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Last Updated : Sep 09, 2015 12:08 PM IST | Source: Moneycontrol.com

Sensex, Nifty cool off but steady; IT stocks lead, HUL down

Vedanta, Hindalco, Tata Steel, Infosys and Maruti are top gainers while GAIL and HUL are down around 1 percent each.


Moneycontrol Bureau

11:50 am Market outlook: 
While it may be a little too early to take a call on whether the worst is behind us, the India story continues to remain intact, is the word coming in from Nilesh Shah, MD and CEO of Envision Capital. Though the course of the market over the next 2-3 months will be decided by global events, he says. On the domestic front, issues such as reforms impasse and poor monsoon can play spoilsport with earnings recovery, he adds. To that extent, the rural consumption story may not kick in post monsoon.

However, Shah believes that over the next 3-5 years, the Indian market will give more than 100 percent returns. "Today we are at 7,500-7,800, is there a chance that we could be at 13,000-15,000 Nifty in the next three-four years? The answer is yes. So what are we saying is that there is a downside of maybe 500 points on the downside but maybe there is an upside of 3,000-4,000 points on the Nifty," he told CNBC-TV18.

11:40 am Flash:
Nikkei closes up 7.7 percent at 18770, marks biggest intra-day gain since October 2008. 

11:30 am FM speaks:
Finance Minister Arun Jaitley still wants to implement a new goods and services tax (GST) by next April 1, although the opposition Congress party could delay its passage through the legislature. Addressing a business conference, Jaitley said it was important to stay on the path of reform and build momentum to achieve higher economic growth. The current global economic situation presented an opportunity for India, he said.


The GST, which economists estimate could add 2 percentage points to India's gross domestic product, has failed to clear parliament due to a blockade of the upper house by the Congress party.
Don't miss: Expect India to deliver 15-18% returns in 3-4 yrs, says JPMorgan


The market has cooled off from early gains but is still holding firm. The Sensex is up 308.03 points or 1.2 percent at 25625.90, and the Nifty is up 98.10 points or 1.3 percent at 7786.35. Asian shares surged , with Japan's benchmark Nikkei index reaping monstrous gains, following the positive finish in offshore markets and as investors bet on China to step on the stimulus pedal soon. Nikkei is up over 1000 points.

About 1646 shares have advanced, 444 shares declined, and 69 shares are unchanged.

Close

Vedanta, Hindalco, Tata Steel, Infosys and Maruti are top gainers while GAIL and HUL are down around 1 percent each.


Crude oil prices rose on as Asian stock markets caught a tailwind from a strong performance in the United States and Europe, although fuel markets remained generally dogged by oversupply.


Asian shares gained after upbeat German economic data powered rising US and European markets, and traders said the more upbeat sentiment in Asia had flowed through to oil markets.


However, concerns remained that high global production was being met with a growing slowdown in demand, especially in the United States where the end of the summer driving season means slowing consumption.



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First Published on Sep 9, 2015 11:00 am
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