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Last Updated : Sep 07, 2015 12:01 PM IST | Source: Moneycontrol.com

Nifty struggles below 7650, Sensex rangebound; Bharti falls

HDFC, Tata Motors, Cipla, Maruti and ITC are top gainers in the Sensex. Among the losers are GAIL, Coal India, Lupin, Dr Reddy's Labs and Bharti Airtel.


Moneycontrol Bureau

11:50 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.

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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.


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The market is still volatile as the Sensex is down 24.39 points or 0.10 percent at 25177.51. The Nifty is down 14.95 points or 0.2 percent at 7640.10. About 743 shares have advanced, 1313 shares declined, and 69 shares are unchanged.


HDFC, Tata Motors, Cipla, Maruti and ITC are top gainers in the Sensex. Among the losers are GAIL, Coal India, Lupin, Dr Reddy's Labs and Bharti Airtel.


Gold extended losses into a fourth straight session on Monday, struggling near a 2.5-week low after US payrolls data failed to provide clarity on the timing of a Federal Reserve rate hike. Bullion had come under pressure on Friday after data showed nonfarm payrolls increased 173,000 last month after an upwardly revised gain of 245,000 in July, and the jobless rate dropped to a 7-1/2-year low.


The jobs count, however, may have been tarnished by a statistical fluke that has often led to sharp upward revisions to payroll figures for August after initial weak readings.



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First Published on Sep 7, 2015 11:00 am
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