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Indian equity benchmarks fluctuated in opening trade as RBI's monetary policy committee is schedule to meet today.
The S&P BSE Sensex fell as 0.15 percent to 40,027 and the NSE Nifty 50 fell as much as 0.22 percent to 11,996 as of 9:22am. The broader market index represented by the NSE Nifty 500 Index fell as much as 0.21 percent.
The market breadth was slightly tilted in favour of buyers. About 730 stocks advanced and 685 shares declined on National Stock Exchange.
Seven out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty PSU Index’s 1.58 percent fall. On the flipside, the NSE Nifty Metal Index was the top sectoral gainer, up 0.30 percent.
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High-frequency data has shown that growth is slowing quite sharply. The good thing is that has finally been acknowledged and recognised, and appropriate action has been taken.- Going forward, we should see many more mini steps or strategic moves to stimulate the growth prospects in the economy.Mihir Vora, Chief Investment Officer, Max Life Insurance
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JK Cement
General Insurance Corporation
Star Cement
Benchmarks declined as short-term gains were taken off the table after the Modi government's return to power for a second term, according to Sindhu Sameer, Co-head of Equity Sales at Emkay Global. "Low-hanging fruits have been plucked."
However, there were many stocks that could return 12-15 percent CAGR in terms of earnings in the medium term, he said.
Here are some opportunities according to Sameer:
Shares of the private bank fell as much as 2.1 percent to Rs 805.80 each.
Around 10.6 lakh shares changed hands in a block deal, according to Bloomberg data. Buyers and sellers were not known immediately.
Gautam Shah of JM Financials said the benchmarks are likely to go through a 'patch of correction' over the next four to six weeks after their run to record highs.
India cannot continue to outperform at a time when other markets are seeing a downturn, Shah said. “The market is ignoring the negatives,” he told BloombergQuint in an interview adding, "It's difficult to see Nifty rally past 12,000 in short-term."
Meanwhile, here are the top three sectors Gautam Shah is betting on.
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