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Tuesday, 30 September 2014

IT stocks up, autos in focus; Sensex, Nifty sluggish

The market is trading listlessly. The Sensex is down 37.97 points at 26592.54 and the Nifty is down 13.10 points at 7951.70. About 1189 shares have advanced, 1121 shares declined, and 100 shares are unchanged.
Auto companies are in focus as September sales are announced. Wipro, TCS, Infosys, Hero MotoCorp and NTPC are top gainers while Maruti, Tata Steel, GAIL, ITC and ONGC are laggards. 

Globally, Asia is mixed. Hong Kong and China are closed for trade. However, Hong Kong continues to be in focus as pro-democracy rallies in Hong Kong have entered into their 5th day. From currencies the yen trades at the lowest since August 2008 and the Indian rupee continues to trade close to seven month lows. More information please visit this site

IT surges, Maruti & Tata Steel down 2%; Sensex choppy

10:40am Maruti Suzuki slips nearly 2%

Maruti Suzuki sold 1.09 lakh units in September, down nearly a percent compared 1.10 lakh units in previous month but up 4.6 percent compared to same month last year. Sales were lower than analysts' expectations of 1.2 lakh units.

Domestic sales grew 9.8 percent year-on-year to 99,290 units and passenger vehicle sales rose by 3.1 percent to 81,447 units but exports declined 28.2 percent to 10,452 units during the same period.

10:20am FII View

 Indian equities are done away with the Modi premium over the past three months and are back to focusing on high quality stocks with high earnings visibility, says Ridham Desai, Managing Director, Morgan Stanley. However, this skepticism is good for the bulls, he tells CNBC-TV18 in an interview.

Second quarter earnings season, which kicks off from October 10, will be watched out and sectors like healthcare, technology and consumer staples are likely to post strong growth, he adds.

 Once earnings are out of the way, the state elections will be market's focus in the start of Q3. “The BJP is taking risks by going alone in Maharashtra state elections and the market is trying to price in this event. But any adverse election result for BJP in Maharashtra could be a negative cue for the market,” cautions Desai.

 On the macro front, Inflation remains a major concern for India at this point of time, but Desai expects the inflation situation to improve in the next six-eight months.

 10:00am Market Check

 Equity benchmarks remained rangebound as investors stayed sideways ahead of long weekend. The Sensex fell 8.41 points to 26622.10 and the Nifty declined 6.20 points to 7958.60.

The broader markets maintained marginal gains with the BSE Midcap and Smallcap indices rising 0.2 percent each. Advancing shares beat declining ones by a ratio of 1076 to 897 on the BSE.

 Technology stocks saw huge buying interest on depreciation in rupee. TCS, Infosys and Wipro rallied 1-3 percent.

Shares of Axis Bank, Tata Motors, Dr Reddy's Labs, Hero Motocorp, NTPC, Bharti Airtel and Coal India were up 0.4-1 percent while Tata Steel, Hindalco Industries and Gail India topped the selling list, down 2-2.5 percent.

ITC, Reliance Industries, HDFC Bank, HDFC, ONGC, HUL, SBI, Sesa Sterlite, BHEL and Maruti Suzuki lost 0.4-1 percent. More Information Please visit this site

Sensex, Nifty flat; Hero Motocorp gains 2%, Wipro rises

Equity benchmarks started October month on a flat note with the Sensex falling 2.97 points to 26627.54 and the Nifty declining 5.95 points to 7958.85 while the broader markets saw marginal gains.

The BSE Midcap and Smallcap indices gained 0.3 percent each. About 596 shares have advanced, 254 shares declined, and 27 shares are unchanged. 

Auto sector will remain in focus today as all auto companies are going to announce their September auto sales data. Strong volume growth is expected across all segments on the back of improvement in the demand scenario in the past 2-3 months. Hero Motocorp's total September sales came in 30 percent higher at 6 lakh units; the stock gained 2 percent. 

Wipro extended gains, up nearly 2 percent. TCS, Sesa Strelite and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are GAIL, ITC, Tata Steel, Tata Power and HDFC. 

The Indian rupee declined in the early trade. It has opened lower by 18 paise at 61.93 per dollar against 61.75 Tuesday.

Mohan Shenoi of Kotak Mahindra Bank said, "With the USD appreciating in response to expectation of rise in dollar interest rates, dollar-funded carry trades are shifting to euro as an attractive funding currency."
"This dollar rally is impacting rupee to some extent. The rupee is expected to trade today in a range of 61.60-62/dollar," he added.

On the global front, the US stocks fell with equities posting September losses and quarterly gains, as portfolio managers engaged in end-of-quarter positioning. S&P 500, Nasdaq extended quarterly win streak.
On the economic data front - the S&P Case Shiller Home Price Index rose at an annual pace of 6.7 percent in July. That is the lowest pace of growth in twenty months. US consumer confidence has fallen unexpectedly this month, to a four-month low. 

In Europe, shares closed broadly higher, as investors focused on key data from the euro zone rather than the geopolitical risk posed by the protests in Hong Kong. 

Two of the Asian markets, Hong Kong and Shanghai are closed. Hong Kong markets are closed until Friday, while Shanghai markets are shut until October 7. 

In Japan, Bank of Japan's Tankan survey showed business sentiment improving in the past quarter. Kospi extended losses into a fourth session. 

In the currency space, dollar gained strength and trades near 4-year high. The euro languished near a fresh two-year trough having come under fire as a further slowdown in euro zone inflation intensified pressure for more stimulus from the European central bank. More information please visit this site

Nifty ends below 8000; Sun Pharma & ITC up, Bankex in red

03:30 pm Market closing

Even though the market made some smart moves intraday but could not hold the tempo till end. The Sensex ended up 33.40 points at 26630.51 and the Nifty was up 5.90 points at 7964.80. About 1370 shares advanced, 1532 shares declined, and 101 shares were unchanged. Sun Pharma, HDFC, Bajaj Auto, Maruti Suzuki and ITC were gainers. BHEL, ICICI Bank, Hindalco, Axis Bank and M&M were among losers.

02:55pm Reliance Communications in focus

While talking in Reliance Communications AGM, Anil Ambani says the company targets to reduce debt by Rs 15,000 crore in 24 months. Debt currently stands at Rs 35,000 crore, he adds.

The company is looking to monetise both real estate and DTH. "We are looking to demerge real estate assets. We are working on contours of real estate demerger," says Ambani.

 He further said the company will be participating in next round of auctions that will enable company to launch 4G in 2015-16. The stock fell over 2 percent.

 02:30pm Market Expert

 With major events already behind us, Vikas Khemani of Edelweiss Capital feels the markets are in a consolidation mood and expects this tendency to continue in the short term.

He maintains an upward trajectory with some correction medium to longer term. “The next would be probably the quarterly earnings and that is where the markets will take the next round of clues. Depending how the results pan out, you may again see a further short-term movement,” he told CNBC-TV18.

02:15pm Will government cut diesel price?

 Diesel price is likely to be cut by about Re 1 per litre, the first reduction in rates in over five years, while petrol price may be slashed by Rs 1.75.

State-owned oil firms are likely to announce reduction in rates, made possible because of softening in international oil rates, this evening, government and industry sources said.

Under-recovery or the difference between retail price and its imported cost was wiped out and there was an over-recovery of 35 paise a litre from September 16. This over-recovery is now about Re 1 a litre.

While the government had resisted the temptation to cut rates then, prices are likely to be reduced at the fortnightly review due today.

 Sources said oil ministry is of the view that while the Cabinet Committee on Political Affairs (CCPA) had on January 17, 2013 allowed a monthly increase in diesel price of 40-50 paise per month to wipe out the under-recovery, it wasn't envisaged that there would be over-recovery.

It wants to reduce diesel price to protect state-owned oil companies' market share, which may be lost to private retailers who would be selling diesel in tandem with international prices, reports PTI.

02:00pm Equity benchmarks wiped out all its gains in afternoon trade weighed down by FMCG, banks and technology stocks. The 30-share BSE Sensex fell 16.87 points to 26580.24 and the Nifty dropped 5.45 points to 7953.45.

The broader markets too came off day's high with the BSE Midcap and Smallcap indices rising 0.1 percent and 0.3 percent, respectively. About 1502 shares have advanced, 1214 shares declined, and 106 shares are unchanged.

Shares of TCS, ICICI Bank and Axis Bank declined 1-2 percent. ITC, Reliance Industries, Infosys, HUL, Tata Motors, SBI, Coal India, Bharti Airtel, Wipro and BHEL lost 0.2-0.8 Percent.

However, HDFC, Sun Pharma, Sesa Sterlite, Maruti Suzuki and Bajaj Auto gained 1-2 percent. More information please visit this site

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BSE Sensex, Nifty hold gains; ADAG stocks in focus

1:30 pm Buzzing: Shares of PC Jeweller surged 9 percent intraday on Tuesday as it expands its footprints into the e-tailing space. The Delhi-based jewellery company joined e-commerce major Flipkart to create a platform for online jewellery shopping.

The focus will be on the replicating the comfort, convenience and brilliance that is associated with shopping at the jewellery retailer's large format showroom online on Flipkart, it said.

"We are focussed on our online jewellery brand WearYourShine by PC Jeweller and going forward, we would also like to work with Flipkart towards creating a seamless offline-online integration wherein customers get a flexibility to buy online and exchange or return offline across over 46 showrooms of PC Jeweller, it said

PC Jeweller sees online jewellery sales becoming a huge market in the next few years, contributing a good share to their business.

The market stages a smart recovery after the RBI maintains status quo on rates. The Sensex is up 195.12 points at 26792.23 and the Nifty is up 54.80 points at 8013.70. About 1611 shares have advanced, 984 shares declined, and 103 shares are unchanged.

Midcaps outperformed for the second straight day. HDFC, Sun Pharma, Sesa Sterlite, Bajaj Auto and ONGC are top gainers. On the losing side are Axis Bank, TCS, Infosys, HUL and ICICI Bank.

The central bank kept the repo rate and CRR unchanged and retains FY 15 GDP growth target at 5.5 percent. The Reserve Bank says inflation will ease to 6 percent by November but may climb back to 8 percent by January-March 2015. Governor Rajan says inflation readings are expected to be better on better-than-expected monsoon this year.

 The ADAG stocks are in focus today as AGM for all the group companies is underway. Chairman Anil Ambani says Reliance Capital is looking to focus on the health insurance business a plans to make it a separate entity in future. More information please visit this site