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Tuesday, 5 May 2015

Sensex, Nifty end lower amid volatility; metals surge

03:30pm Market ends: After a volatile session, the market has ended in negative terrain. The Sensex ended down 50.45 points at 27440.14 and the Nifty was down 11.25 points at 8320.70. Metal stocks jumped with top gainers like Vedanta and Tata Steel. ONGC, Hindalco and HUL were other gainers in the Sensex.

Among the losers were M&M, Bajaj Auto, HDFC, SBI and Coal India.

02:50pm South Indian Bank falls: South Indian Bank disappointed street on Tuesday with the fourth quarter net profit falling sharply to Rs 16.3 crore compared to Rs 124.6 crore in the year-ago period due to higher provisions.

Net interest income too declined 4.8 percent to Rs 347.1 crore from Rs 364.7 crore during the same period.

Provisions for bad loans jumped 4.9 times to Rs 137.7 crore during January-March quarter compared to Rs 28.3 crore in the corresponding quarter of last fiscal.

02:25pm Welspun Projects in focus: Welspun Projects today said Merrill Lynch Capital has raised its stake in the company to 7.55 percent . Prior to acquisition, Merrill Lynch Capital Markets Espana's stake in the company was 3.80 percent , Welspun Projects said in a regulatory filing.

The mode of acquisition was market purchase, it further said, adding that the buyout of 15 lakh shares by Merrill Lynch Capital took place on April 30.

Welspun Projects (WPL), formerly known as MSK Projects (India) and part of the Welspun Group, is into engineering, procurement and construction (EPC) projects across sectors like roads, water and industrial structures. 

02:00pm Market Check

The market remained volatile with the Sensex falling 84.39 points to 27406.20 and the Nifty declining 21.90 points to 8310.05.

About 1237 shares have advanced, 1391 shares declined, and 182 shares are unchanged on the Bombay Stock Exchange.

Neelkanth Mishra of Credit Suisse says their FY16/17 Nifty EPS estimates have been cut by 2 percent & 1.3 percent, respectively, with bulk of the cuts from energy stocks like Cairn, industrials like BHEL & cement. Second half of earnings season will be weaker than first half in FY16, he adds.

Asian market hit by weakness today. Shanghai closed with a 4 percent cut, its biggest loss in the last 4 months on news reports that several Chinese brokerages have tightened requirements for margin financing. Hang Seng lost more than 350 points today.

In stock action, Kotak Mahindra Bank surged 5 percent post reporting earnings better than estimates with profits of Rs 527 crore, a growth of 30 percent. The bank also announced bonus issue of 1:1. NIIT Technologies gained 4 percent on fourth quarter earnings. For more information please visit this site

Nifty slips below 8300, Sensex down; Bharti, M&M, SBI drag

The market is losing its grip as the Sensex is down 93.18 points at 27397.41 and the Nifty is down 33.15 points at 8298.80. About 1226 shares have advanced, 1256 shares declined, and 159 shares are unchanged.

Vedanta, Tata Steel, ONGC, Hindalco and TCS are top gainers in the gainers while Cipla, Bharti Airtel, M&M, NTPC and SBI are laggards.

Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices, the International Monetary Fund said. Oil prices have shed half of their value since June 2014, and are expected to be lower than the breakeven point for Gulf countries in the next three to four years

Sensex, Nifty consolidate; Vedanta, Tata Steel top gainers

12:59pm Market Update: The Sensex rose 12.47 points to 27503.06 and the Nifty slipped 3.55 points to 8328.40.

About 1273 shares have advanced, 1181 shares declined, and 152 shares are unchanged on the BSE.

12:55pm Tata Communications in News:  Tata Communications today announced that it has been chosen by Formula One Management (FOM) to provide broadcast services for the GP2, GP3 and Porsche Supercup racing series.

It will provide a fully diverse end-to-end fibre and satellite solution to broadcasters from across the globe at the 12 race locations in 2015.

With this agreement broadcasters will have access to a provider with knowledge and experience in motor racing and the infrastructure capability to provide specific media management and movement services that go above and beyond the core technology.

12:25pm IT companies growth: TV Mohandas Pai, Chairman, Manipal Universal said the key issues for IT are weakness in euro and pricing contamination.

Adding to the discussion, Sudin Apte, CEO and Research Director, Offshore Insights said client decision making has slowed down over the past couple of months. He believes TCS is better placed to transform itself into new age technology.

According to Pai, management transformation is the key to success for the IT companies now. Execution is a challenge Infosys has to face, he added. He expects the companies to grow in low double digits going forward.

12:00pm Market Check

The market continued to consolidate above 8300 level in noon trade. Metals, select IT and oil stocks gained while banks and select auto stocks remained under pressure.

The Sensex gained 2.64 points at 27493.23 while the Nifty slipped 5.45 points to 8326.50. The BSE Midcap and Smallcap indices outperformed, up 0.4-0.5 percent.

Kotak Mahindra Bank gained 1.7 percent ahead of its Q4 numbers. A CNBC-TV18 poll sees 19 percent profit growth on a standalone basis helped by a low base. Asset quality is expected to be stable. ING Vysya Bank numbers will be merged into Kotak from Q1FY16 onwards.

Metals stocks extended rally with the BSE Metal Index rising more than 2 percent. Vedanta surged over 5 percent and Tata Steel gained more than 4 percent followed by Hindalco with 2 percent upside.

Realty stocks like Oberoi Realty, HDIL etc gained 1-2 percent as the Real Estate Bill is scheduled to be taken up by Rajya Sabha members. Sources suggest that the government may send Real Estate Bill to standing panel today. Also GST Bill is lined up for discussion in Lok Sabha today.

Finance Minister said he is reasonably confident of passage of the GST Bill in the Budget session. He is bullish on the India growth story, saying issues like MAT need to be resolved at the earliest. For more information please visit this site

Monday, 4 May 2015

Sensex & Nifty volatile, Midcap outperforms; metals shine

10:25am SKS Microfinance rallies 5%: SKS Microfinance has registered over 49 percent rise in its net profit at Rs 40.54 crore for the last quarter ended March 2015 compared to Rs 27.11 crore in the corresponding last quarter in the previous fiscal.

"Total income increased from Rs 147.38 crore for the quarter ended March 31, 2014 to Rs 226.20 crore for the quarter ended March 31, 2015," it said in a filing to the BSE.

For the full fiscal ended March 31, 2015, company's net profit rose by over two-and-a half times to Rs 187.66 crore. It had earned net profit of Rs 69.85 crore in 2013-14. Full year income increased from Rs 544.84 crore for the year ended March 31, 2014 to Rs 803.07 crore for the year ended March 31, 2015, it said.

10:00am Market Check

The market continued to see profit booking amid consolidation. The Sensex fell 37.40 points to 27453.19 and the Nifty declined 15.90 points to 8316.05.

However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.4 percent each. Advancing shares outnumbered declining ones by a ratio of 1052 to 754 on the BSE.

HDFC, ITC, Infosys, Mahindra & Mahindra, Bharti Airtel, Bajaj Auto, Cipla, NTPC and Coal India lost 1-2 percent while Tata Steel topped the buying list on Sensex, up 3.4 percent.

TCS, Larsen & Toubro, ONGC, HUL, Vedanta and Hindalco gained 1-2 percent. For more information please visit this site

D-St on fire: Sensex soars 479 pts, Nifty ends above 8300

03:30 pm Market close: The market was on fire fueled strongly by oil, FMCG and pharma stocks. The Sensex ended up 479.28 points or 1.8 percent at 27490.59 and the Nifty scaled the 8300-level. The 50-share index closed up 150.45 points or 1.8 percent at 8331.95. About 1954 shares advanced, 838 shares declined, and 153 shares were unchanged.

ONGC was up 8 percent while Bajaj Auot, Cipla, M&M and BHEL were major gainers in the Sensex. Among the laggards were ICICI Bank, Axis Bank and Tata Motors with marginal losses

03:20 pm Big fall: Shares of Shriram Transport slumped 16 percent intraday after it announced disappointing March quarter results. Its net profit declined 73 percent to Rs 84.23 crore in Q4 of FY15. During the period, its net interest income stood at Rs 1,105.57 crore against Rs 975.95 crore year-on-year.

Morgan Stanley has also downgraded the stock to underperform from equalweight. The brokerage has slashed target price to Rs 900 per Rs 1230 per share. “Non-performing loan (NPL) ratio at the equipment finance subsidiary is likely to almost double in F1H16, after increasing 5 times in Q4 FY15. A weak monsoon could delay growth and asset quality recovery in the parent vehicle financing business. We view risk-reward as poor with valuation above mean,” it says in a report to clients.

03:05pm Market Update: The Sensex jumped 475.77 points or 1.76 percent to 27487.08 and the Nifty rose 148.60 points or 1.82 percent to 8330.10. About 1890 shares have advanced, 821 shares declined, and 152 shares are unchanged on the BSE.

02:50pm IPOs in focus: PNC Infratech's up to Rs 488-crore initial public offer (IPO) will open on Friday, making the infrastructure firm sixth company to hit the capital markets this year. The Agra-based firm's issue will open on May 8 and closes on May 12, PNC Infratech said in a statement.

The company, which specialises in construction of highways, bridges, flyovers and airport runways, is making a public issue of up to 12,921,708 equity shares of face value of Rs 10 each including a share premium per equity share.

The price band is fixed from Rs 355 to Rs 378 per equity share. The infrastructure-firm would raise around Rs 488 crore at the upper end of the price band and Rs 456 crore at the lower end.

Meanwhile, apparel and lifestyle accessories firm Numero Uno Clothing has approached capital markets regulator Sebi to float an initial public offer (IPO). The proposed public issue comprises fresh issue worth Rs 65 crore and an offer for sale up to 84 lakh from its promoter and AA India Development Capital Fund.

02:30pm Brent crude update: China, the world's second-largest oil consumer, posted its biggest drop in factory activity in a year to 48.9 in April, a private business survey showed on Monday.

The sub-50 point level indicates a contraction compared with the previous month.

The data came on the heels of a top government think tank's forecast that China's economic growth could slow further to 6.8 percent in the second quarter.

Oil supplies from the Organization of the Petroleum Exporting Countries, which produces about 40 percent of oil supplies, climbed 0.2 percent to a more than two-year high in April, a Reuters survey showed.

02:00pm Market Check

The Sensex continued to rally more than 300 points and the Nifty gained more than 100 points led by banking & financials, FMCG, healthcare, select auto and oil stocks.

The Sensex jumped 341.71 points or 1.27 percent to 27353.02 and the Nifty rose 103.20 points or 1.26 percent to 8284.70. About 1839 shares have advanced, 789 shares declined, and 155 shares are unchanged.

In market opinion, Ridham Desai of Morgan Stanley says the government's biggest achievement in the last one year is control on inflation while Ramesh Damani says investors should continue focussing on buying good businesses.

The fiscal has started off on a strong note with auto sales growth across OEMs picking up in April. Maruti registered a solid 30 percent growth in sales while Bajaj Auto saw rise in sales for the first time in 4 months.

ONGC, Cipla and Bajaj Auto topped the buying list, up 5.5-6.5 percent followed by HDFC, Dr Reddy's Labs, Bharti Airtel, Hindalco, GAIL, ITC, Reliance Industries, Infosys and SBI with 1-2.5 percent upside. However, ICICI Bank and Tata Motors fell over a percent.

Future Retail and Bharti Retail have announced the merger of their retail businesses. They said the combined entity will have over 570 retail stores in 243 cities. The stock rallied 14 percent. For more information please visit this site

Bulls at D-St: Sensex, Nifty surge; Future Retail up 15%

1:30 am Buzzing: Shares of BHEL rose 2.5 percent intraday. The company has successfully commissioned a 195 MW thermal unit in Bihar. It says that this is the first 195 MW unit to be commissioned by BHEL at the 2X195 MW Muzaffarpur Thermal Power Station (TPS) Plant of Kanti Bijlee Utpadan Nigam (KBUNL), a joint venture of NTPC and MSPGCL, Bihar. The second 195 MW is expected to be commissioned in FY2015-16. Earlier, in the first week of March 2015, a 660 MW supercritical thermal unit was commissioned by BHEL at Barh in Bihar.

Don't miss: ONGC, OIL rise 4-5% as govt to bear entire fuel subsidy

The market is still on its northwards journey as the Sensex is up 343.83 points or 1 percent at 27355.14. The Nifty is up 107 points or 1 percent at 8288.50. About 1790 shares have advanced, 711 shares declined, and 139 shares are unchanged.

ONGC, Bajaj Auto, M&M, Cipla and Hindalco are top gainers in the Sensex. Among the top losers are Tata Motors, L&T, Wipro and ICICI Bank.

Meanwhile, both Future Retail and Future Consumer Enterprise are up 15 percent each on hopes of a possible merger with Bharti Retail.

Meanwhile, Hartmut Issel, Head of Equity & Credit for Asia Pacific at UBS continues to feel India is on track and bases the premise of his optimism on oil prices. Issel, who is also CIO, the Wealth Management at UBS says low oil prices may have been good for the economy but also impacted corporate profits. A lot of earning downgrades is a result of that factor, Issel says.

He says oil prices have since moved up and expects that to firm up a bit more resulting in wiping out the main source of downgrades. Once that is taken care of, Issel sees the domestic story picking up again. For more information please visit this site

Sunday, 3 May 2015

Sensex, Nifty up 1%; banks lead, ONGC & Oil India rally

10:50am Market Update: The Sensex jumped 320.59 points or 1.19 percent to 27331.90, and the Nifty rallied 94.90 points or 1.16 percent to 8276.40.

About 1642 shares have advanced, 486 shares declined, and 113 shares are unchanged on the BSE. 
10:20am FII View: Chris Wood, CLSA said Greed & Fear is going to make some small adjustments in the Asia Pacific (ex-Japan) relative-return portfolio this week.

The weightings in India and Vietnam will be increased by 1 percentage point each, with the money being raised by shaving 1 percent point each from Hong Kong and Indonesia, he added.

10:00am Market Check

The market remained strong in morning trade, rising over a percent led by short covering in banking & financials, FMCG, healthcare, select auto and oil stocks.

The Sensex climbed 284.54 points to 27295.85 and the Nifty jumped 79.45 points to 8260.95. Nearly four shares advanced for every share declining on the Bombay Stock Exchange. The BSE Midcap and Smallcap indices gained 0.5 percent and 1.2 percent, respectively.

ONGC and Oil India gained 3.5-4 percent after finance ministry official said the government will bear entire fuel subsidy from now and upstream oil companies will not have to share fuel subsidies anymore. They see fuel subsidy for entire fiscal at Rs 40,000 crore. For more information please visit this site