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Tuesday, 30 September 2014

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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