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Thursday, 14 September 2017

Market Live: Sensex, Nifty, Midcap off day's highs; HDFC twins fall, Wipro down 5%

Sun Pharma rallied nearly 4 percent, followed by Dr Reddy's Labs, Lupin, Reliance Industries, Tata Motors, GAIL and Aurobindo Pharm.

11:20 am Market Check: Equity benchmarks as well as broader markets were off day's highs in morning as HDFC Group, auto and technology stocks were under pressure.

Oil stocks were also off day's highs on profit booking.

The 30-share BSE Sensex was up 41.21 points at 32,227.62 and the 50-share NSE Nifty rose 7.90 points to 10,087.20.
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The BSE Midcap and Smallcap indices trimmed gains to half a percent from 1 percent in early trade. About 1,341 shares advanced against 847 declining shares on the BSE.

11:10 am Buzzing: Sun Pharmaceutical Industries share price rallied for third consecutive session today, up 4 percent intraday after Credit Suisse has upgraded rating on the stock to outperform from neutral, citing strong growth trajectory.

The stock surged more than 10 percent in three consecutive sessions.

The research house also hiked its target price to Rs 595 (from Rs 490 earlier), implying potential upside of 23 percent due to higher specialty valuation (net present value Rs 35 per share), FY19 EPS up by 5 percent, separating specialty loss of 15 percent from core profits.

"EPS for FY19/20 is 10 percent higher than consensus due to our view of lower erosion on generics and constructive stance on specialty," it said.

Key risks according to Credit Suisse are Halol resolution delay, Dadra Form 483, and Department of Justice (DOJ) penalty.

10:59 am Market Expert: Ridham Desai of Morgan Stanley said, "This is a bull market and, therefore, we continue to be a buyer, especially on any dips, albeit we expect a moderation in returns in the months ahead. Midcap valuations look stretched. Additionally, stocks of some high-quality companies look rich too."

"Cyclically adjusted valuations are now nudging 5-year highs, as is the market cap to GDP. Most other valuation metrics look reasonable, though valuations on their own - unless at extreme points - rarely give a clue of where stocks are heading."

"We also don't think the market is pricing in a multi-year growth cycle, implying meaningful upside potential to stocks over the next 3-5 years," he added.

10:45 am FII View: Equity markets across the world have performed very well as most markets in Asia have given a return of 20 to 25 percent in dollar terms. India is up 30 percent in dollar terms.

“I am positive on emerging markets for about a year relative to the US,” Marc Faber, the editor and publisher of The Gloom, Boom & Doom Report, said on CNBC's "Squawk Box."

“If I look back, after 2014, emerging markets grossly underperformed the S&P 500. If we look at major markets in Asia, India rose 30 percent in USD and Chin hasn’t gone up that much which bring me to conclude that some money will move from India to Chinese markets,” he said.

Why will the money move from Indian markets to China? “Sentiments around China were very negative in the past six months to a year but that is now turning positive,” added Faber.

10:32 am Buzzing: BHEL shares gained 3 percent as BHEL and Kawasaki will make rolling stock for bullet train.

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