Nifty holds 7800 amid pressure; Infosys, TCS, Hero shine

10:55am Crude check

 

Global oil futures lost more than a dollar after Saudi Arabia and Kuwait signalled ample supplies and their willingness to bear lower prices to defend market share, although better than expected trade data from China pared oil's losses.

 China's export and import growth unexpectedly trumped forecasts in September, while the world's largest energy consumer increased crude oil imports by 9.5 percent from a month ago, data showed on Monday. 

10:30am Diamond Power Infrastructure up 12 percent

 Diamond Power Infrastructure, the manufacturer of power transmission equipment and turnkey services provider (EPC), has reported a 29.2 percent growth in second quarter (July-September) net profit at Rs 40.3 crore led by higher revenue growth, lower raw material cost and other expenditures but impacted by higher depreciation and tax expenses. Profit in the year-ago period was Rs 31.2 crore. 

Net sales jumped 34.5 percent to Rs 895.6 crore in the quarter ended September 2014 compared to Rs 665.8 crore in same quarter last year driven by power cables, transformer, conductors and towers businesses. 

10:00am Market Check

 The 50-share NSE Nifty managed to claw back above the 7800 level amid selling pressure, down 40.70 points or 0.52 percent at 7819.25 while the 30-share BSE Sensex declined 154.95 points or 0.59 percent to 26142.43. 

The broader markets slipped too with the BSE Midcap and Smallcap indices falling 0.6 percent and 0.25 percent, respectively. About 787 shares have advanced, 1009 shares declined, and 56 shares are unchanged on the Bombay Stock Exchange. 

Sandip Sabharwal of asksandipsabharwal.com is not surprised by the recent fall in the Indian market. He says the dollar rally was indicative of pullout of risks. 

Markets across the globe, developed markets included, always resist the fall initially and then give up, he adds. In this context, it is very difficult for a country like India to move up in the face of a troubled macro-economic situation. 

Wipro extended losses, down 2.5 percent followed by Cipla with 2 percent decline. ITC, Reliance Industries, HDFC Bank, ICICI Bank, Larsen and Toubro, Mahindra and Mahindra, ONGC, Bharti Airtel, Dr Reddy's Labs and NTPC lost 1-1.7 percent.

 However, Infosys, TCS and Hero Motocorp outperformed, up over a percent. State Bank of India, Axis Bank, Tata Steel and Hindalco Industries traded with marginal gains. More information please visit this site www.bigprofitbuzz.com