10:30am FII View
Jonathan Garner, Morgan Stanley says main model
changes this month are to upgrade India to overweight and downgrade Brazil back
to underweight, taking us more overweight on Asia and underweight on EMEA and
Latin America.
"In part, this change is due to our
introduction of a new "thematic sensitivity" factor into our model
designed to capture the impact of two major top-down themes - a lower oil price
and the impact of a sharply rising US Dollar on external debt service
payments," he adds.
"Frustratingly, our model process failed to
generate alpha from India last year, as it spent the entire year equalweight.
Two key factors where India scored poorly remain weak spots: relative
valuations & positioning," Garner says.
10:00am Market Check
Equity benchmarks continued to see marginal gain
in morning trade. The 30-share BSE Sensex rose 109.86 points to 29388.70 and
the 50-share NSE Nifty climbed 19.35 points to 8854.95.
The broader markets outperformed equity
benchmarks as the BSE Midcap and Smallcap indices gained 0.8 percent and 0.5
percent, respectively. About 1156 shares have advanced while 821 shares
declined on the Bombay Stock Exchange.
Maruti Suzuki rose over a percent ahead of third
quarter earnings today. A expects the car maker's profit to jump 29 percent
year-on-year to Rs 875 crore and revenue to increase 13.4 percent to Rs 12,352
crore from Rs 10,893.8 crore year-on-year.
Idea Cellular also gained 1 percent as third
quarter profit of the telecom operator may jump 3.8 percent sequentially to Rs
785 crore and revenue may increase 5.4 percent to Rs 7,981 crore.
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