Thursday 23 July 2015

Nifty holds 8600 amid pressure; Bajaj Auto, HUL, ONGC drag -- 23 July 2015

Mahesh Nandurkar, CLSA said the brokerage’s recent meetings with investors in Singapore & Hong Kong reveal that India continues to be a ‘favoured’ market among regional investors. While some investors have reduced India’s weightage, most investors believe in a sharp H2FY16 earnings recovery & focus on the long-term structural positives, retaining their overweight, he added.According to him, downside risks to the market largely pertain to under-appreciation of the property sector slowdown & it’s potential economy wide impact. Nandurkar said the brokerage continued to stay cautious in the near-term on earnings downgrade possibilities. “Our top picks are Infosys, Maruti, HDFC Bank, Bharti Airtel, Coal India, Zee Entertainment, ICICI Bank, Sun Pharma & Tata Motors,” he added.


The market slipped into red in noon trade, dragged by FMCG and banks stocks. The Sensex declined 34.90 points to 28470.03 and the Nifty fell 15.55 points to 8617.95. The broader markets outperformed benchmarks, though they are off the day’s high. About 1467 shares have advanced, 1035 shares declined, and 139 shares are unchanged on the BSE. Cairn India surged 7 percent after a media report indicated that Cairn Energy will vote against Vedanta’s Cairn India offer. CLSA said the rejection of merger may drive 50 percent upside in Cairn. In earnings action, Bajaj Auto topped the selling list on Sensex, down more than 3 percent as the company’s topline missed estimates. Profit grew by 37 percent boosted by other income. Wipro, Lupin & GAIL remained in focus ahead of June quarter earnings. Eicher Motors slipped 1 percent post downgraded by a few brokerages. Deutsche Bank downgraded stock to hold while Goldman Sachs removed it from Asia Pacific buy list. Shares of ICICI Bank, ONGC, HUL, Bharti Airtel and Tata Steel declined 1-3 percent while Tata Motors, Infosys, M&M, Dr Reddy’s Labs and Maruti gained 1-2.5 percent.
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