Sensex, Nifty continue to climb; pharma stocks down, auto up

Moneycontrol Bureau11:55 am FII view: Speaking to CNBC-TV18 Gautam Chhaochharia, Head of India Research at UBS Securities, said that the longer term India story remains intact. Demonetisation doesn’t impair the economic trajectory in the long term. He said he is estimating a 3-6 month disruption which may have been priced in by many stocks already. It is difficult to assess the impact on GDP rate owing to cash ban. “It is difficult to take a linear view,” he said, adding that he believes the GDP for this fiscal year could be about 6 percent, but it will go up to 8 percent because of base effect. Nifty earnings growth in FY17 will be 5 percent, and 14 percent for FY18, he said.11:45 am Poll: India's economy probably picked up steam in the July-September quarter on strong demand, but Prime Minister Narendra Modi's surprise currency crackdown this month will likely dent growth in coming months, a Reuters poll found.
While developed economies have wallowed in lacklustre activity, Asia's third-largest economy has maintained a resilient pace of expansion in recent years, eclipsing China.

That trend likely continued in the last quarter, according to the median consensus of 35 economists polled over the past week.

They forecast India's nearly USD 2 trillion economy expanded 7.5 percent in July-September from the same period a year ago, accelerating from a 15-month low of 7.1 percent in the previous quarter.

11:30 am International markets: Italian Referendum in the upcoming weekend would not have an impact on global markets as Brexit or US elections had is the word coming from Ian Hui, Global Market Strategist, JP Morgan Asset Management, adding that it could have an impact on some of the European economies.
Talking on the FOMC meet mid-December, Hui says there is 100 percent probability of a rate hike by Fed.