12:29
Moneycontrol BureauEquity benchmarks are trading marginally higher in noon trade with the Nifty holding above 5500 led by strength in rate sensitives and metals stocks.
The BSE Sensex is up 58.33 points at 18723.21, and the NSE Nifty is up 25.10 points at 5544.20 while the broader markets gain 0.9 percent.
Meanwhile, Ridham Desai of Morgan Stanley cuts Sensex year-end target to 19,720.
"The RBI's dovish commentary last week amidst possibly the severest liquidity tightening it has initiated since 1998 has made markets even more vulnerable to global cues, especially the QE taper in the US. We see a 35 percent probability of a bear case versus 20 percent earlier," he explained.
Ranbaxy Labs shares surged 13 percent after April-June quarter revenues and adjusted margins beat estimates. Citi's target of Rs 650/share suggests a significant upside potential for the stock.
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