Alchemy Capital sees more steam left in broader market
Ahead of the fourth quarter earnings, market mood is on an upswing. The party seems to be still on, as Nifty inches close to 6000 today. Experts think that the rally is here to stay.
April 06, 2011 / 17:42 IST
Ahead of the fourth quarter earnings, market mood is on an upswing. The party seems to be still on, as Nifty inches close to 6000 today. Experts think that the rally is here to stay.
In an interview to CNBC-TV18, Hiren Ved, Director and CIO, Alchemy Capital Management said that broader market is poised for a further rally as liquidity has improved dramatically. However, rising crude price still remains to be a significant concern for Indian market. The price of the crude averaged USD 85.09 per barrel in 2010-11, up 22% from the USD 69.8 per barrel in 2009-10. This resulted in an estimated gross loss of Rs 78,000 crore for the public sector oil marketing companies (OMCs) in the last fiscal. The rally in crude oil continues as price has been hovering well above USD 110 per barrel for the last few weeks, signalling an even higher loss in the new financial year.London brent crude saw a high of USD 122.89/barrel on Tuesday on news of delays in Forties crude cargoes. It was trading at USD 121.8 a barrel in early trade today.Ved sees moderate quarter earnings. Noting that Indian market corrected far more than other emerging markets, Ved says that the economy needs more policy initiatives to gather momentum. This will interest you: Midcaps, smallcaps likely to further scale up: Alchemy Cap Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
