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Thursday, 4 December 2014

Sensex, Nifty consolidate; midcap, smallcap outperform

10:55am Ashiana Housing in News

Shares of Ashiana Housing hit a life high of Rs 216 on foraying into Chennai's real estate market.

The New Delhi-based real estate firm has entered the Chennai market by signing a development agreement, on revenue sharing basis, with Escapade Real Estate.
Escapade is a group company of Chennai-based real estate company Arihant Foundations and Housing. The joint venture will develop a 'senior living project' as well as 'regular group housing project' on 20 acres (approximately) of land with saleable area of 9.70 lakhs square feet (approximately), said the company in its filing.

10:25am Market Expert

Ajay Srivastava of Dimensions Consulting expects the market to correct in January as he feels the market is getting too optimistic about the macro recovery and about the upcoming Budget.

In an interview to CNBC-TV18, he says the excise duty hikes in fuel is a clear indicator of the stress being faced by the government in meeting revenue targets.

Srivastava is advising investors to be cautious while investing in midcaps as the gains in quite a few are unwarranted.

10:00am Market Check
Equity benchmarks remained in a consolidation mode for the fourth consecutive session today but the broader markets outperformed frontline indices. The BSE Midcap and Smallcap indices gained 0.6 percent and 0.9 percent, respectively.

The 30-share BSE Sensex rose 47.17 points to 28609.99 and the 50-share NSE Nifty advanced 10.70 points to 8575.10. More than two shares advanced for every share declining on the Bombay Stock Exchange.

Shares of ITC, Larsen & Toubro, HDFC, ICICI Bank, Reliance Industries, Mahindra & Mahindra, Axis Bank and Bharti Airtel were top contributors to the Sensex down 0.4-1 percent.

However, the fall in TCS, Infosys, HDFC Bank, Hindustan Unilever, Wipro, Dr Reddy's Labs, State Bank of India, Hero Motocorp and Sun Pharma capped the gains. These stocks declined 0.2-1 percent.

Among midcaps, Pipavav Defence, Atul, Honeywell Automation, Sundaram-Clayton and NBCC rallied 4-8 percent while Vaibhav Global, Kaveri Seed, Responsive Industries, Coromandel International and Natco Pharma fell 2-3 percent.

In the smallcap space, SQS India BFSI, Selan Exploration, Mangalore Chemicals, Zensar Tech and Elantas Beck surged 8-13 percent whereas Moryo, Supreme Infra, Sunflag Iron, Genus Power and PFL Infotech slipped 2-5 percent. More information please visit this site

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