Nifty Hovers Around 8100, Sensex Unsteady

The Sensex is down 45.46 points or 0.2 percent at 26270.88 and the Nifty is down 13.70 points or 0.2 percent at 8100.60. About 1110 shares have advanced, 627 shares declined, and 89 shares are unchanged. Hero MotoCorp, Cipla, Bharti Airtel, Asian Paints and Bajaj Auto are top gainers while SBI, ICICI Bank, Wipro, Axis Bank and TCS are losers in the Sensex. Ridham Desai of Morgan Stanley says the low return environment that India seems to be trapped but may get a breather in 2017 due to better equity valuations, bottoming of growth cycle and higher correlations with world equities on which the brokerage house is more constructive. If history is a guide, the trailing EPS growth sets up Indian stocks for strong medium term performance. Proprietary sentiment indicator has still not hit the buy zone so there may be some downside in the near term and thus, the recovery from the recent damage to share prices may not be V-shaped, he feels.

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