Monday, 16 January 2017

Sensex recovers, Nifty reclaims 8400; Tata Steel, Tata Motors up

Tata Motors, Tata Steel and TCS gained 0.4-1.6 percent after a media report indicated that borrowing costs could fall 20-30bps after appointment of Chandra as Chairman of Tata Sons. 

10:20 am FII View: Pointing out the macro data in the months of November and December may contain demonetisation “one-offs”, Neelkanth Mishra of Credit Suisse said the impact of the currency recall exercise will extend beyond the March quarter. It will be take about 12-18 months to assess the complete impact of demonetisation, he said. TODAY FREE TRAILS

Mishra pegged corporate earnings growth in FY18 at 10-12 percent, while saying the FY17 earnings growth may be hit due to demonetisation.

Sharing his outlook on the IT sector which has seen slowdown in the recent quarters, Mishra said it is possible that IT sector revenues will grow in the next few quarters. If corporate spending in the US increases on account of factors like taxes, Indian IT companies will benefit, he added.

Also read - Buy, sell, hold: 6 stocks you can focus as week kickstarts 

10:00 am Market Check 

Benchmark indices recouped early losses with the Nifty reclaiming 8400 level. HDFC group and Tata group stocks supported the market while FMCG and select IT stocks remained under pressure.

The 30-share BSE Sensex was up 5.30 points at 27243.36 and the 50-share NSE Nifty fell 6.80 points to 8393.55 while the broader markets outperformed benchmarks. The BSE Midcap and Smallcap indices gained 0.3 percent each.

Tata Motors, Tata Steel and TCS gained 0.4-1.6 percent after a media report indicated that borrowing costs could fall 20-30bps after appointment of Chandra as Chairman of Tata Sons.

HDFC Bank, HDFC, L&T, SBI and Lupin rose 0.6-1 percent while Infosys fell further, down more than 1.5 percent followed by Reliance Industries, ITC, ICICI Bank and HUL.
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