Free Nifty tips - The Market continued to consolidate due to lack of domestic as well as global cues. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices gained 0.2 percent each. The 30-share BSE Sensex rose 9.52 points to 26178.93 and the Nifty advanced 1.80 points to 7956.70. The market breadth was positive as about 1169 shares advanced against 781 declining shares on the BSE. Metals stocks gained strength again.
Vedanta, Tata Steel and Hindalco Industries climbed 1-2 percent. Dr Reddy's Labs and Cipla were up over 1 percent while SBI and Bharti Airtel declined more than 1 percent.
Equity benchmarks turned negative as the Sensex fell 88.23 points to 26081.18 and the Nifty fell 35.55 points to 7919.35. About 1063 shares have advanced, 1216 shares declined, and 103 shares are unchanged on the BSE.
Nifty stocks are well-owned, and hence the next leg of growth will come from midcaps, says Bhuvnesh Singh, MD and head of India research at Barclays. He believes investors will have to sift through 500 stocks to get 20-50 winners. For long-term investors, he says internet companies are a good place to be in. But the problem is most of these companies are not listed, he adds. He believes there is lot of value in home improvement space and to that effect paint companies are still a good buy at current levels.
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