Stock Market

Nifty above 8750, Sensex picks pace; GAIL, BHEL, HUL top gainers


Chillicious Bureau

The market is gradually picking as the Sensex is up 95.11 points or 0.3 percent at 28316.09, and the Nifty up 28.95 points or 0.3 percent at 8772.90. About 1471 shares have advanced, 545 shares declined, and 86 shares are unchanged.

GAIL, Reliance, BHEL, ONGC and HUL are top gainers in the Sensex while Axis Bank, Infosys, Adani Ports, Coal India and Dr Reddy’s Labs are losers in the Sensex.

Abhay Laijawala of Deutsche Bank expects  the Sensex to post earnings growth of 10.2 percent YoY in the September quarter, the first double-digit growth in the past 10 quarters. “For a market that has been concerned over high valuations and waiting for over two years now for double-digit earnings growth, this could be a potent catalyst,” he adds.

However he is concerned over global macros and hence maintains a near-term cautious stance on the market with a December Sensex target of 27,000. He has reiterated overweight stance on domestic/defensive sectors, i.e. consumers, utilities, energy, and healthcare.