ITC is managing to support the benchmark induces. The stock is up 5 percent followed by Cipla, ONGC, Sesa Sterlite and Maruti. Among the losers are ICICI Bank, Hindalco, Tata Power, BHEL and Axis Bank.Bullish Rakesh Arora, Head of Research – India at Macquarie Capital Securities has a new Nifty target of 9,960 for the next 12 months. He expects earnings to grow 19-20 percent and adds that this fresh Nifty target is driven by 15 times earnings estimate for FY17. Given the ongoing slide in global oil prices, he foresees more upside to the market if this fall continues further.

Further he adds that hope trade in India will continue for some more time and the market is unlikely to see major correction anytime soon. If any correction happens, it will be limited to 4-5 percent, he said. On specific-sectors, Arora is overweight on industrials, banks and auto. Axis Bank, ICICI Bank, Maruti Suzuki and L&T are his top stock bets.

The Nifty and Sensex flattened out after touching record highs in the early minutes of trade. The Sensex is up 68.36 points at 28511.07 and the Nifty is up 8.00 points at 8545.65. About 1284 shares have advanced, 1022 shares declined, and 90 shares are unchanged. ITC is managing to support the benchmark induces. The stock is up 5 percent followed by Cipla, ONGC, Sesa Sterlite and Maruti. Among the losers are ICICI Bank, Hindalco, Tata Power, BHEL and Axis Bank. The rupee recovered from initial losses against the US dollar and was quoted barely steady at 61.91 on selling of the American currency by banks and exporters on good foreign capital inflows. Euro is staggering near two-year lows on concerns over further ECB stimulus injections Some more gains in the USD/INR pair is likely but dollar inflows towards debt investments likely to limit upside. Globally, Nikkei and Shanghai continue to trade at multi-year highs. The European Cental Bank meet today will be in focus.

Coustery : http://www.moneycontrol.com/news/local-markets/bse-sensex-nifty-flat-fmcg-up-infrabanksred_1244502.html

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