12:24
Moneycontrol BureauLive Market Commentary
12:12pm Expert on GSK Pharma open offer
After London-listed GlaxoSmithKline's (GSK) announced a voluntary open offer to increase its stake to 75 percent in its Indian subsidiary GSK Pharma, the valuation of the stock has sky-rocketed indicating confidence by foreign company in Indian market.
Speaking to CNBC-TV18, Yogesh Radke, head of Quantitative Research, Edelweiss Securities expects the acceptance ratio to inch upto 90-100 percent if one enters into tendering the open offer given the high holding of long-term investors and also the fact that a lot of fundamental experts would like to hold the stock even at Rs 3,100. GSK Pharma is currently trading around Rs 2,940.
Radke believes that despite the whipsaws in the market, stocks like GSK must be held in portfolio and so, retail investors can continue holding the stock. However, if the investor is keen to exit, it is better to exit now rather than tendering into the open offer, he adds.
12:02pm The market is consistently holding its upmove amid consolidation as investors are waiting for cues from RBI policy and Federal Reserve meeting.
The Sensex added 84.07 points to 20,743.59, and the Nifty rose 23.45 points to 6,178.15. About 1111 shares have advanced, 790 shares declined, and 147 shares are unchanged.
S Naren, CIO, equities, ICICI Prudential Asset Management advises Indian investors to move away from their underweight on equities stance to more neutral.
"We have seen that historically election years have been very good years. There has been the start of the good bull market and that is pretty positive for equities at this point of time. So I think investors should move to a more neutral stance and at this point of time they are far away from a neutral stance and they need to increase their allocation to equities to reach that neutral stance," he elaborated.
Glenmark Pharma , IndusInd Bank , Aurobindo Pharma , Wockhardt , Infosys , Apollo Tyres , HDFC Bank and State Bank of India are the most active shares on exchanges.
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