Tag Archives: Sensex

Indian Stock Market Gains; Ambit Capital Expects Sensex at 23000 in 12 Months

Ambit Capital has expressed bullish view about Indian stock market with 23000 as target for BSE Sensex in coming 12 months. Saurabh Mukherjea, Head Equities, Ambit Capital said during an interview to CNBC TV18 that he expects markets to move higher. The current results are an indication of bottoming out of the earnings for Indian majors. He expects Indian markets to outperform other emerging markets.

Indian stock market was trading higher on Monday. BSE Sensex was up by 92 points at 18774 and NSE Nifty was trading higher by 22 points at 12.02 PM IST.

Among majors gainers were TCS, ICICI Bank, Mahindra & Mahindra and NTPC. Bank of Baroda, Ambuja Cements, ITC and Jindal Steel were among major losers in today’s trading session.

TCS management has expressed satisfaction over the current market condition. The outlook for the upcoming quarters is positive and the stock has been performing well on the bourses.

If the government pushes forward with reforms agenda, the investment climate in India can improve. The country faced rating downgrade from major rating agencies including S&P. If the UPA government is successful in reducing the current account deficit, the markets may look up in medium term.

Nifty Below 5500; Sensex Declines 202 Pts

Decline in manufacturing figures in US, Europe and China hit investor opinion all over the world.

The benchmark Sensex lost 200 points with rate sensitive stock such as banking, real estate and capital goods taking a beating.

The 50-share NSE Nifty was ruling at 5,455 after slipping 62 points whereas the 30-share index BSE Sensex declined 202 points to trade at 18,112 late morning trade.

As per portfolio manager PN Vijay, worldwide events would be the vital factor for market by the next six months.

“There may be a slightly negative backdrop but substantially the action has to come within India.”

Technology scrips saw selling pressure as retardation will absolutely have impact on exports of these firms.

Infosys, TCS and Wipro shed between 1% & 2%.

Heavyweight stocks like Bharti Airtel, ITC, L&T, SBI, ICICI Bank and HDFC Bank dropped between 1% & 2%. Reliance Industries shed more than 0.5%.

But, Sun Pharma, NTPC, HUL, Cipla, Ranbaxy and GAIL topped the gainers’ charts on Nifty.

On the worldwide front, Asian bourses broadened losses – Kospi was the key loser, declining 2.4%.

Shanghai, Nikkei, Straits Times and Taiwan remained down by 1-1.7%. Hang Seng lost 0.7%.

Richard Ross, global technical analyst at Auerbach Grayson said that the genuine financial scene in US is dull, irrespective of what comes out of Washington.