03:30pm Market Closing: The market closed at more than
one-month high today with the Sensex rising 165.06 points to 29044.44. The
Nifty ended above 8800 for the first time since March 5, up 53.65
points at 8834.
About 1702 shares have advanced, 1136 shares declined, and 187 shares are
unchanged on the BSE.
03:15pm S&P on India: India's fiscal weakness remains a
vulnerable spot in its sovereign credit profile, ratings agency Standard &
Poor's said today, warning that a financial or a commodity "shock"
may unwind fiscal improvements.
S&P said the government's efforts to rein-in spending indicated the high
priority of fiscal prudence, but warned that spending on subsidies and heavy
government debt remained concerns.
"Structural fiscal weaknesses continue to be vulnerabilities of Indian
sovereign creditworthiness," S&P credit analyst Kim Eng Tan said,
reaffirming India's BBB- sovereign credit rating with a "stable"
outlook.
"Although India's budgetary performances have strengthened in recent
years, its hard-won fiscal improvements could yet unwind because of a financial
or commodity shock," Tan added.
Last week, Moody's raised India's outlook to "positive", which
brought it a step closer to an upgrade of the credit rating.
02:55pm Market Update: The Sensex rose 157.18 points to
29036.56 and the Nifty gained 50.60 points at 8830.95. About 1702 shares
have advanced, 1051 shares declined, and 189 shares are unchanged on the BSE.
Shares of L&T, Reliance Industries, HDFC, ITC, Sun Pharma, Bharti
Airtel, HUL, BHEL, Cipla and Coal India gained 1-3 percent while M&M, Tata
Motors, GAIL, Sesa Sterlite and Hindalco fell 1-2 percent.
02:45pm Escorts in News: Escorts has entered into a joint
venture with Rajot-based Amul Group for manufacturing specialised tractors.
Escorts had joined hands with Amul Industries in 2012 for development and
distribution of Steeltrac, a highly successful speciality tractor.
"The Escorts-Amul joint venture is an excellent strategic fit,
presenting a unique opportunity to leverage the complementary strengths of our
robust product portfolio," said Rajan Nanda, chairman and managing
director of the company.
According to him, there has been an exponential growth in the specialised
tractors market.
Steeltrac is a specialised tractor, which is complimentary to general
purpose tractors which can efficiently facilitate operations like inter-weeding
for farmers growing row-crops such as groundnut, cotton and sunflower.
02:30pm Divestment Buzz: According to sources, the
government’s divestment proposals include diluting 5 percent stake in Bharat
Electronics, which is likely to raise Rs 1,500 crore. A 15 percent stake sale
in Hindustan Copper would fetch Rs 1,000 crore, and a 15 percent sale in
ITDC, would raise Rs 163 crore.
Similarly, 15 percent stake sale in MMTC is expected to raise Rs 800 crore,
15 percent in STC will fetch Rs 150 crore. A 10 percent in National Fertiliser
is likely to raise Rs 200 crore, 5 percent in RCF (Rs 160 crore), 15 percent in
Neyveli Lignite (Rs 2,000 crore), 5 percent in NTPC (Rs 6,000 crore), 10
percent in Engineers India (Rs 800 crore), 10 percent in Indian Oil Corp (Rs
8,200 crore), 10 percent in NMDC (Rs 6,000 crore), 5 percent BHEL (Rs 3,500 crore),
10 percent NALCO (Rs 1,400 crore), 15 percent NBCC (Rs 1,500 crore).
It remains to be seen how many of these companies get the necessary
approvals to go ahead with the divestment plan.
02:00pm Market Check
The market remained firm amid consolidation in afternoon trade with the
Nifty hovering around 8800 level. The Sensex rose 94.47 points to 28973.85 and
the Nifty climbed 29.20 points to 8809.55.
About 1634 shares have advanced, 1078 shares declined, and 189 shares are
unchanged on the BSE.
Overall sentiment remained positive as markets across the region gained as
weak Chinese trade data intensified expectations for more economic stimulus
measures from Beijing. According to analysts, corporate earnings will be the
next medium-term trigger for the markets, analysts said.
Bharti Airtel, BHEL, L&T, Coal India and HUL are top gainers in the
Sensex. Among the losers are GAIL, M&M, Hindalco, Sesa Sterlite and Tata
Motors. Meanwhile, the total market capitalisation of nine of the top-10 Sensex
firms advanced by Rs 1,02,729 crore last week, with RIL and TCS stealing the
show with maximum rise in valuation.
In the ranking of top-10 firms, TCS continued to retain its numero-uno
position followed by RIL, ITC, ONGC, HDFC Bank, Infosys, CIL, Sun Pharma, SBI
and HDFC. For more information please visit this site www.bigprofitbuzz.com
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