09:26 AM
MARKET VIEW | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
A sustained bull run needs low valuations and steadily improving growth and earnings prospects. Valuations are not favourable now and growth and earnings prospects, though good, are not very bright. For instance, the June auto sales numbers came below expectations and indicate that sluggish demand remains a problem, particularly for price sensitive mass consumption products. The economic recovery continues to be ‘K’ shaped as indicated by the resilient demand for premium products.
There is valuation comfort in financials, particularly the leading private sector banks. Leading PSU banks are attractively valued compared to their private sector peers. FY24 Q1 results of the banking majors will be good.
Markets may eke out small gains in early trades Wednesday amid optimism in the Gift Nifty index, but a choppy intra-day ride cannot be ruled out as weakness in other Asian indices could prompt investors to exercise caution. The market has already run-up sharply to record highs in the last few sessions on the back of strong FII inflows. Investors will be eyeing the US FOMC Minutes to be released later today. Amongst sectors, there is a bright chance that the Nifty IT Index is likely to be an outperformer.
– Prashanth Tapse, Senior VP (Research), Mehta Equities
07:25 AM
Stock Market Updates: GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded 12 points, or 0.06 per cent, higher at 19,505.50, signaling that Dalal Street was headed for muted start on Wednesday.
07:25 AM
Tech View: Nifty forms Hanging Man candle
Headline index Nifty today formed a Hanging Man candlestick pattern which signals short-term reversal if the low of the candle is breached.Now it has to continue to hold above 19300 zones to extend the move towards 19450 and 19500 zones while on the downside support shifts higher at 19250 and 19100 zones, said Chandan Taparia of Motilal Oswal.
07:25 AM
Share Markets Live Updates: Tokyo markets open lower
Tokyo stocks opened lower on Wednesday, with investors vigilant against short-term overheating and searching for clues after a US market holiday.The benchmark Nikkei 225 index was down 0.69 percent, or 229.99 points, at 33,192.53 in early trade, while the broader Topix index lost 0.44 percent, or 10.12 points, to 2,296.25.
07:24 AM
Rupee falls 10 paise to close at 82.01 against US dollar
The rupee pared initial gains and settled for the day lower by 10 paise to close at 82.01 against the US dollar on Tuesday amid bargain buying from oil importers and hedgers.
07:24 AM
Stock Markets Live Updates: Oil prices ease as worries over global economic slowdown weigh
Oil prices eased on Wednesday, paring the previous day’s gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August.
07:24 AM
Sensex, Nifty on Tuesday
Gains from financials and sustained foreign inflows and largely bullish investor sentiments helped offset a bout of profit-taking making the 30-share S&P BSE Sensex rally for the fifth straight session and rise 274 points or 0.42% to end at 65,479. The broader NSE Nifty surged 66 points or 0.34% to settle at 19,389.
