SENSEX
16906.58 +24.42
NIFTY 5120.80 +06.15
USD/INR 0056.95 -00.05
NASDAQ 2840.56 +04.40
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UPDATEDTIME 09.28 PM 26 JUNE 2012
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The Nifty recovered
from day's lows in the last hour of trade and ended a lackluster session on a
flat-to-positive note led by gains in oil & gas, power, banks and
healthcare stocks ahead of the June series F&O expiry. According to
analysts, lack of triggers at home and globally are likely to keep the markets
range bound for the next few months.
"I do not see many triggers to watch out for on the horizon. So for me, the view remains unchanged as a range-bound market for the next couple of months with a downward bias because there are a lot of challenges in India as well as in the global economy which are real and continue to bother us. At the same time, I would be excited with the trigger on the policy action side or pickup in investment capex and both look a little difficult in immediate future.
Meanwhile, the Indian Meterological Department (IMD) is of the view that El-Nino effect may develop in the month of September and may impact rains.Dr M Mohapatra, spokesman and scientist, IMD said the second stage forecast shows a possibility of a El-Nino.
He added that monsoon has been on the lower side compared to long term average and that the rains have not progressed to central India and parts of North west India. He expects rains to hit New Delhi by June 29 and Rajasthan by mid-July.
CLSA in its recent report has said that there is 50 per cent possibility of El Nino towards the end of the current monsoon season. Any further increase in the probability could be bad and the economic growth may slow down.
The 30-share index closed at 16,906.58, up 24.42 points or 0.14 per cent. It touched a high of 16,946.66 and a low of 16,815.87 in trade today.
The Nifty ended at 5,120.80, up 6.15 points or 0.12 per cent. It touched a high of 5,134.55 and a low of 5,095.50 in trade today.
The BSE Midcap Index was up 0.36 per cent and the BSE Smallcap Index edged up 0.02 per cent.
Among the sectoral indices, the BSE Oil & Gas Index was up 1.20 per cent, the BSE Power Index gained 0.89 per cent, the BSE Healthcare Index moved 0.65 per cent higher and the BSE Bankex moved up 0.52 per cent. The FMCG Index declined 0.90 per cent and the BSE Metal Index slipped 0.20 per cent.
Suresh Mahadevan, Managing Director, Head of Equities, UBS Securities is of the view that next one year could be a good opportunity to consumers, pharma, defensives, power and telecom stocks.
If you believe in the structural story, the next 12 months could be quite good opportunity to buy into specific names. For India dedicated funds which have no choice but to invest in India, we are advising a defensive positioning which are consumers, pharma, defensive power and telecom on the overweight side.
We are underweight on most of the cyclicals, banks, real estate. We have little weight on oil and gas, petrochem etc, Mahadevan said.
Our top ideas will be stocks like Federal Bank, Hero Honda, Infosys, ITC, Idea Cellular and may be on the midcap side TTK Prestige. We are advising a defensive positioning for the next two-three quarters before clarity emerges on what the government would do as well as we have the expectations kind of reset on economic growth and hence earnings growth.
"I do not see many triggers to watch out for on the horizon. So for me, the view remains unchanged as a range-bound market for the next couple of months with a downward bias because there are a lot of challenges in India as well as in the global economy which are real and continue to bother us. At the same time, I would be excited with the trigger on the policy action side or pickup in investment capex and both look a little difficult in immediate future.
Meanwhile, the Indian Meterological Department (IMD) is of the view that El-Nino effect may develop in the month of September and may impact rains.Dr M Mohapatra, spokesman and scientist, IMD said the second stage forecast shows a possibility of a El-Nino.
He added that monsoon has been on the lower side compared to long term average and that the rains have not progressed to central India and parts of North west India. He expects rains to hit New Delhi by June 29 and Rajasthan by mid-July.
CLSA in its recent report has said that there is 50 per cent possibility of El Nino towards the end of the current monsoon season. Any further increase in the probability could be bad and the economic growth may slow down.
The 30-share index closed at 16,906.58, up 24.42 points or 0.14 per cent. It touched a high of 16,946.66 and a low of 16,815.87 in trade today.
The Nifty ended at 5,120.80, up 6.15 points or 0.12 per cent. It touched a high of 5,134.55 and a low of 5,095.50 in trade today.
The BSE Midcap Index was up 0.36 per cent and the BSE Smallcap Index edged up 0.02 per cent.
Among the sectoral indices, the BSE Oil & Gas Index was up 1.20 per cent, the BSE Power Index gained 0.89 per cent, the BSE Healthcare Index moved 0.65 per cent higher and the BSE Bankex moved up 0.52 per cent. The FMCG Index declined 0.90 per cent and the BSE Metal Index slipped 0.20 per cent.
Suresh Mahadevan, Managing Director, Head of Equities, UBS Securities is of the view that next one year could be a good opportunity to consumers, pharma, defensives, power and telecom stocks.
If you believe in the structural story, the next 12 months could be quite good opportunity to buy into specific names. For India dedicated funds which have no choice but to invest in India, we are advising a defensive positioning which are consumers, pharma, defensive power and telecom on the overweight side.
We are underweight on most of the cyclicals, banks, real estate. We have little weight on oil and gas, petrochem etc, Mahadevan said.
Our top ideas will be stocks like Federal Bank, Hero Honda, Infosys, ITC, Idea Cellular and may be on the midcap side TTK Prestige. We are advising a defensive positioning for the next two-three quarters before clarity emerges on what the government would do as well as we have the expectations kind of reset on economic growth and hence earnings growth.
GAIL (3.32%),
Grasim (3.06%), Tata Power (2.07%), Power Grid Corporation (2.15%), Siemens (1.93%)
and ONGC (1.89%) led the Nifty gainers pack.
SAIL (1.89%), Hindustan Unilever (1.88%), Sesa Goa(1.12%), Sterlite Industries (1.06%) and Infosys Technologies (1.05%) were among the top index losers.
Shares of ONGC moved higher on the back of buying from institutional investors and domestic funds on easing concerns of subsidy burden following the recent sharp correction in international crude oil prices.
Institutinal dealers are bullish on ONGC for the medium term. They expect subsidy burden to be capped at 40 percent for upstream firms and with crude oil coming down, ONGC will have comfort on subsidy front.
"Dealer see stock heading to Rs300/share. Institutional investor heard to be nibbling on behalf of domestic funds.
The market breadth was flat on the BSE with 1383 gainers against 1355 losers.
The rupee ended on a flat note after a volatile session as the Reserve Bank of India's measures to curb rupee depreciation fell short of market expectations. The partially convertible rupee was at 57.02 against previous close of 57.01.
SAIL (1.89%), Hindustan Unilever (1.88%), Sesa Goa(1.12%), Sterlite Industries (1.06%) and Infosys Technologies (1.05%) were among the top index losers.
Shares of ONGC moved higher on the back of buying from institutional investors and domestic funds on easing concerns of subsidy burden following the recent sharp correction in international crude oil prices.
Institutinal dealers are bullish on ONGC for the medium term. They expect subsidy burden to be capped at 40 percent for upstream firms and with crude oil coming down, ONGC will have comfort on subsidy front.
"Dealer see stock heading to Rs300/share. Institutional investor heard to be nibbling on behalf of domestic funds.
The market breadth was flat on the BSE with 1383 gainers against 1355 losers.
The rupee ended on a flat note after a volatile session as the Reserve Bank of India's measures to curb rupee depreciation fell short of market expectations. The partially convertible rupee was at 57.02 against previous close of 57.01.
Regards
RAKESH MAKIN
+91, 9041667797(DIRECT),
9915684997
OFF 0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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