Sensex dovetails further, now more than 500 points down

BSE Sensex was down 565 points in commerce on Thursday afternoon because the market absorbed the impression of the US downgrade. Sensex was buying and selling at 65,216 points after a steep fall yesterday. Titan led the Sensex losses down more than 2 per cent.

Rating company Morgan Stanley has upgraded India to obese. India rises from quantity 6 to no 1 in our course of, with relative valuations much less excessive than in October, whereas MS macro, strategist and bottom-up analyst scores replicate MS’ Blue Paper thesis on India’s Decade.

“Our name final October for the start of a brand new bull market in Asia/EM equities is more and more priced, with MSCI EM up 24 per cent for the reason that late-October trough, 5 per cent beneath our June 2024 goal of 1,100. Australia strikes down to quantity 22 of 27 markets in our framework,” Morgan Stanley mentioned in an announcement.

Taiwan strikes down to quantity 7 in our framework. It downgraded MSCI China to equal weight as development and valuation considerations stay: MSC China is now inside 7per cent of our goal of 70 and has delivered 9 per cent whole returns since December 4, consistent with MSCI EM.

(With inputs from IANS)