Moneycontrol Bureau
12:30pm Ace Investor Jhunjhunwala view: Market is headed towards consolidation in the near term, cautions big bull Rakesh Jhunjhunwala. But there is nothing to worry until and unless Nifty moves below 8000.
Jhunjhunwala says he expects the market to pause for a while after what has been a dream run for the bull market in the last one year.
"There is lower quality which is available but for that lower quality we have to have lot of patience. Since the market had a run up from 5,200 to 9,000, I think it would consolidate here at these levels rather than run away."
Jhunjhunwala further adds that the kind of volumes seen in individual stocks is an indicator that we are going to pause. As the market moves higher, the rise gets faster, he asserts. "I do not think that it will make a top which will be a top for a year or two years. However, we could surely consolidate."
12:00pm Market Check: Equity benchmarks continued to move in a tight range from early trade while the broader markets marginally outperformed. The Sensex declined 4.89 points to 28839.89 and the Nifty slipped 7.90 points to 8748.85.
About 1354 shares have advanced, 1127 shares declined, and 205 shares are unchanged on the BSE.
The rupee continued to fall today on fears that the US Fed will hike rates in their upcoming monetary policy meet, down 8 paise to 62.63 a dollar. The dollar index hit a fresh 11.5-year high.
Bharti Airtel surged 4 percent. The stock saw a relief rally as the day on day jump in bid prices for 900 mhz has fallen to 2 percent versus 5 percent earlier raising hopes of some moderation in bidding.
BF Utilities, Sun Pharma Advanced Research (SPARC), Wockhardt, Titagarh Wagons, Advanta, HDFC, ICICI Bank and Yes Bank were most active shares on exchanges. BF Utilities rallied 8 percent in addition to 14 percent upside in previous session while SPARC climbed over a percent after rising 15 percent on Monday.
Gloomy days are seen ahead for the auto sector as SIAM forecasts, at best, a single-digit growth for passenger vehicles and motorcycles in FY16. The industry body, however, expects an increase in demand for medium and heavy commercial vehicles due to government's infra push.
Asian markets remained weak overlooking the better than expected Chinese inflation data and positive lead from Wall Street. Crude gave up most of its early gains to settle near USD 58.50 a barrel.
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