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Tuesday, 2 December 2014

Nifty ends below 8550 post RBI meet; auto dips, metals gain

03:30pm Market Closing

Equity benchmarks extended losses on Tuesday on keeping status quo on policy rats by Reserve Bank of India. The 10-year bond yield declined 0.9 percent on hopes of rate cut in 2015.

The 30-share BSE Sensex fell 115.61 points to close at 28444.01 and the 50-share NSE Nifty declined 31.20 points to 8524.70. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.9 percent and 0.55 percent, respectively.

About 1528 shares have advanced, 1407 shares declined, and 121 shares are unchanged on the Bombay Stock Exchange.

BPCL shed 4.27 percent after the government increased excise duty on petrol by Rs 2.25 per litre and diesel by Re 1 per litre. Asian Paints lost 3.4 percent on profit booking and rise in Brent crude oil prices.

Gail India, Mahindra & Mahindra, HDFC and Hero Motocorp were down 1.5-3 percent while Jindal Steel, Hindalco, NMDC, IDFC, Bharti Airtel, L&T, Sesa Sterlite and Tata Steel gained 1-5 percent.

03:15pm Rupee

The Indian rupee appreciated by 12 paise to 61.90 a dollar compared to previous day's closing value.

03:00pm Bajaj Auto under pressure

Bajaj Auto today reported six percent decline in motorcycle sales at 2,61,94 units in November 2014.

BAL said exports were up 23.93 per cent during the month at 1,65,733 units as compared to 1,33,731 units in November 2013.

In the commercial vehicles category, its sales stood at 47,311 units, up 48.36 percent, against 31,888 units in the same month of the previous year.

02:45pm NBCC jumps 5%

State-run National Buildings Construction Corporation said it has secured PMC work for construction /improvement/maintenance of roads at Miao-Vijaynagar (Arunachal Pradesh) costing Rs 1850 crore.

02:30pm FII View

Bharat Iyer, JPMorgan says India has been the best performing emerging market, with 30 percent gain this year so far in the MSCI USD index.

“Most sectors have seen a notable re-rating in valuations and in an environment of improving investor sentiment and supportive liquidity, the search for value has increased. Energy, industrials and consumer staples rank low on the composite relative ranking while financials, consumer discretionary and telecom sectors rank high,” he adds.

02:15pm 3G spectrum auction in February?

As the government plans to conduct 3G spectrum auction along with 2G radiowaves sale in February, it has asked telecom regulator TRAI to expedite the base price recommendations for it.

"DoT requested TRAI to expedite the process for its recommendations on the reserve price of 2100 Mhz band and related issues so that the auction of spectrum in this band could be conducted along with the auction of spectrum in the 800/900/1800 MHz bands scheduled in February 2015," TRAI said.

In the consultation paper today for valuation and reserve price of spectrum in 2100 MHz band, used for 3G services, the regulator has said that the Department of Telecom is in talks with the Defence Ministry for the vacation of the band and there are three possible scenarios under deliberation.

02:00pm Market Check

It’s a choppy day on the Dalal Street as the benchmark indices traded with a cut of 0.2 percent while midcaps outperform with gains of 0.6 percent.

The BSE Sensex declined 53.36 points to 28506.26 and the NSE Nifty slipped 15.65 points to 8540.25. About 1380 shares have advanced, 1397 shares declined, and 127 shares are unchanged on the Bombay Stock Exchange.

Andrew Holland of Ambit Investment continued to be extremely bullish on India. He has a Sensex target of 45000 over the next three years and believes the Nifty will hit 9000 before the Budget.

The Reserve Bank of India kept key rates unchanged but cut the March-end CPI inflation target to 6 percent from 8 percent earlier. RBI governor Raghuram Rajan says change in monetary policy stance now would be premature, adding RBI may change stance in early 2015 if inflation falls to 6 percent.

The government has increased the excise duty on petrol and diesel for the second time in the last one month. Excise on petrol increased by Rs 2.25 per litre and on diesel by Re 1 per litre. Oil marketing companies like BPCL, HPCL and IOC declined three percent each.

Global markets are upbeat today. China's Shanghai ended higher with 3 percent gain while European markets like FTSE, CAC and DAX are higher by almost 1 percent. Rebound in oil prices and hopes of more stimulus from China kept these markets active. More information please visit this site

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