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Thursday, 9 October 2014

Sensex up over 350 pts, Nifty hits 7950; ICICI, HDFC lead

01:40pm Hindustan Zinc in news

The government today submitted before the Supreme Court that it is yet to get direction on Hindustan Zinc (HZL) divestment from the finance ministry as the Finance Minister was indisposed and not available for a discussion on the matter.

 Further, the government has also clarified before the apex court that a final decision in this regard is unlikely to take place before 3-4 months.

Meanwhile the Supreme Court has also pulled up the CBI and asked the investigative agency to submit the statues update of the initial HZL divestment probe, which happened in 2002-03 under the earlier NDA regime.

The next hearing for the case is slated on October 14.

 01:30pm FII View

 Jyotivardhan Jaipuria, Bank of America Merrill Lynch says aggregate Sensex PAT is expected to show growth of 12 percent on a consolidated basis and 9.1 percent on standalone basis. There is also an expected deceleration in sales growth to 4.8 percent, he adds.

"However, good news is that forecast ex-energy PAT growth is strong at 16.4 percent. Secondly, EBITDA margin is expected to continue showing improvement. This is consistent with our view that earnings will recover gradually and show sharp growth from 2HFY16. Near-term, we continue to expect market to be range-bound with negative bias due to slower than expected reform pace," says Jaipuria.

01:00pm Market Check

 The market extended northward journey in afternoon trade with the 30-share BSE Sensex rising 388.68 points or 1.48 percent at 26635.47 and the 50-share NSE Nifty hitting 7950 level, up 114.35 points or 1.46 percent at 7957.05 supported by banking and financials, oil and gas, and capital good stocks.

More than two shares advanced for every share declining on the Bombay Stock Exchange. Meanwhile, the rupee gained 47 paise to 60.92 a dollar compared to previous day's closing value.

Top lenders State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank, and housing finance company HDFC gained 2.4-3 percent followed by capital goods majors L&T and BHEL with 2.4 percent and 5.5 percent upmove.

Aluminium major Hindalco Industries maintained its strong gains, up 5.5 percent after Alcoa's Q3CY14 earnings. Cipla gained over 2 percent on collaboration with Teva Pharma for South African market.

Among others, Tata Motors, ONGC, Reliance Industries, TCS, Sun Pharma, Bharti Airtel, Maruti Suzuki, Tata Steel, Sesa Sterlite, Tata Power and Gail India rallied 1-2 percent. However, Coal India, NTPC, Wipro and Infosys were only losers.

SBI, Infosys, Force Motors, Hinduja Global, Dr Reddy's Labs, ICICI Bank, Hindalco Industries and Jaiprakash Associates were most active shares on exchanges. More Infromation Please visit this site

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