14:23
Moneycontrol BureauLive Market Commentary 02:10pm Market Expert
Nirmal Jain, chairman, IIFL recommends long-term investors to hold on to their equity investments now. "Most foreign investors remain bullish on India and if nothing catastrophic happens then we can see a sustained bull market," he told CNBC-TV18 in an interview.
Market participants should adopt a bottom-up approach, but must not leverage given that election is a high risk event. "If the election outcome is not as per expectations then it will have a huge impact," he cautioned.
Meanwhile, the Reserve Bank of India granted in-principle nod for the much-awaited bank licence to IDFC and Bandhan Financial Services on Wednesday. "This is positive start. They want the banking sector to open up," Jain said.
02:00pm The market continued to witness selling pressure as the Sensex declined 123.22 points to 22428.27 and the Nifty slipped 38.90 points to 6713.65.
Declining shares outnumbered advancing ones by a ratio of 1485 to 1124 on the BSE.
State-run power equipment manufacturer BHEL shed 4 percent while rival Larsen & Toubro lost over a percent.
Media report suggests that L&T may write-off Rs 15000 crore worth slow moving orders. However, in an interview with CNBC-TV18, AM Naik executive chairman said the company has not written-off slow-moving orders.
"We are renegotiating certain orders with clients. Slow orders will be executed once negotiations complete," he explained.
State-owned lender State Bank of India and top coal mining company Coal India plunged 2 percent each.
Shares of Reliance Industries, ICICI Bank, Tata Motors, ONGC, Axis Bank, Bharti Airtel and Tata Steel slipped 1-1.5 percent.
However, Dr Reddy's Labs bucked the trend, rising over a percent. Shares of ITC, Infosys, Sun Pharma, Cipla and Maruti gained 0.1-0.7 percent.
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