Sensex rangebound, Midcap outperforms; Pipavav most active

Moneycontrol Bureau11:50 am India's GDP growth: The Indian economy is expected to grow at 7 to 7.5 percent in 2016, World Bank chief economist Kaushik Basu said."Roughly it is in a ballpark of the kind of figure. We (World Bank) have given over 7 percent or somewhere between 7 and 7.5 percent which no matter whether the top-end of it or bottom end of it. India will still be the leader among major economies. Not only in 2015 but we expect India to lead that chart in 2016 as well," Basu told reporters on the sidelines of a programme here. Until October, the World Bank retained India's growth forecast at 7.5 percent for 2015-16 and expected it to be 7.8 percent in 2016-17 and 7.9 percent in 2017-18.

He said the World Bank would review the growth projections of countries on January 7 or 8.11:25 am Market Expert: From a global perspective, worries over China and the commodity space continue to persist, and the markets are likely to remain volatile till these worries settle, says Andrew Holland of Ambit Investment Advisors. Going ahead, he is optimistic that China will come out with some reforms.

As far as the Indian market is concerned, it is likely to get excited going into the Budget, says Holland. He also expects the dollar to weaken in the short-term, which will in turn be beneficial to emerging markets like India.

Also read - Chennai rain, seasonality to hurt IT cos in Q3: Offshore Insights11:00 am Market Check

The market remained directionless today with the Nifty hovering around 7930 level ahead of December F&O contracts expiry. The BSE Midcap and Smallcap indices outperformed benchmarks, rising around half a percent.

The 30-share BSE Sensex advanced 7.91 points to 26087.39 and the 50-share NSE Nifty rose 2.95 points to 7931.90.

The market breadth remained in favour of advances with ratio of 2:1 on the Bombay Stock Exchange.

Pipavav Defence, Tide Water Oil, SpiceJet, Reliance Infrastructure, TCS and Jet Airways were most active shares on exchanges.

Asian shares ran out of juice, retracing some early gains today to trade mixed, with markets in Hong Kong, China and South Korea falling into the red.