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Thursday, 30 October 2014

Record high: Sensex gains 300 pts, Nifty above 8250

10:55am Market Check

The 30-share BSE Sensex rose 297.82 points or 1.09 percent to 27644.15 and the Nifty jumped 89.10 points or 1.09 percent to 8258.30. About 1595 shares have advanced, 654 shares declined, and 88 shares are unchanged.

HDFC, Maruti Suzuki, Hero Motocorp, SBI, ONGC, IDFC and HCL Technologies gained 2-2.5 percent.

10:45am Interview

Hindustan Construction Company (HCC) reported second quarter standalone net profit at Rs 6.8 crore versus Rs 31.6 crore in the year-ago period. But the previous year’s profit figure included a big other income figure of Rs 116 crore, which led to a bottomline profit of Rs 31.6 cr for Q2FY14.

Praveen Sood, CFO of HCC says the company is trying to maintain profitability at these levels. He hopes that the next two quarters will be as good as the last six quarters.

He says the profitability margins are coming from efforts to bring down costs. The company is not seeing any major push on the order inflow side and the good margins reported is despite that. Order inflows from the government side has not picked up yet, says Sood. He expects government order inflows to pick up only from next year.

He says: "Realised Rs 400 crore of claims in the last two quarters which helped push margins." He hopes to realise similar claim amounts in the second half of the year.

HCC has Rs 4,000 crore stuck in arbitration. He expects the government to pay its dues in the next few months.

The company is seeing order inflow momentum only in the road sector as of now. But sectors such as hydro and nuclear power saw no pick up in order inflows. Sood hopes to end year with Rs 14500-15000 crore order book position.

10:30am Market Update

The market remained at record high. The Sensex rose 260.01 points or 0.95 percent to 27606.34 and the Nifty jumped 77.60 points or 0.95 percent to 8246.80.

About 1537 shares have advanced, 595 shares declined, and 88 shares are unchanged.

Titan Company, Tech Mahindra, IDFC, SBI, Maruti Suzuki, Bharti Airtel, TCS and Shriram Transport were the most active shares on exchanges.

In the midcap space, Relaxo Footwear, Gujarat Pipavav, Sintex Industries, HCC and SKS Microfinance jumped 5-6 percent while SRF, Responsive Industries, eClerx Services, Hindustan National Glass and FAG Bearings lost 2-4 percent.

10:15am Market Expert

There is a confluence of positives in India right now and that’s the reason things are turning constructive for the Indian market, says Dipen Sheth of HDFC Securities.

In an interview to CNBC-TV18, Sheth says the Nifty is currently in a multi-year, multi-themed, multi-faceted bull run.

On his sectoral prefences, Sheth says he likes special restautants and great fine-dining franchises. He also believes the midcap space has a lot of talented companies that can be invested into right now.

10:00am Market Check

Equity benchmarks continued to trade around their record highs with the Sensex rising 235.50 points to 27581.83 and the Nifty climbing 68.20 points to 8237.40 following strong US cues.

The broader markets too gained momentum with the BSE Midcap and Smallcap indices adding 1 percent each. About three shares advanced for every share declining on the Bombay Stock Exchange.

Technical Analysts Rajat Bose is bullish on the Indian market. He says that Nifty is in an uptrend and it could touch 8,250-8,300 going ahead. He recommends market participants to buy on dips.

Major largecaps like Reliance Industries, Infosys, HDFC, ITC, HDFC Bank, TCS, Larsen and Toubro, ONGC, State Bank of India and Axis Bank gained 1-1.6 percent.

Hero Motocorp, Tata Steel, Wipro, Tata Power, Dr Reddy's Labs, Coal India and Sesa Sterlite too climbed 1-1.6 percent.

However, Bharti Airtel (post Q2 earnings), Hindustan Unilever, ICICI Bank and Hindalco Industries were only losers in the Sensex. More Information please visit this site www.bigprofitbuzz.com

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