate with the Nifty hovering around 8200 level due to lack of global as well as domestic cues. FMCG, banking & financials and technology stocks were under pressure while infra, pharma and energy shares gained. STOCK FREE TIPS

The Sensex declined 28.05 points to 26735.41 and the Nifty fell 6.50 points to 8197.10 while the broader markets outperformed. The BSE Midcap and Smallcap indices gained 0.3 percent and 0.6 percent, respectively.

The market breadth remained positive as about two shares advanced for every share declining on Bombay Stock Exchange.

Chris Wood of CLSA says Greed & Fear is going to add to the long-standing structural overweight in India in the relative-return portfolio to maintain the three times overweight.

Accordingly, the overweight in India will be increased by one percentage point, he adds.
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