03:30pm Market Closing
Equity
benchmarks saw huge selling pressure in last hour of trade following weak
Euroepan cues and drop in rupee. The Sensex fell 349.99 points or 1.33 percent
to close at 25999.34, and the Nifty was down 115.80 points or 1.47 percent to
7748.20.
About 777
shares have advanced, 2155 shares declined, and 91 shares are unchanged.
The
broader markets too saw big crack; the BSE Midcap and Smallcap indices losing
1.4 percent and 2.5 percent, respectively.
All
sectoral indices closed in the red. BSE Power, Capital Goods, Oil & Gas,
Auto, IT, Bank and Healthcare indices were down 1-3 percent while ITC, Gail
India and Coal India were only gainers in the Sensex, up around a percent.
Hindalco
Industries, Ultra Tech Cement, Grasim Industries, Mahindra and Mahindra, Sesa
Sterlite, Tata Steel, Tata Power, Reliance Industries and BHEL topped the
selling list, down 3-6 percent.
03:10pm Market Check
Equity benchmarks widened losses in last hour
of trade with the Sensex crashing 358.04 points or 1.36 percent to 25991.29 and
the Nifty falling 117.30 points or 1.49 percent to 7746.70 while European
indices dropped 2-4 percent.
About 787
shares have advanced, 2083 shares declined, and 90 shares are unchanged.
Hindalco Industries, M&M, Sesa Sterlite,
Tata Power, Tata Steel, UltraTech Cement, Grasim Industries and HCL
Technologies (ahead of earnings on Friday) plunged 3-5.5 percent.
However,
DLF, NMDC, ITC, BPCL and Coal India bucked the trend, up 1-4 percent.
The BSE
Midcap and Smallcap indices slipped 1-2 percent.
03:00pm Modi unveils steps to reform
labour sector
India will
simplify employment rules and smooth the way for people to move social security
funds when they change jobs, Prime Minister Narendra Modi said on Thursday,
unveiling steps to reform the labour sector and boost employment.
India's
archaic labour laws strictly regulate hiring and firing, while an onerous
'inspector raj' deluges employers with paperwork, discouraging them from
expanding and taking on new staff.
"Fifty
types of departments chase them, 50 types of forms have to be filled in. The
world has changed," Modi said, adding that companies would now only need
to fill a single form online.
The change
would chiefly benefit firms that employ just a few employees, he said. In 2009,
84 percent of India's manufacturing workers were employed by firms with fewer
than 50 workers, research by the Asian Development Bank shows, reports Reuters.
02:50pm Federa Bank plunges
The Sensex
shed 191.47 points to 26157.86 and the Nifty broke 7800 level, down 68.05
points to 7795.95 while Federal Bank fell nearly 4 percent post Q2 earnings.
Kerala-based
private sector lender Federal Bank's second quarter (July-September) net profit
climbed 6.4 percent on yearly basis to Rs 240.3 crore led by strong other
income, but impacted by higher provisions. Profit in the year-ago period was Rs
Rs 225.8 crore.
02:45pm Crompton Greaves under
pressure ahead of earnings
The Sensex slipped 156.91 points to 26192.42
and the Nifty fell 60.90 points to 7803.10 while Crompton Greaves tanked nearly
8 percent ahead of Q2 earnings.
Crompton
Greaves is expected to report a 37.3 percent growth in consolidated profit
after tax Rs 80.2 crore in July-September quarter compared to Rs 58.4 crore in
same quarter last year, according to the average of estimates of analysts
polled by CNBC-TV18.
Net sales
may increase 9.5 percent to Rs 3,508 crore in the quarter ended September 2014
from Rs 3,205 crore in corresponding quarter last fiscal driven by overseas business
especially due to growth from international power systems.
Key issues
to watch out for are margin expansion in the power systems segment, given
higher exports and increase in contribution from switchgears; improvement in
the overseas automation and systems business performance, given execution of
recent better margin order wins; and performance improvement in Hungary /
Canada
02:30pm Results Boardroom
IT company Mindtree is gung-ho over its growth
story and is confident of beating the NASSCOM industry growth target of 13-15
percent for FY15. According to CFO Rostow Ravanan, the Q3 will remain muted but
the company will bounce back with strong growth in Q4 and so, the overall
growth will be much better.
Speaking
to CNBC-TV18 post announcement of Q2 earnings , CEO and MD Krishnakumar
Natarajan said the company is overall very positive on its deal pipeline which
is very strong across verticals. The company also aims to maintain current
margins in Q3.
The midcap
company is hopeful of starting with an aggressive growth in Europe in the next
two quarters. The hi-tech segment has now delivered three quarters of
consistent quarter-on-quarter growth for the company.
Mindtree
added eight clients in Q2 and has signed deals worth USD 165 million during the
same period.
02:00pm Market Check
After
trading flat in the first half, the market succumbed to selling pressure post
noon. The 30-share BSE Sensex fell 71.84 points to 26277.49 and the Nifty
declined 28.40 points to 7835.60.
The market
breadth is very weak today. About 1012 shares have advanced while 1767 shares
declined on the Bombay Stock Exchange.
In an
interview to CNBC-TV18, Vibhav Kapoor of IL&FS says he does not see a major
downside to this market. According to him, 7300-7400 could be the worst level
on the Nifty if global markets weaken.
Global
markets are weak across the board today. European markets like France's CAC
dropped more than 0.5 percent on top of a 3 percent slide in previous session.
Germany's DAX and Britain's FTSE traded flat while Japan's Nikkei closed with
more than 2 percent cut.
The Indian rupee is trading weak today on
increased dollar demand amidst capital outflows, down to 61.59 a dollar from
61.44 a dollar in previous session.
Shares of
Reliance Industries, Mahindra and Mahindra, HDFC, Sesa Sterlite, Hindalco
Industries, Tata Steel, Bajaj Auto, BHEL and Tata Power declined 1-4 percent
while ITC, HUL, Cipla, Gail India and Coal India gained 1-2 percent. More
information please visit this site www.bigprofitbuzz.com
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