1:55pm Market Update
The market pared some losses led by support from ITC, ONGC, HDFC and
Sun Pharma. the Sensex declined 230.61 points to 28227.49 and the Nifty lost
73.25 points to 8465.05.
About 1044 shares have advanced, 1724 shares declined, and 114 shares are
unchanged on the BSE.
ONGC gained over a percent after media report suggested that oil ministry
will cut subsidy burden of the state-run oil explorer and adjust cess payment.
01:50pm Credit Suisse on India
India's economy will see the fastest USD nominal growth in the world in
2015, Credit Suisse says.
Given growth outlook, equity market is not expensive in both absolute and
relative terms, it adds. Indian market is likely to see strongest earnings
growth among Asian peers, and even globally, bank says, reports Reuters.
01:20pm Maruti in News
Having run into troubles with institutional investors over its Gujarat
plant transfer to parent Suzuki, car maker Maruti now wants to seek
approval of minority shareholders after a proposed relaxation comes
into effect in the Companies Act.
Maruti Suzuki India had earlier planned to seek shareholders' approval
for the transaction in November. The Cabinet, meanwhile, has cleared a
slew of amendments this month to various aspects of the new Companies
Act.
"Now another new factor which is the proposed amendment to the
Companies (Amendment) Bill has come up. So it would not make sense to go
for the vote till we know what that bill is and what the future is,"
MSI Chairman RC Bhargava told PTI.
Once the changes come into effect, after Parliament's nod, it would
become easier for companies to get shareholder approvals for related party
transactions. Maruti's proposed plant transfer to Suzuki falls under this
category of transactions.
01:00pm Market Check
Equity benchmarks plunged one percent in afternoon trade weighed by banking,
technology, capital goods, auto and metals stocks. The 30-share BSE Sensex
plunged 305.66 points to 28152.44 and the 50-share NSE Nifty dropped 93.55
points to 8444.75.
Declining shares outnumbered advancing ones by a ratio of 1617 to 1044 on
the Bombay Stock Exchange.
Though the market was seeing profit taking, the market veterans are gung-ho
about the bull market continuing as the government stays the course on reforms
and the macro economic environment improves. An unexpected bonus for the
economy and the market has been the steep fall in crude oil prices.
Speaking to CNBC-TV18, Atul Suri of Rare Enterprises said it is a buy on dips
market but it is better to follow the longer trends in the market. He believes
Nifty will rally nearly 22 percent over the next six-nine months and will touch
10,460 by mid 2015.
Infosys kept its top position in the selling list, down 4.5 percent followed
by TCS, Larsen & Toubro, Mahindra & Mahindra, Sesa Sterlite, Dr Reddy's
Labs, BHEL and Hindalco Industries with 2-3.5 percent loss.
India's largest lenders State Bank of India, ICICI Bank and HDFC Bank fell
around 1.5 percent.
However, ITC gained for the third day, up over a percent on top of a 8
percent gains in previous week. HDFC, Bharti Airtel, Coal India and Sun Pharma
climbed 0.4-1.8 percent. More information please visit this site www.bigprofitbuzz.com
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