Morgan Stanley says India's growth has bottomed and the recent de-rating is cyclical, not structural, with Financials, Consumer Discretionary and Industrials as its top picks
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Morgan Stanley says India's growth has bottomed and the recent de-rating is cyclical, not structural, with Financials, Consumer Discretionary and Industrials as its top picks
Among sectors, Nifty IT, Nifty Realty, Nifty Media and Nifty Oil & Gas sectors traded higher, while losses were seen in Nifty Auto and Nifty FMCG sectors.
The gains across Asian markets came after all three major US stock indexes closed more than 1% higher on Thursday.
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Among sectoral indices, Nifty PSU Bank, Nifty Metals, Nifty Media and Nifty Realty, while Nifty IT, Nifty FMCG and Nifty Auto sectors reeled under selling pressure.
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Brent crude near $95 a barrel, US rate hike bets, and a global sell-off drag Sensex, Nifty lower as US-Iran war intensifies
Crude oil prices remained on the boil as the future of safe passage of transit vessels through the Strait of Hormuz became foggier.
The Nifty 50 fell 44.65 points, or 0.19%, to 24,035.75 at the opening bell. The Sensex declined 89.89 points, or 0.12%, to 76,867.38.
Chowhan said the gains seen in the pharmaceutical contract development and manufacturing organisation (CDMO) space are sustainable.
HSBC cut its target price on HDFC Bank to Rs 830 from Rs 990 and said the lender needs a meaningful improvement in loan growth, margins and return on assets before the stock can reverse its recent underperformance.
Broader markets ended mixed. The Nifty SmallCap 100 index settled 0.74% lower, while the Nifty MidCap 100 index closed 0.24% higher.