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Sunday, 16 November 2014

Live: Sensex trades with downward bias, flirts with 28K

9:45 am: Looking back at the earnings quarter just gone by, an analysis of 2,432 companies shows profits grew about 42 percent (fastest in at least three years) but sales growth slowed to 5.9 percent, the slowest in five quarters, according to a Business Standard article.

This likely means companies have resorted to cutting costs in order to boost profits.

“Profits were below our estimates,” Kotak wrote in a note to clients this morning. “Underlying trends are still weak but stable. Investment recovery is still two-four quarters away,” it says, adding valuations are fair on FY2016 basis. “There is 20 percent upside in the markets if all goes well.”

9:30 am: The fall early is broad-based with both high-beta sectors (banks, metals, capital goods) as well as defensives (IT and pharma) off 0.1 to 0.3 percent. Oil & gas, led by ONGC and Reliance, is holding up.

9:20 am: BSE Sensex is down 48.5 points (0.17 percent) to 27,998 while the NSE Nifty is off 17 points (0.21 percent) to 8,372.

9:15 am: STOCKS START TRADE ON A FLAT NOTE.

9:10 am: Among key stocks that will remain in news are several that reported quarterly earnings on Friday and on the weekend, such as SBI, Punj Lloyd, Britannia, Reliance Communications and SpiceJet.

HDIL is in news early morning after a key project in Mumbai, Planet HDIL, got the environment ministry nod.

9:00 am: Welcome to live coverage for the Indian markets for today. Shares have opened without any firm direction in pre-market trading, with the benchmark indexes bobbing above and below the flat line. Catch live updates here. More information please visit this site www.bigprofitbuzz.com

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