Jan 06, 2017
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Speaking to CNBC-TV18 Sandeep Bhatia, Head of Equity, India at Macquarie said that markets could trend down over the next couple of months. Any 10 percent correction from current levels will be reasonable, he maintained. The big structural impact on tax revenues is one of the many imponderables, he said, adding that the tax revenue to GDP ratio should see a jump. For the month of November gross tax collections show a jump of 55 percent. Rural India is still hurting from poor consumption levels, he said.
He hopes that recovery comes through after June. Also read - Buy, sell, hold: 6 stocks that you should watch out today 10:00 am Market check Benchmark indices continued to trade higher, supported by banking & financials, FMCG and oil stocks but the selling pressure in technology stocks capped upside.
The 30-share BSE Sensex was up 83.31 points at 26961.55 and the 50-share NSE Nifty rose 18.75 points to 8292.55 while the broader markets outperform. The BSE Midcap index gained 0.6 percent and Smallcap rose 0.4 percent on positive breadth. About two shares advanced for every share falling on the exchange.
ICICI Bank, HDFC, ITC, ONGC, HDFC Bank, SBI and Reliance Industries were leading gainers today, up 0.5-2.5 percent while technology stocks remained under pressure for the second consecutive session. The Nifty IT index fell over 2 percent after a bill backing key changes in the H1-B program that allows skilled workers from countries like India to fill high-tech jobs in the US has been re-introduced in the US Congress yesterday. HCL Technologies, Tech Mahindra, Infosys and TCS were down 1.5-3 percent.
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