India's economy expanded at its fastest pace in more than two years in the April-June quarter. India's GDP grew at 5.7 per cent in the first quarter of 2014-15, exceeding expectations.
Analysts at top brokerage firms are of the view that corporate earnings and markets are set to double in the next 4 years, BofA-ML said in a report on Monday.
"We continue to reinforce our message that earnings are set to double over next 4 years to FY18 and market returns could mirror earnings growth," said Jyotivardhan Jaipuria, Research Analyst at DSP Merrill Lynch (India) and Anand Kumar of DSP Merrill Lynch.
"We continue to be bullish in the long-term on the Indian market and believe that buying on dips is a particularly compelling strategy. Our bullishness is driven by the bottoming of the earnings cycle," added Jaipuria.
At 12:00 p.m.; BSE Sensex was trading 180 points higher at 26819.76. It hit a fresh record high 26854.08 and a low of 26732.39 in trade today.
The Nifty was at 8012 up 58 points or 0.73 per cent. It touched an intraday high of 8022.70 and a low of 7,984.00 in trade today.
D-Street highlights @ 12 pm
August Auto Sales: Eicher Motors exports at 522 units vs 354 unit YoY
KFA has filed a PIL against UBI in Supreme Court
KFA dirs are AK Ganguly, Subhash Gupte, Ravi Nedungadi
KFA Mgmt did not appear before UBI Grievance Redressal Cell
UBI declares 3 directors of KFA as wilful defaulter
United Bk of India declares KFA, Vijay Mallya as wilful defaulters
Govt : PSU cos' FY15 subsidised fuel loss seen at Rs 91,665 cr
Govt : PSU cos' loss on subsidised LPG sale for Sept seen at Rs 427.82/cyl
Govt : PSU cos' loss on kerosene sale for Sept seen at Rs 32.83/ltr
Govt : PSU cos' Sept 1-15 subsidised fuel loss seen at Rs 195 cr/day
@ 11 am
Dredging Corp divestment to meet SEBI public float norm
Trial court to next hear CBI closure report on Hindalco on Sep
India Aug HSBC manufacturing PMI at 52.4 vs 53 in July
August Auto Sales: Maruti Suzuki total sales at 1.10 lk units, up 57% YoY
August Auto Sales: Maruti Suzuki domestic sales at 98,304 units, up 10.3% YoY
Info Edge: IIFL is the banker to QIP for Info Edge: Sources
Info Edge: Company to launch ?750 cr QIP tomorrow: Sources
Punj Lloyd to consider debt private placement on Sept 3
ValueQuest Investment: Recommend buying Tech Mahindra on dips
ValueQuest Investment: Have a core holding in e-Clerx, co is growing at 10-12%
ValueQuest Investment: Buying into good cos which are going through a rough phase
Naina Lal Kidwai: GST Bill to add around 2% to the GDP when is comes into effect
Naina Lal Kidwai: See focused effort from FM to ensure GST Bill is passed soon
Naina Lal Kidwai: See green shoots emerging in the economy
ET NOW ALERT: BPCL hits fresh record high on CNX PSE Index
ET NOW ALERT: SAIL, NMDC, GAIL top gainers on CNX PSE Index
StanChart Bank: Domestic side looks reasonably optimistic at the moment
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