Nifty hovers around 7550; Midcap, Smallcap outperform

Moneycontrol Bureau10:25 am FII View: One of the first few foreign institutional investors (FIIs) in India and an emerging markets specialist, Aberdeen Asset Management, is putting money where its mouth is.

In an interview with CNBC-TV18, Aberdeen's Asia Investment Manager Adrian Lim said that even as the near term trend remained difficult to call, the fund was positive on both emerging markets and India.

He added that the data on economic recovery in India still continues to remain mixed, but given the long-term nature of its investments, it had exposure to a number of high-quality cyclical stocks.

"We don't know whether an immediate recovery is around. But we do know that over a long-term period, a lot of Indian cement, auto companies  do not have enough capacity," he said.Also read - Geneva-based fund not to source malaria drug from Ipca Labs10:00 am Market Check

The market continued to consolidate with the Nifty hovering around 7550 level amid lack of volumes. Technology stocks continued to see selling pressure while banking & financials, infra and healthcare stocks gained.

The Sensex declined 0.41 points to 24685.01 and the Nifty rose 7.20 points to 7553.65 while the BSE Midcap and Smallcap outperformed, rising 0.4 percent each.

The market breadth also turned positive as about 1034 shares advanced against 654 declining shares on Bombay Stock Exchange.The currency markets and banks are shut today for Gudi Padawa Holiday.