10:45am
FII View
In
an interview to CNBC-TV18 Adrian Mowat, Chief Asian & Emerging Equity
Strategist, JPMorgan said the key focus of the markets will be on the US
Federal Reserve meeting this week, where the Fed might announce a closure of
QE3. Mowat expects Fed to maintain low interest rates for a considerable period
of time. “We will watch for words “considerable time” from the Fed regarding
rate moves,” he added.
Speaking
about emerging markets, he said JPMorgan is looking
to pump more funds into India. The research firm has downgraded
Brazil to neutral and recommends moving money from Brazil to markets like
India. He expects 20 percent returns from the Indian equity market in next 12
months.
Further
he is betting on Indian banks and sees an attractive environment for interest
rate-sensitive sectors. He prefers investing in cyclicals like autos and
building materials.
10:30am
Brent crude declines
Brent
crude futures extended declines to below USD 86 a barrel on Monday after
Goldman Sachs cut its price forecasts for the contract and for US oil by USD 15
in the first quarter of next year.
The
US investment bank said in a research note on Sunday that it had cut its
forecast for West Texas Intermediate to USD 75 a barrel from USD 90, and its
prediction for Brent to USD 85 from USD 100, with rising production in non-OPEC
countries outside North America expected to outstrip demand.
The
bank's analysts expect WTI to fall as low as USD 70 a barrel and Brent to USD
80 in the second quarter of 2015, when it expects oversupply to be most pronounced.
London
Brent crude for December delivery was trading 32 cents lower at USD 85.81 a
barrel by 0152 GMT, after settling down 70 cents on Friday. The front-month
contract dropped to below USD 83 on Oct. 16, its lowest in almost four years.
US
crude for December delivery was down 8 cents at USD 80.93 a barrel, reports
Reuters.
10:00am
Market Check
Equity
benchmarks remained positive amid consolidation. The Sensex climbed 52.62
points to 26903.67 and the Nifty rose 16.40 points to 8030.95. About 982 shares
have advanced, 921 shares declined, and 77 shares are unchanged on the Bombay
Stock Exchange.
Banking
and financial stocks supported the market. Top lender State Bank of India and
rival HDFC Bank rallied around a percent each while ICICI Bank was up 0.5
percent. Housing finance company HDFC gained 1.8 percent.
Dr
Reddy's Labs, BHEL and Gail India topped the buying list, up 2-3 percent.
Hindalco Industries gained more than a percent.
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