The benchmark Sensex was quite in the opening trade today, tracking consolidation in global markets amid negative cues from Europe and negative US factory data.
But structurally, Jonathan Garner of Morgan Stanley said India should still underperform because it has worse than average macro & it needs to work-off the valuation premium.
"Our mid-year review suggests a stronger H2 for Asia & EM equities. We are reinvesting the cash raised last October and increasing equity weightage to 6% above benchmark," Garner said.
BPCL slipped 1% as crude oil prices jumped to USD 97 a barrel on NYMEX.
ONGC, HUL, Sterlite Industries, Reliance Infrastructure, Tata Steel, Hindalco, Jaiprakash Associates, SBI, PNB, Axis Bank, ICICI Bank, Reliance Power, Reliance Communications, Hero Honda and Bajaj Auto were witnessing selling pressure.
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