09:56am FII View
Caesar
Maasry of Goldman Sachs says MSCI Emerging Markets (EM) Index has fallen 11
percent since the early September peak, but unlike Developed Markets (DM)
equities, the pace has softened in recent days. "Cyclical equities in
developed markets are underperforming, but the flat performance of our China
growth cyclicals basket suggests that growth concerns were discounted
earlier," he adds.
According
to him, EM equities may remain relatively defensive vs developed markets in the
near term.
09:35am Crompton Greaves under
pressure post earnings
Crompton
Greaves missed street expectations on every parameter with the second quarter
consolidated net profit rising 19 percent year-on-year to Rs 69.6 crore. Profit
in the year-ago period was Rs 58.41 crore. The stock fell nearly 2 percent.
According
to the average of estimates of analysts polled by CNBC-TV18, profit was
expected at Rs 80.2 crore on revenue of Rs 3,508 crore for the quarter.
Consolidated
net sales grew by 5.8 percent to Rs 3,430.3 crore in the quarter ended
September 2014 compared to Rs 3,241.35 crore in corresponding quarter of last
fiscal.
09:15am Market Check
Equity
benchmarks started of Friday's trade on a positive note post yesterday's sharp
cut but it could not sustain those gains. It got back to consolidation mode
with the Sensex rising 2.70 points to 26002.04, and the Nifty falling 4.60
points to 7743.60.
About 781
shares have advanced, 373 shares declined, and 33 shares are unchanged.
Hero
Motocorp gained 1.68 percent post a 58 percent jump in second quarter net
profit. Bharti Airtel, M&M, ITC, HUL, Zee Entertainment (ahead of earnings)
and Asian Paints rallied 1.2-1.7 percent.
TCS tanked
7.41 percent on profit booking and lower than expected revenue numbers in the
quarter ended September 2014. HCL Technologies crashed over 6 percent after its
revenue missed expectations. Tech Mahindra was down 4.53 percent.
Sesa Sterlite, Wipro, Tata Motors, Hindalco,
and DLF were other losers.
The Indian
rupee has opened higher by 15 paise at 61.68 a dollar on Friday compared to
previous day's closing value of 61.83 a dollar.
Pramit Brahmbhatt,
Veracity feesl local equity market is likely to trade sideways and will take
cues from global markets for further directions. He expects the rupee to trade
firm after yesterday's fall although the strength in the dollar will keep the
currency under pressure.
According to him, the rupee is expected to
trade in the range of Rs 61.40-62.40/USD.
The dollar
recovered given the relative strength of the US economy and the Federal
Reserve's commitment to tighten monetary policy.
On the
global front, Asian markets were trading mixed with the Nikkei falling
marginally. US stocks ended little changed, with the Dow industrials recouping
much of a 206-point deficit, as investors balanced worries about global growth
against mostly better-than-expected US earnings and economic reports.
In Europe, shares closed lower after trimming
losses in late afternoon trade, tracking US markets which partially recovered
after visiting correction territory, even as fears surrounding Greece's
stability resurfaced.
In commodities, Brent crude rises to USD 86 per
barrel buoyed by robust economic data and as US gasoline inventories last week
fell to their lowest in nearly two years. More information please visit this
site www.bigprofitbuzz.com
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