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Monday, 27 April 2015

Sensex, Nifty erase morning gains; Idea, Bharti in focus

The market gave up morning gains but the Nifty managed to hold the 8200-mark. Technology, FMCG, pharma, oil and HDFC twins dropped while auto and select banks gained.

The Sensex fell 7.53 points to 27169.46 and the Nifty gained 0.10 points at 8213.90. About 1231 shares have advanced, 1033 shares declined, and 149 shares are unchanged on the BSE.

Globally, Asian markets remained mixed as investors are cautious ahead of a two-day policy meeting by the US Federal Reserve that begins later today. Brent crude prices fell to near USD 64 per barrel.

In earnings today, telecom majors Bharti Airtel and Idea Cellular traded flat ahead of their Q4 earnings. For Bharti Airtel, analysts expect a steady quarter for India wireless while Africa business may continue to see a lackluster quarter. poll indicated that consolidated profits may rise 9 percent sequentially. Idea Cellular's revenue growth is seen at 4.5-5 percent due to volume growth.

ICICI Bank climbed more than 5 percent, retaining its top position in the buying list on Sensex as the management guidance provided some relief. They said fresh impairments and slippages from the restructured loans will be lower as compared to FY15.

IOC, HPCL and BPCL gained anywhere between 2-4 percent. In a major boost for the oil marketing companies, the finance ministry agreed to fully compensate the Rs 8,600 crore of under-recoveries incurred in the fourth quarter of FY15. Goldman Sachs believes that OMCs are set for a strong earnings given full compensation of losses. For more information please visit this site

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