Indian equities are likely to enter a new bull market led by correction in commodity pieces (gold, oil), fall in interest rates and revival of economic growth, foresees Centrum Broking . The potential upside for the market from the current levels is 29 percent. The Sensex is expected to touch a new high of 25,900 by December 2014, the broking firm said in its recent report.

BEML is up 7.3 percent, reacting to a turnaround in March quarter numbers. The company posted a profit of Rs 85 crore against a loss of Rs 14 crore year-on-year. Higher other income of Rs 53 crore and a tax write back of Rs 43 crore boosted the bottomline. Margins rose to 3 percent.

Cipla (down 3.62 percent), ICICI Bank (down 2.42 percent),  Tata Steel (down 1.83 percent), Maruti Suzuki (down 1.59 percent) and Hero Motocorp (down 1.5 percent) are major losers in the Sensex. Fourth quarter earnings have broadly been in line with market expectations, said Harsha Upadhyaya, Head of Equities, Kotak Mutual Fund. His fund is not making any changes to their forecast of 11-12 percent growth in earnings for the current financial year.

In an interview to CNBC-TV18 , Upadhyaya said he did not expect the market to be re-rated on the basis of fourth quarter numbers. Among the key risks to sentiment at this stage is a depreciating rupee, Upadhyaya is bullish on IT stocks as he feels the valuations are reasonable compared to other sectors. He continues to be bearish on infrastructure and metal shares.

The market is extremely choppy on the day of May series expiry.  The Sensex is down 50.21 points at 20097.43 while the Nifty slipped 17.90 points to 6086.40. About 693 shares have advanced, 1017 shares declined, and 108 shares are unchanged. Asian stock markets are under pressure today with Japan’s Nikkei  down 4.9 percent after US stocks dropped and the yen strengthened while caution over the recent volatility in Japanese market keeping investors on edge.

From the real estate space, DLF is under pressure. In its March quarter earnings, the realty major is expected to see a 14 percent drop in its revenues, while profit may slip 5 percent to Rs 200 crore, year-on-year. DLF will miss its FY13 debt guidance as proceeds from Aman Resorts have not yet come in.

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