Nifty struggles below 7650, Sensex rangebound; Bharti falls

Moneycontrol Bureau11:50 am Udayan's call: It is true that valuations of Indian equities have cooled down 10-15 percent, but the global picture remain foggy and expectation of a good return is therefore not a given, says Udayan Mukherjee of CNBC-TV18.

He does not mince words while conveying that India is not insulated from global problems and fears that retail investor patience may run thin in the days to come. He does not see Fed policy announcement changing the situation in a big way. This market will need 4-6 weeks more to understand if the downtrend is firmly established, Mukherjee said. The long term investors then can act and use the time to accumulate good quality stocks.

11:30 am Buzzing: CLSA is bullish on HDFC Bank and recommends buying it for a 31 percent return in a year's time. The brokerage has set a target price of Rs 1300 per share and expects HDFC Bank to deliver a 25 percent profit CAGR, much higher than the 20 percent growth in FY15.

It feels that HDFC Bank's widening growth gap versus corporate banks could expand its valuation premium as its focus is on a digital ecosystem, targeting revenue potential and operating efficiencies. According to CLSA, its credit card business is also at an inflection point and will not only drive fee growth, but will facilitate loan and deposit relationships.