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Friday, 16 January 2015

Nifty hovers around 8500; Coal India, L&T, Sesa gainers

1:30 pm Result poll: With results for Infosys and TCS out of the way, all eyes will be on the country’s third-largest IT services exporter Wipro when it reports quarterly earnings Friday. A poll of analysts forecasts the firm’s dollar revenues to grow 0.76 percent to USD 1785 million while revenue in rupee terms may rise 1.35 percent to Rs 11,070 crore. Operating profits are seen at Rs 2,431 crore while EBIT margin is seen unchanged at 22 percent. Analysts will also likely watch out for guidance the company gives for the fourth quarter, likely to come in at 1-3 percent or 2-4 percent – crucial because weakness in Wipro’s strongest vertical, energy (17 percent of revenues) may bog down revenue growth.

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The market is still flat as the Sensex is up 48.25 points at 28123.80. The Nifty is up 13.90 points at 8508.05. About 1361 shares have advanced, 1341 shares declined, and 313 shares are unchanged.

Coal India, L&T, Sesa Sterlite, M&M and BHEL are top gainers in the Sensex while Bharti Airtel, SBI, Tata Motors, Hero Motocorp and TCS are among the laggards.

Brent futures edged higher holding above USD 48 a barrel on positive technical price momentum, although few analysts expect a strong rebound anytime soon as global output continues to outweigh demand.

Still, crude markets may be bottoming out, analysts said, as prices were receiving support around current levels.

Despite the slight price gains, oil opened up into a wobbly market after Switzerland jolted markets already roiled by plunging commodities prices by abandoning its currency cap on Thursday. More information please visit this site

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