Moneycontrol Bureau11:45 am Interview: The Indian economy is witnessing an upturn and this should support stock prices but investors must keep expectations tempered in the short term, says Krishna Kumar Karwa, MD of Emkay Global.
"With an 18-24 month view, investors can buy consumption stocks: two-wheelers, NBFCs etc," he told CNBC-TV18 in an interview. "Returns should be more back-ended."
He maintained that on the back of a decent fourth quarter earnings season and expectations of a normal monsoon and increased government expenditure, valuations had run up. "This makes it a buy-on-dips market."
11:30 am OPEC outlook: Organization of the Petroleum Exporting Countries (OPEC) has not agreed on anything for the last two years and that it is too late to do anything now, said Fadel Gheit, senior oil and gas analyst at Oppenheimer & Co. Speaking to CNBC-TV18, Gheit said with shale being the game-changer, the crude price war will continue and OPEC members will keep fighting for life because of the change in the energy world. Given that shale is not politics but technology, he said OPEC as a market watcher has lost its control over oil prices for forever. Calling OPEC irrelevant, dysfunctional and corrupt, Gheit said both technology and time have left OPEC's side. He is of the view that the crude prices will only rise from here on.Don't miss: Gold's investment appeal is over but Titan is not worried
The market has cooled off a bit with the Sensex up 97.23 points or 0.4 percent at 26940.37. The Nifty is up 25.30 points or 0.3 percent at 8244.25. About 1161 shares have advanced, 887 shares declined, and 125 shares are unchanged.
Axis Bank, HUL, Bajaj Auto, Hero MotoCorp and ICICI Bank are top gainers while Lupin, Bharti Airtel, GAIL, TCS and Adani Ports are losers in the Sensex.
Brent oil prices held around USD 50 a barrel following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel.
The Organization of the Petroleum Exporting Countries (OPEC) failed to agree to a clear oil-output strategy on Thursday as Iran insisted on raising production to regain market share lost during years of sanctions, which were lifted in January.
Analysts still took away positive aspects from the meeting in Vienna, as Saudi Arabia showed restraint.
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