It was the biggest percentage fall in the Nifty since May 25, 2010. Around 90 per cent of BSE-500 stocks ended lower, whereas more than 10 Nifty stocks end with losses of over 5 per cent.
On NDTV Profit’s show Tips for Tomorrow, Suhas Samant, Fund Manager at Sharekhan and Vivek Mahajan, Head-Research, Aditya Birla Money discuss the market performance of the day.
MARKET VIEW
According to Suhas Samant, a correction was inevitable on back of sharp rally witnessed in last 2-3 weeks. “Expect markets to consolidate between 5200-5400. Expect flows to continue in the near future,” he said adding that the Union Budget and RBI policy will be key triggers for the market.
Vivek Mahajan said that a correction is a good opportunity to buy into the market. “Markets are witnessing healthy correction; 2-3 per cent correction is likely on cards. Expect markets to consolidate at around 5200 levels,” he added. Mahajan doesn’t see any reason why FII flows should not continue coming in.
METAL STOCKS
Samant said that the metal stocks will witness continued pressure as realisations have not improved for metal counters. “Sterlite, Tata Steel look attractive with 4-5 per cent downside from current levels. We are looking at non-ferrous metals,” he said.
Mahajan is positive on Sterlite Industries at current valuations. “Keep Rs 140 as a target price for a timeframe of 6 month s to one year,” he suggested.
RATE SENSITIVES
In Samant’s view, the RBI rate cut would have positive impact on auto stocks. He is positive on Tata Motors and Hero Honda. “Auto ancillaries also look attractive. We are positive on Exide Industries, Bharat Forge in the auto ancillary space.
Mahajan feels that the auto space was overbought recently and the fear of petrol price hike is hovering the market. He is positive on Tata Motors and M&M.
IT PACK
Samant feels that the rupee’s stabilization below Rs 50 per dollar will lead to downgrades in the IT pack. The oil marketing companies (OMCs) are under pressure because of the government decisions. “We do not advice capital infusion in OMCs. We like TCS, Polaris, NIIT Tech,” he added.
In Mahajan’s view, the IT space should continue to do well on back of positive global cues. “We like Infosys, Mahindra Satyam,” he said. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
Indian stock market
- Bharti Infratel IPO issue price at Rs 220 per share
- Maruti Suzuki India stock projections 2013 -2014
- Omkar Speciality Chemicals shares outlook 2013
- Tech Mahindra stock outlook 2012-2013
- MCX Gold trend for november 12-16 2012
- MCX commodities prices expected october 23 2012
- astrological stock market predictions october 15-19 2012
- Indian stock markets forecast october 8-12 2012
- Nifty futures tips october 1-5 2012
- Indian stock market prediction october 1-5 2012
- Religare Finvest ncd issue
- Ranbaxy stock prices forecast 3-7 september 2012
- sme platform release date 9/4/ 2012
- NSE Guidelines SME Platform
- Why Tech Mahindra shares prices down august 30, 2012
- Nifty, Sensex outlook week 27 - 31 august 2012
- Sensex, Nifty rose 8/21/2012
- Shree Renuka Sugars stock outlook next week august 21 2012
- Delta Corp outlook next week august 21 2012
- MCX gold prices outlook week august 21 2012
- Federal Bank projected remittances 2012-2013
- Indian markets nifty outlook august 20-24 2012
- Nifty, Sensex for week july 30-3 august 2012
- mcx crude palm oil prices july 24 2012
- Indian stock market for july 23-27 2012
No comments:
Post a Comment