3:30 pm Market close: The market ended a volatile session
on a weak note. The Sensex was down 170.45 points or 0.6 percent at 27225.93,
and the Nifty slipped 45.85 points or 0.5 percent at 8239.75. About 1526
shares advanced, 1186 shares declined and 157 shares were unchanged.
Bharti Airtel fell 4 percent while ITC, HDFC, Vedanta and Reliance were
major laggards in the Sensex. Axis Bank gained 5 percent. Among the top gainers
were Wipro, GAIL, Sun Pharma and ICICI Bank.
3:10 pm Market chcek: The market is slipping away as the
Sensex is down 180.62 points or 0.7 percent at 27215.76, and the Nifty slips
51.05 points or 0.6 percent at 8234.55. About 1504 shares have advanced, 1127
shares declined, and 165 shares are unchanged.
Bharti Airtel is down 4 percent while ITC falls 3 percent. Vedanta, HDFC and
Tata Motors are top losers in the Sensex. Among the gainers are Axis Bank,
GAIL, Wipro, Sun Pharma and ICICI Bank.
1:50 pm Market outlook: Straddled with long positions,
market participants are looking to exit at higher levels and "so we are
seeing selling each time index moves up, says Sanjay Dutt of Quantum
Securities. He sees further 3-5 percent downside from current levels.
He continues to believe that individuals should look at bargains rather than
entering at specific Nifty levels to make hay. He suggests looking at stocks
falling under capital goods, engineering and steel sectors. He actively
suggests Reliance Industries is a definite largecap buy for the next two
years.
Speaking of revenues of corporate India that have either shrunk or remain
flat, Dutt says the rupee-dollar equation remain a critical parametre and is
going to play out for next few weeks or months. The government is taking right
steps but recovery of macro economics take time. He sees revenue picking up after
two quarters when the festive season dawns.
1:30 pm Results: Housing Development Finance Corporation's
(HDFC) standalone profit increased 8 percent year-on-year to Rs 1,862.43 crore
in March quarter, impacted by deferred tax liability.
The housing finance company said the deferred tax liability during
January-March quarter was Rs 119.77 crore against Rs 87.29 crore in December
quarter and nil in the year-ago period.
Total income from operations grew by 12.5 percent to Rs 7,448 crore for the
quarter ended March compared to Rs 6,620.3 crore in the corresponding quarter
of last fiscal.
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The market continued to be choppy but the broader markets outperformed
equity benchmarks. The Sensex fell 62.67 points to 27333.71 and the Nifty
declined 9.80 points to 8275.80.
The BSE Midcap and Smallcap indices gained 0.5-1 percent. About 1535 shares
have advanced, 1011 shares declined, and 167 shares are unchanged on the BSE.
Sanjay Dutt of Quantum Securities said he sees another 3-4 percent downside
from current levels. Sectors like capital goods and infra are a good bet right
now, he believes.
Global markets remained mixed as investors are eyeing US Federal Reserve's
statement. The dollar hovered near an 8-week low.
Axis Bank topped the buying list on Sensex, up 3 percent as a poll expects
bank's net interest income growth at 18 percent and asset quality is expected
to be better than FY15 total guidance. For HDFC, analysts expect gross NPAs to
be steady this quarter.
Motherson Sumi climbed 3.5 percent as it got orders from Daimler to supply
exterior & interior systems to Mercedes-Benz vehicle generations. The
current orders will generate sales revenue of approximately Rs 15,400 crore and
will support Daimler's expansion activities, the company said.
Sugar stocks like Bajaj Hindusthan, Dhampur Sugar, Dwarikesh Sugar, Rana
Sugars, Triveni Engineering, Uttam Sugar and Shree Renuka gained 1-5 percent as
the government will raise sugar import duty to 40 percent from 25 percent to
prevent influx of cheap imports. Additionally, sources told that the government
cleared waiving off 5 percent excise duty on ethanol for blending with petrol. For
more information please visit this site www.bigprofitbuzz.com
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