The Sensex is down 89.85 points or 0.32 percent at 27970.09, and the Nifty down 18.15 points or 0.21 percent at 8632.15.
About 1241 shares have advanced, 1316 shares declined, and 175 shares are unchanged.
The market is absolutely flat with Sensex is up 11.44 points at 28071.38, and the Nifty is 8.65 points at 8658.95. About 1283 shares have advanced, 1238 shares declined, and 191 shares are unchanged. ITC, BHEL, Cipla, Axis Bank and Dr Reddy's Labs are top gainers while Adani Ports, Wipro, Infosys, NTPC and Tata Steel are top losers in the Sensex.
Even as many analysts believe that the Indian markets are among the most attractive in the world, thanks to the country's strong growth potential, Sanjay Mookim, India Equity Strategist at Bank of America-Merrill Lynch, is more circumspect.
In an interview with CNBC-TV18, Mookim said the share rally recently seen was mostly driven by liquidity sloshing around globally and that with valuations becoming pricey, investors should adopt a more cautious tone.
"We haven't distinguished ourselves by way of earnings," he said, even as he expects profits to rise about 15 percent this fiscal. The brokerage has a Sensex target of 26,000, predicated on a price-to-earnings multiple of 15.5 times.
About 1241 shares have advanced, 1316 shares declined, and 175 shares are unchanged.
The market is absolutely flat with Sensex is up 11.44 points at 28071.38, and the Nifty is 8.65 points at 8658.95. About 1283 shares have advanced, 1238 shares declined, and 191 shares are unchanged. ITC, BHEL, Cipla, Axis Bank and Dr Reddy's Labs are top gainers while Adani Ports, Wipro, Infosys, NTPC and Tata Steel are top losers in the Sensex.
Even as many analysts believe that the Indian markets are among the most attractive in the world, thanks to the country's strong growth potential, Sanjay Mookim, India Equity Strategist at Bank of America-Merrill Lynch, is more circumspect.
In an interview with CNBC-TV18, Mookim said the share rally recently seen was mostly driven by liquidity sloshing around globally and that with valuations becoming pricey, investors should adopt a more cautious tone.
"We haven't distinguished ourselves by way of earnings," he said, even as he expects profits to rise about 15 percent this fiscal. The brokerage has a Sensex target of 26,000, predicated on a price-to-earnings multiple of 15.5 times.
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