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Home » News » Markets » Local Markets

Jan 11, 2017, 12.03 PM | Source: Moneycontrol.com

Nifty, Sensex maintain upmove; SBI, Coal India gain 1-4%

Coal India, Tata Steel, Lupin, L&T and SBI are top gainers while Bajaj Auto, TCS, Cipla, Hero MotoCorp and Infosys are losers in the Sensex.

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Nifty, Sensex maintain upmove; SBI, Coal India gain 1-4%

Coal India, Tata Steel, Lupin, L&T and SBI are top gainers while Bajaj Auto, TCS, Cipla, Hero MotoCorp and Infosys are losers in the Sensex.

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11:00
Moneycontrol Bureau

11:55 am GST:
Goods and Services Tax will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheque and NEFT, Revenue Secretary Hasmukh Adhia said today.

He said, GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.

"GST is a very very simple thing to follow, it is going to be very easy for all of you. There will not be any border restriction when you move goods from one state to another. And many of the small small taxes will go away. It will be one unified tax," Adhia said at the Vibrant Gujarat global Summit here.

11:45 am Market view: Neelkanth Mishra of Credit Suisse says MSCI India's P/E premium to MSCI World is now negative 1 percent and it has only been lower 6 percent of the time in the last decade. The premium to MSCI Emerging Market P/E is also down and it has been lower only 18 percent of the time in the last decade. Rather than indicate an inflection, he believes a lower P/E implies that the market anticipates EPS cuts. He says Credit Suisse's bottom-up estimates for Nifty EPS are 2/4 percent below consensus for FY17/FY18, with estimates below consensus for nearly every sector, and particularly so for energy, pharmaceuticals and PSU banks. Further, Mishra believes even some below-consensus estimates by Credit Suisse analysts may have downside. On the whole, he believes the narrower indices like Nifty/BSE 100 may not do that badly, but some sectors like discretionary, cement, NBFCs may underperform.

11:30 am FII view:
The worst is getting over, believes Vibhav Kapoor of IL&FS who expects Nifty to touch 9000 levels in six months from now. He said a 17-18 percent increase in Nifty can be seen in the third quarter as banks and metal stocks will perform better. He believes that banks and consumption will have to take the lead as investment will take sometime to pick up. He is also bullish on metal space after Donald Trump's election and US market moving up. He says if US economy starts to grow at a better rate then it is not too late to invest in metals stocks. State elections are round the corner and Kapoor says that the polls are the most important cue in 2017 for the markets. As for the emerging markets, he says US will play a very important role.

Don't miss: Buy, sell, hold: 6 stocks analysts are betting on

The market is still surging ahead with the Sensex up 147.57 points or 0.5 percent at 27047.13. The Nifty is up 48.65 points or 0.6 percent at 8337.25. About 1504 shares have advanced, 730 shares declined, and 361 shares are unchanged.

Coal India, Tata Steel, Lupin, L&T and SBI are top gainers while Bajaj Auto, TCS, Cipla, Hero MotoCorp and Infosys are losers in the Sensex.

Continuing its rising streak for the third straight day, gold prices advanced by 0.13 percent to Rs 28,181 per 10 grams in futures trade today as traders engaged in enlarging in their positions, tracking a firming trend overseas.

Analysts said, widening of positions by speculators in
line with a firming trend in the global markets, mainly keptgold prices higher at futures trade.

 

10:00
Benchmark indices remained higher in morning with the Nifty inching towards 8350 and the Sensex trading above 27000 level, driven by banking & financials, infra and auto stocks.

Read More »

09:15
Tata Steel, Dr Reddy's Labs, HDFC bank, Infosys and ICICI Bank are top gainers in the Sensex.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Nifty, Sensex maintain upmove; SBI, Coal India gain 1-4%

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