Tuesday 3 November 2015

Sensex, Nifty consolidate; L&T, Lupin, GAIL drag 1% -- 3 Nov 2015

Hindalco, NTPC, M&M, Vedanta and TCS are top gainers in the Sensex. Among the losers ate L&T, Lupin, GAIL, ITC and Bharti Airtel.

                                       
The market is consolidating as coporate earnings are almost at fag end. The Sensex is up 45.92 points at 26605.07, and the Nifty gains 7.95 points at 8058.75. About 1437 shares have advanced, 1031 shares declined, and 106 shares are unchanged. Hindalco, NTPC, M&M, Vedanta and TCS are top gainers in the Sensex. Among the losers ate L&T, Lupin, GAIL, ITC and Bharti Airtel. Valuations appear to be protected on the downside, though it may crack a bit on global flows and Bihar outcome, says Krishna Kumar Karwa of Emkay Global Financial Services. He says from now to year-end, the market will be focussing on a few important events such as the US Federal Reserve rate hike and the government's reforms push. According to him, a bottom-up investing approach is important. He also sees a few more analyst downgrades going ahead. As far as the earnings growth estimate for FY16 is concerned, he says Emkay has been rather conservative and hasn't altered its expectations much.

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