03:30 pm Market closing
The market closed flat dragged by some bit of profit booking. The Nifty
consolidated at around 8300. The 50-share index ended at 8324, up 1.95 points
while Sensex was down 5.45 points at 27860.38. However, small &
midcaps rallied with some smart gains. Realty index was up 3 percent.
Sesa Sterlite, Axis Bank, HDFC, SBI and ICICI Bank were top gainers while
Gail, M&M, Coal India, Maruti and Bajaj Auto were among the laggards.
3:00 pm China economy
China's economy lost further momentum heading into the fourth quarter as a
cooling property market weighed on activity and export demand softened, surveys
showed, putting Beijing's official target for the year at even greater risk.
Analysts had already expected full-year growth to miss the goal of around
7.5 percent, but many thought there may be some signs of stabilisation in the
world's second-largest economy late in the year after a flurry of stimulus
measures.
Instead, the surveys showed demand at home and abroad continued to cool and
the labour market remained under stress, while adding to fears that many companies
are being starved of credit as banks grow more reluctant to lend.
02:30pm Dabur India up over 1%
FMCG major Dabur India has reported a 15.1 percent growth in net profit at
Rs 287.5 crore in September quarter compared to Rs 249.74 crore in same quarter
last year.
Total income from operations grew by 10.3 percent to Rs 1,929.6 crore in the
second quarter of current financial year 2014-15 from Rs 1,748.90 crore in the
year-ago period driven by consumer care as well as foods businesses.
The company maintained its volume growth within the guidance of 8-10
percent. Volume growth for September quarter was 8.7 percent compared to 8.3
percent in previous quarter.
Bottomline was in-line while topline was slightly lower than analysts'
expectations. Profit was expected at Rs 286 crore on revenue of Rs 1,991 crore
for the quarter, according to the average of estimates of analysts polled by
CNBC-TV18.
02:00pm Market Check
The market remained flat with a negative bias as the Sensex and Nifty
consolidated their gains after hitting record highs last week. The BSE Midcap
and Smallcap indices continued to outperform benchmarks, up 1 percent each.
The 30-share BSE Sensex fell 47.59 points to 27818.24 and the 50-share NSE
Nifty declined 13.25 points to 8308.95. About 1679 shares have advanced, 1145
shares declined, and 117 shares are unchanged.
Andrew Holland of Ambit Capital said he expects the Nifty to hit 9000 before the Budget and will not be surprised to see a 50 basis points rate cut in the first quarter of calendar year 2015.
Sesa Sterlite topped the buying list in the Sensex, up 2 percent followed by
Axis Bank, ICICI Bank, SBI and Reliance Industries with 0.6-1.5 percent while
Gail India tanked 5.58 percent as CLSA downgraded the stock to sell from
outperform. Mahindra and Mahindra, Coal India, Maruti Suzuki and NTPC lost
1.5-3 percent.
In macro data, the auto industry is in reverse gear as sales for the month
of October missed expectations. The festive season failed to cheer, most auto
makers like Mahindra & Mahindra, Maruti Suzuki, Tata Motors and Hero
Motocorp reported a drop in sales.
Ashok Leyland surged 2.5 percent to touch a record high of Rs 47.50 after
reporting a 23 percent rise in total sales at 8,375 units in October
year-on-year.
The currency was trading weak at 61.41 to the dollar on account of dollar
buying from importers and gains in the dollar overnight. Gold, in the meantime,
struggled near a four-year low, trading at sub USD 1170 an ounce.
Globally, equity markets were a mixed bag. Asian markets like Korea and Hong
Kong were lower by 0.5 percent while China was higher after Chinese PMI data
rose to 3-month high of 50.4. European markets, in the meanwhile, were trading
flat today ahead of euro zone PMI data later today. More information please
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