01:20pm FII View
Manpreet Gill, Senior Investment Strategist, Standard
Chartered continues to remain overweight on the Indian market. According to
him, the drivers for market remain primarily domestic.
India remains one of his preferred markets with the Asia
pacific region, he adds.
Gill expects the US Federal Reserve to raise rates by
mid-2015. He believes the US companies have reported strong up-trending
earnings path.
01:00pm Equity
benchmarks gained strength in afternoon trade supported by banking and
financials, capital goods and index heavyweights like ITC and Reliance
Industries.
The Sensex rose 111.89 points to 26111.23 and the Nifty
climbed 36.85 points to 7785.05. About 1123 shares have advanced, 1422 shares
declined, and 94 shares are unchanged.
Bank Nifty jumped 300 points as ICICI Bank, HDFC Bank, State
Bank of India and Axis Bank gained 2-2.6 percent. Housing finance company HDFC
too rallied 2 percent. Capital goods majors Larsen and Toubro, and BHEL climbed
2-3 percent.
Utility vehicle maker Mahindra and Mahindra topped the
buying list, up 3.5 percent followed by Bharti Airtel, ITC, Tata Steel, Cipla,
NTPC and Hero Motocorp with 1-2 percent.
However, HCL
Technologies and TCS remained under selling pressure, falling 8-9 percent after
reporting lower than expected revenues in September quarter.
In the midcap space, Crompton Greaves jumped over 2 percent
after sources told CNBC-TV18 that Avantha Group may sell partial equity stake
in demerged Consumer Products business. Bain among PE players is in talks to
acquire that stake, say sources.
On the global front, European markets bounced back in
opening trade after yesterday’s sharp cut. More information please visit this
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