10:55am Interview
The Sensex
declined 2.46 points to 26465.90 and the Nifty fell 1.30 points to 7910.55
while Jindal Steel and Power (JSPL) lost a percent to Rs 173.
Ravi
Uppal, MD & CEO, JSPL said the penalty asked is unfair and the company will
be making a review petition with the Supreme Court. They would also be asking
the court for staggering payment option.
He said
the company would go in for competitive bidding for the coal blocks that the
company already holds in case the mines are auctioned. At present they are
eagerly awaiting clarity from the government on auctioning.
“I believe government will act soon on
auctioning, and it may not remain an open issue after March 31, 2015,” he said.
According
to him, the government will help in supply of coal post, March 31, 2015.
10:30am Sun Pharma in Focus
Sun Pharma
recouped early losses, up over 3 percent. It had shed 3 percent in early trade
after Credit Suisse in its note said the company has received the Form 483 for
the Halol plant.
US Food
and Drug Administration lists 23 observations with no data integrity issues
hence the chances of an import alert are low now. The observations are mostly
procedural issues where resolution may take time and there is a possibility of
approvals being blocked in the near term.
10:00am The market bounced back in morning
trade with the Sensex rising 27.59 points to 26495.95 and the Nifty gaining
14.75 points at 7926.60 supported by buying in most beaten down sectors like
oil & gas, metals, auto and select banks.
The
broader markets too rebounded with the BSE Midcap and Smallcap indices
advancing 0.2 percent and 0.6 percent, respectively. About 1043 shares have
advanced, 954 shares declined, and 53 shares are unchanged.
Deven Choksey of KR Choksey Shares &
Securities does not see a rough ride for market in the October series. He says
fundamentals – market as well as on the macro front – continue to remain strong
and chances are it will only improve further.
"Whenever the market runs ahead of time,
it gets into a consolidation mood, I think that is what the market is doing
right now," he told CNBC-TV18.
Choksey advises
investors to use every dip as a buying opportunity. He believes investors
should look at all those companies where the fall is maximum.
Hindalco Industries topped the buying list,
rising over 3 percent followed by L&T, ONGC, M&M, Tata Steel, Bajaj Auto
and DLF with 1-2 percent gains. Reliance Industries, State Bank of India, HDFC
Bank, Axis Bank, Sun Pharma, Wipro and NTPC were up 0.5-0.9 percent.
However, HDFC, ITC, Infosys, ICICI Bank, HUL,
Cipla, Hero Motocorp, Bharti Airtel, Dr Reddy's Labs, Coal India and Sesa
Sterlite fell 0.3-1 percent. More Information please visit this site www.bigprofitbuzz.com
BigProfitbuzz
Opprtunity
knocks ones a Year. Our HEAVY DISCOUNT NAVRATRI OFFER till 3rd October 2014 .To
join call at 09899836532
No comments:
Post a Comment