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Moneycontrol BureauLive Market Commentary 12:15pm FIIs continue buying for 15th straight session
Foreign institutional investors have bought Rs 1,272.93 crore worth of equity shares on Thursday, in addition to Rs 5,700 crore worth of shares buying in previous 14 sessions. However, domestic institutional investors sold Rs 567.10 crore in equities, as per provisional data on the exchange.
FIIs have net bought Rs 961.33 crore in index futures and Rs 346.41 crore in stock futures on March 6.
12:10pm FII View
Foreign institutional investors (FIIs) are positive on Indian market despite having a widespeard negative stance on emerging markets (EMs) that comprises India too, says Punita Sinha, managind partner, Pacific Advisors.
Speaking to CNBC-TV18, Sinha says that the recent rally seen in India, is aided by politics and the likelihood of an NDA government coming to power, that alone, is not leading the smart uptick seen in the market.
"This is mainly because there is a lot of expectation that things are going to improve. If one looks at the consensus earnings forecast and estimates, we are seeing a very sharp uptick in earnings for FY15 by most analysts. Same thing for GDP forecast, we are seeing about 5.2 percent this year and people are expecting as high as 6.2 percent next year," she adds.
12:05pm Losers
India's largest IT services providers TCS and Infosys fell over 2 percent as the rupee reached to 61 level against the dollar. Wipro declined nearly 4 percent.
Defensives too are down with the Dr Reddy's Labs slipping 4 percent. Sun Pharma lost 1.7 percent and Cipla declined 0.8 percent.
FMCG majors ITC and Hindustan Unilever are down 0.5 percent and 0.2 percent, respectively.
12:00pm The Sensex and Nifty shares continued to see hefty buying interest but the midcaps and smallcaps are reeling under pressure on profit taking.
The Sensex rose 258.59 points or 1.20 percent to 21772.46 and the Nifty climbed 85.75 points or 1.34 percent to 6486.90. However, declining shares outnumbered advancing ones by a ratio of 1253 to 1130 on the BSE. The BSE Midcap and Smallcap indices slipped 0.4 percent each.
BSE Bankex surged 5 percent followed by Capital Goods index with 4 percent upmove. Realty, Oil & Gas and Auto indices climbed 1-2 percent, but IT and Healthcare fell over 2 percent.
Top private sector lender ICICI Bank is the lead gainer in the Sensex, rising 7 percent followed by State Bank of India and Axis Bank with 5-6 percent upmove. HDFC Bank spiked 3.5 percent.
Petrochemical major Reliance Industries rose nearly 4 percent while engineering & construction major L&T jumped 6 percent.
Top telecom operator Bharti Airtel climbed over 4 percent. Rating agency Standard and Poor's Rating Services raised long-term corporate credit rating on the company to BBB- from BB+ on likelihood of reduced leverage and improving regulations.
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