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Thursday, 30 October 2014

Record opening: Nifty hits 8200, Sensex strong; IT leads

9:50 am Result poll: Utility vehicle maker Mahindra and Mahindra (M&M), which will announce its second quarter earnings on Friday, is expected to report a profit of Rs 946 crore as against Rs 989.5 crore in the year-ago period, according to the average of estimates of analysts polled by CNBC-TV18. Revenue is likely to be Rs 9,292 crore during the quarter compared to Rs 8,929.5 crore in same quarter last year. 

Operating profit expected to be at Rs 1,167 crore as against Rs 1,144 crore and margin may be at 12.5 percent compared to 12.8 percent during the same period.

Results are not comparable on year-on-year basis due to merger of loss making truck business. The company will provide the merged entity comparable numbers in the press release as they do every quarter.

9:40 am Nomura report: The government's austerity drive announced today , would lead to a saving of up to Rs 40,000 crore or 0.3 percent of the Gross Domestic Product (GDP) but poses risks to growth, Japanese brokerage Nomura has said. "On our estimates this would amount to a saving of Rs 35,000 to Rs 40,000 crore or 0.3 percent of the GDP," it said in a note issued here today. The finance ministry issued a circular today instructing government departments to cut discretionary spending by 10 percent. As part of these measures, it banned first class travel by government officials, meetings in five-star hotels, purchase of cars and froze new appointments.

Nomura said that the move may have been initiated as a precaution against potential shortfall in capital receipts, mainly disinvestment proceeds, where the government target is to raise 0.5 percent of GDP or over Rs 43,000 crore.

9:30 am Marlet outlook: India has been one of the biggest outperformer among the emerging market basket and its macros are seeing a sudden improvement, says Sanjeev Prasad of Kotak Institutional Equities. And it is this positivity that makes Prasad confident of India logging in 7 percent growth in 2017. In an interview to CNBC-TV18, Prasad says the new government has unleashed a lot of bold economic reforms in the past few days. “I expect the interest rates to come down sooner than is expected and India continues to grow fast,” he adds. On sectoral preferences, Prasad is bullish on private banks and autos and picks Maruti Suzuki and Hero MotoCorp as his best bets.

9:20 am Winners & losers: IT stocks are still leading the rally with Infosys, TCS and Wipro as major gainers in the Sensex. Among the losers are Bharti Airtel, HUL, ICICI Bank, Tata Motors and NTPC.
The market starts November series on a stellar note. The Nifty hit 8200 for the first time, up 32.15 points while the Sensex is up 92.73 points at 27439.06. About 499 shares have advanced, 91 shares declined, and 15 shares are unchanged.

Bhart Airtel, Infosys, ONGC, Cipla and Maruti are top gainers while Hindalco, HUL and Tata Motors are among the losers.

The Indian rupee opened marginally higher at 61.39 per dollar versus 61.45 Thursday.

The dollar held at four-week highs against a basket of major currencies, getting another boost from encouraging growth data a day after the Federal Reserve gave an upbeat assessment on the economy.
Pramit Brahmbhatt of Veracity said, "The positive sentiment in the equity market may support the currency. The rupee is expected to trade positively, though month-end dollar demand from oil importers will keep it under pressure. See the range for rupee between Rs 60.90-61.90/dollar."

Asian stocks rose on the final trading day of the week following positive US data overnight, with focus on developments in Japan.

US stocks jumped on Thursday with the Dow leading gains by over 1 percent following strong data releases. Third-quarter gross-domestic product (GDP) rose 3.5 percent, beating expectations, while a separate report showed that the underlying trend for first time weekly jobless claims is at its lowest level since 2000.

Brent crude was marginally lower as traders saw little chance of OPEC cutting output at its November meeting. From precious metals space, gold traded around USD 1200 an ounce its lowest level in nearly 4 weeks. More information please visit this site

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