Moneycontrol Bureau11:30 am Market outlook: Expectation of a possible US Fed rate hike and weak domestic cues have weakened the market rally. Nifty once again failed to breach the 7950 mark as profit booking in the last couple of trading sessions has led to a fall in the index.
In the midst of turmoil, companies that can beat global and regulatory setbacks will create wealth for investors and outperform their peers, said Nilesh Shah, CEO and MD of Envision Capital.
In an interview with CNBC-TV18, Shah said that every correction in the market due to global volatility results in a good buying opportunity.
Speaking on the economy, he said that we don’t have a V-shape economy and the uptick has just started.
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The market continues to be rangebound with the Nifty still below 7750. The 50-share index is up 5.35 points at 7736.40 while the Sensex is up 16.53 points at 25246.89. About 783 shares have advanced, 1195 shares declined, and 114 shares are unchanged.
BHEL, Sun Pharma, TCS, Adani Ports and SBI are losers in the Sensex while NTPC, Tata Motors, Reliance, ICICI and ITC are gainers.
Oil extended losses as a stronger US dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened prices. Hawkish remarks by US Federal Reserve officials hinting at a June interest rate hike pushed up the greenback against major currencies.
A stronger US dollar makes dollar-priced commodities like oil more expensive, curtailing demand. Prices have rebounded since plunging to near 13-year lows below USD 30 in February but are still well short of peaks of more than USD 100 a barrel reached in June 2014.
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