Morgan
Stanley says in the near-term, MSCI India appears fully valued and over-owned
by dedicated EM funds. "On the macro side, the recent fiscal deficit
figures appear encouraging. However, we need to see whether the government
continues to work towards containing expenditure in the coming months as well.
If the current trend continues, this will increase the probability that the
government can achieve its lower fiscal deficit target of 4.1%, which otherwise
seemed ambitious." he adds.
The market has started the
new week with fresh vigour after correcting for last two sessions. Both the
benchmark indices are at life high. The Sensex is up 203.78 points or 0.75
percent at 27230.48, and the Nifty is up 54.00 points or 0.07 percent at
8140.85. About 1318 shares have advanced, 446 shares declined, and 58 shares
are unchanged. ONGC, GAIL, ITC, HUL and Hindalco are top gainers in the Sensex.
Maruti is down arpund 0.6 percent.
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