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Thursday, 6 November 2014

Nifty breaks 8300, Sensex down 150 pts; Bank of Baroda dips

10:59am Interview

Godrej Properties sees robust portfolio launched for the second half of FY15 said MD & CEO, Pirojsha Godrej in an interview to CNBC-TV18.

According to him, the real estate market is likely to pick up in Mumbai and Haryana. “Now with new State governments in place in both Maharashtra and Haryana, our sense is that the real estate market in both these cities and for that matter in the rest of the country should start picking up," he added.

The company has new launches planned in Pune, NCR and Nagpur.

Real estate developer Godrej Properties ' second quarter consolidated net profit jumped 35.9 percent year-on-year to Rs 46.6 crore led by lower tax rate and minority interest payment. Profit in the year-ago period was Rs 34.3 crore.

10:30am Market Expert

This is a market in which investors should buy on dips feels Vibhav Kapoor, Group Chief Investment Officer, IL&FS. In an interview to CNBC-TV18, Kapoor said the market was right now banking on hope and trying to discount FY16 numbers instead of FY15 numbers, be it macro or corporate earnings.

Kapoor said the the macro environment still looked a bit uncertain at the moment, but there were enough signs of an improvement in FY16.

He said most stocks were looking expensive in the short term, but investors would do well to buy and hold on to good stocks for 12-15 months. Kapoor is bullish on cyclicals, particularly auto and financials.

10:00am Market Check

Equity benchmarks witnessed profit booking in morning trade with the Sensex losing 152.73 points to 27763.15 and the Nifty falling 38.95 points to 8299.35. About 1055 shares have advanced, 1190 shares declined, and 69 shares are unchanged.

Aditya Narain, Citigroup says overall earnings revision index has slipped back into negative territory which should prompt a reality check on expectations.

"While we remain comfortable with our market view of 31,000 on the Sensex by December 2015, the market will have to earn its way there," he adds.

Bank of Baroda fell 2.8 percent after its net profit declined 5.5 percent to Rs 1,104 crore in September quarter compared to Rs 1,168 crore in the year-ago period.

Hero Motocorp lost 2.27 percent after 87.4 lakh shares (2.9 percent equity) of the company exchanged hands on NSE at Rs 2,874-2,917 apiece.

NMDC, Asian Paints, Coal India, Mahindra & Mahindra, Gail and HDFC Bank declined 1.5-2 percent while Dr Reddy's Labs, Cipla, HUL, Axis Bank, DLF, Zee Entertainment, BPCL and ACC gained 1-3 percent. More information please visit this site

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