12:25
Moneycontrol BureauLive Market Commentary
Equity benchmarks are weak in noon trade with the Nifty struggling at 6100 level, dragged by financials and FMCG stocks. However, technology stocks remained on buyers' radar on expectations of strong earnings in September quarter.
The Sensex is down 38.45 points at 20569.09, and the Nifty is down 16.60 points at 6096.10.
Gautam Trivedi of Religare Capital Markets recommends long-term investors to be cautious because he feels that the market has run ahead of its fundamentals.
According to him, the underlying economy is still not showing signs of improvement as inflation remains fairly high, so another repo rate hike by the Reserve Bank of India might hurt the economy further.
Financials are down on profit booking as well as on fears of repo rate hike in October policy by RBI. ICICI Bank , HDFC Bank , State Bank of India and HDFC lost between 0.3-1 percent.
However, technology stocks continued to see buying interest. TCS gained more than a percent ahead of its second quarter earnings later today. Analysts expect a solid set of earnings from the company, with a dollar revenue growing at 5.5 percent and margins expanding around 230 bps sequentially to over 29 percent due to currency depreciation.
Wipro and Bharti Airtel are top gainers in the Sensex, rising 3 percent each. However, IndusInd Bank lost nearly 4 percent after Bank of America Merrill Lynch retained its underperform rating on the stock, but raised target price to Rs 400 from Rs 380 earlier. Citi has a sell rating on the stock with a target price of Rs 360.
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