Use this space to put some text. Update this text in HTML Powered by Blogger.
There was an error in this gadget

Wednesday, 24 September 2014

Nifty struggles at 8000; oil & gas, banks, metals drag

Neelkanth Mishra, Credit Suisse sees a bigger impact when coal blocks are auctioned. "Some functioning mines may attract an economically unjustified premium. If auctioned, we expect premiums could be as high as Rs 1,500-2,200/tonne, impacting EBITDA by Rs 7,500-10,000 crore. This could impact the economic viability of many projects and some heavily indebted companies," he adds. 

"Coal imports are still pricier than e-auction and face logistical constraints. We highlight companies with cancelled blocks and high debt levels such as JSPL, Lanco Infratech, GMR Infrastructure, GVK Power and KSK Energy and their lenders like SBI, PNB, ICICI Bank and Union Bank," says Mishra. 

10:20am Market Expert

Hemant Thukral of Aditya Birla money expects the October expiry to be stable and rangebound today as the volatility in the US markets has come down.

 Speaking to CNBC-TV18, Thukral says foreign institutional investors (FIIs) sold index options in trade on Wednesday as they believe the panic in the market is now settling down. 

Furthermore, he expects the Nifty to hold at 8000 and has a stop loss of Rs 7950.

 The next series, Thukral believes will be positive as the sentiment is strong as the Nifty if it closes today in the green will be the seventh straight positive closing for the market. 

10:00am Equity benchmarks continued to see consolidation with the Nifty struggling at 8000 on expiry session for September derivative contracts. Oil & gas, banks, metals and power stocks were under pressure.

 The Sensex fell 52.05 points to 26692.64 and the Nifty declined 15.10 points to 7987.30. About 753 shares have advanced, 1191 shares declined, and 56 shares are unchanged. 

ONGC fell 2.4 percent as Law Minister Ravi Shankar Prasad says cabinet deferred decision on gas pricing. "Decision on gas pricing will be taken before November 15," he adds. Oil India was down 1.3 percent.
Hindalco Industries topped the selling list, down nearly 4 percent. ICICI Bank, State Bank of India, Axis Bank, Mahindra and Mahindra, Tata Steel, Sesa Sterlite, NTPC, Tata Power and BHEL declined 1-2 percent.

However, shares of TCS, HDFC Bank, ITC, HDFC, Infosys, Dr Reddy's Labs, Wipro, Coal India, Gail and Cipla gained 0.5-1.6 percent. More information please visit this site

No comments:

Post a Comment