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Tuesday, 11 November 2014

Nifty ends at new closing high; ITC falls 2%, M&M gains 3%

03:30 Market closing

The market has once again ended on a flat note. The Nifty ended at new closing high, at 8362.65, up 18.40 points. The Sensex is up 35.33 points at 27910.06. M&M was up 3 percent while Tata Steel, Axis Bank, GAIL and HDFC were other gainers in the Sensex. Among the losers were BHEL, ITC, Bharti, Infosys and Sesa Sterlite.

02:50pm Bosch at record high post earnings

Bosch, a supplier of automotive components and technology to original equipment
manufacturers (OEMs), posted 30.78 percent rise year-on-year in net profit at Rs 306.36 crore for the quarter ended September.

The company follows January-December fiscal. Its net income also increased 19.03 percent to Rs 2,555.76 crore during the quarter under review as against Rs 2,147.09 crore during the corresponding quarter of previous fiscal.

02:35pm Brent crude near $ 81/bbl

Brent crude oil futures fell by more than USD 1 today to a four-year low of USD 81.23, as a strong dollar and robust production from US shale oil fields weighed on prices.

The US dollar hit a 7-year high against the yen and was up 0.2 percent on the day against a basket of currencies.

Production from shale oil fields in the United States showed no signs of slowing despite falling prices, the Energy Information Administration said in a forecast on Monday.

US crude futures fell by 98 cents to an intraday low of USD 76.42, reports Reuters.

02:25pm Market Expert

Investors have marginally increased their already ‘overweight’ position on India, says Suhas Hari of JM Financial.

He is bullish on auto, auto components, apparel and agrochem sectors. Hari says the big surge in deep cyclical stocks is yet to be seen even as the market has been making new highs.

02:00pm Market Check

Equity benchmarks remained directionless in afternoon trade due to lack of triggers in near term. RBI policy on December 2 may be the next trigger.

The Sensex fell 3.56 points to 27871.17 and the Nifty declined 1.55 points to 8342.70. About 1452 shares have advanced, 1418 shares declined, and 113 shares are unchanged on the BSE.

Shares of ITC, BHEL, Infosys, Bharti Airtel and Cipla dropped 1-2.5 percent while Reliance Industries, HDFC, M&M, Axis Bank, Tata Steel and Gail India gained 1-2 percent.

Opto Circuits surged over 8 percent as Department Of Industrial Policy & Promotion has floated draft cabinet note on FDI in medical devices. DIPP proposed 100 percent FDI through auto route for medical devices. More information please visit this site

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