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Friday, 31 October 2014

Sensex, Nifty flex muscles with hefty gains; ITC falls

1:20 pm Results: Cigarette-FMCG-hotel major ITC matched street expectations with the second quarter net profit climbing 8.7 percent year-on-year to Rs 2,425 crore supported by other income and higher revenue. The profit in the year-ago period was Rs 2,230.5 crore. Net sales jumped 14.8 percent (lower than expected) to Rs 8,930 crore in the quarter ended September 2014 compared to Rs 7,776 crore in same quarter last year.

Profit was estimated at Rs 2,458 crore on revenue of Rs 9,063 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Don't miss: Titan slips 7% on cautious growth outlook; analysts bearish 

Left over fire crackers of Diwali are still lighting up Dalal Street with some bumper gains. The Sensex is up 380.34 points or 1 percent at 27726.67 and the Nifty is up 110.75 points or 1.4 percent at 8279.95. About 1732 shares have advanced, 976 shares declined, and 105 shares are unchanged.

HDFC, Maruti, L&T, Tata Steel and Hindalco are top gainers in the Sensex. Among the losers are Bharti Airtel, HUL, ITC and ICICI Bank.

Japan's Nikkei stock average surged to a seven-year high and the yen tumbled to its lowest since early 2008 against the dollar on Friday as the Bank of Japan caught markets flat-footed with its surprise monetary easing decision.

The Bank of Japan surprised global financial markets by expanding its massive monetary easing as economic growth and inflation have not picked up as expected after a sales tax hike in April. The jolt from the BOJ, which had been expected to maintain its level of asset purchases, came as the government signalled its readiness to ramp up spending to boost the economy and as the government pension fund, the world's largest, was set to increase purchases of domestic and foreign stocks. More information please visit this site

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