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Potential in Nifty IT to rally to at least 30,000: Jai Bala
Jai Bala of Cashthechaos.com tells CNBC-TV18 that the IT index in his view has the potential to rally close to at least the 30,000 mark provided it holds its June low. "The decline in Nifty IT may have come to an end but the question is what kind of an end it is. The low of June 17 should provide a temporary reprieve if not a complete turnaround though strong support is about 5-10 percent lower," he tells CNBC-TV18.
"I think it will hold. I expect Infosys and Tata Consultancy Services (TCS) to touch somewhere close to Rs 1,600 and Rs 3,600 (respectively)," he adds.
Market At Close | Sensex and Nifty50 slide over 1% from day's highs
Here are some highlights:
Market Gives Up 1st Half Gains As Global Currencies Fall Against US Dollar
Global Currencies See A Sharp Fall VS $, Euro At A 20-year Low
Frontline Indices Slip Over 1% From Highs To Closes With Minor Cuts
Sensex Slips 732 Points From Intra-Day High To Close 100 Points Lower At 53,134
Nifty Fails To Hold 16,000, Falls 215 Points From Highs To End 25 Pts Lower At 15,811
Nifty Bank Slips 545 Points From Day’s High & Midcap Index Is 311 Points Off Highs
Nifty Bank Closes 125 Points Lower At 33,816 & Midcap Index 71 Pts Lower At 26,698
IT Stocks Weak Ahead Of Q1 Earnings, Nifty IT Is Top Losing Index
Infosys, TCS, L&T, HDFC Drag Nifty While Reliance & HUL Support
ONGC Snaps Losing Streak, Trades With A Minor Gain Of 1%
RBL Bank Slips Following Weak Q1 Updates, Bank Loses Market Share
SRF, TVS, Indiabulls Hsg, Coromandel, Delta, Mphasis Top Midcap Losers
SBI Card, Havells, Godrej Cons, ICICI Lombard, M&M Fin Gain In A Volatile Session
Market Breadth Neutral, , Advance-Decline Ratio At 1:1
RBL continues to lose market share
The private lender reported a deposit growth of 6.37 percent year-on-year, the lowest in seven quarters. Advances were 6.5 percent up (year-on-year) at Rs 62,095 crore. The bank's loan market share declined to 0.51 percent vs 0.54 percent, year-on-year. CASA ratio is at all time high of 36 percent.
Expect manufacturing sector to become mainstream investment theme: Emkay Investment Managers CEO
Vikaas M Sachdeva, CEO, Emkay Investment Managers Ltd expects manufacturing sector to become the mainstream investment theme. "In the medium to long term we expect a higher allocation of investments exposure from the funds. After a long hiatus, manufacturing companies are likely to be the wealth creators, leaders of the next rally in the markets," he added.