9:50 am Earnings poll:
Private
sector lender HDFC Bank is expected to report a 21 percent growth in profit
after tax of Rs 2,398 crore in second quarter of current financial year 2014-15
compared to Rs 1,982 crore in same quarter last year, according to the average
of estimates of analysts polled by CNBC-TV18.
Net
interest income, the difference between interest earned and interest expended,
may grow by 18 percent to Rs 5,275 crore in the quarter ended September 2014
from Rs 4,476.5 crore in corresponding quarter of last fiscal. Loan growth is
estimated at more than 18-20 percent year-on-year, which is similar to Q1
growth of 20.7 percent led by corporates while retail growth was modest at 14
percent.
9:35 am Coal e-auction:
In a move
to decide the fate of coal blocks that were de-allocated by the Supreme Court
recently, the government on Monday proposed an ordinance to allow e-auction of
mines to private players while adding that state-run companies would be
allocated mines directly. The process would be completed in three-four months,
finance minister Arun Jaitley said today, adding that proceeds of the auction
would go directly to states where respective mines are located. However, in
what would come as a disappointment to investors as well as key sectors related
to coal mining, such as power, the government stopped short of allowing full
commercial mining, with the FM stating that the ordinance would only feature an
“enabling provision” to allow the same in future.
The
decision by the government, which has been a logical progression in the wake of
the Supreme Court to cancel coal licences to captive users, however, came as
disappointing to experts tracking the sector as well as companies related to
it.
After a
strong rally, the market has opened tepidly on Dhanteras, a day considered
auspicious for buying gold. The Sensex is up 59.32 points at 26489.17 and the
Nifty is up 16.15 points at 7895.55.
About 485
shares have advanced, 142 shares declined, and 20 shares are unchanged.
Sesa
Sterlite, NTPC, Hindalco, Cipla and Tata Steel are top gainers in the Sensex.
Among the losers are ONGC, Coal India, HUL, M&M and Sun Pharma.
Meanwhile,
both the exchanges have decided to extend the trading session for Gold Exchange
Traded Funds on Tuesday till 7 PM on account of Dhanteras - a day considered
auspicious for buying gold.
Besides,
both the bourses have decided to waive off the transactions charges for all
trades in gold ETF securities on that day.After the regular market hours from
9:00 AM to 3:40 PM, trading in gold ETFs will resume at 4:30 PM and continue
till 7 PM, the exchanges said.
Gold
prices rise to USD 1,245 an ounce as renewed weakness in European stocks
boosted interest in the metal as an alternative asset, though a tentative
recovery in risk appetite in other markets limited its gains.
The Indian rupee opened marginally higher at
61.30 per dollar against previous close of 61.36.
Major
currencies traded in tight ranges with investors facing a vacuum of data and
modest price changes in global markets.
Ashutosh
Raina of HDFC Bank said, "The markets seem to be taking a breather after
the volatile and turbulent last week. The Rupee continues to trade in a broad
60-62/dollar range. Expect the rupee to appreciate from current levels and
trade in 60.50-61.50/dollar range."
In US the
stocks climbed, with the S&P 500 marking its longest winning run in a
month, as Apple's quarterly results outdid disappointment that came with a
reduced outlook from IBM.
Asia
stocks seem to have paused after yesterday’s big rally. Nikkei is lower after
the index witnessed its biggest daily rise in more than a year. The stronger
yen is also dragging the index down further The mood is cautious ahead of key
Chinese economic data. Chinese third-quarter GDP, industrial output, fixed
asset investment and retail sales for September.
Among commodities, Brent crude prices slip below
USD 86 per barrel resuming a downward move that took the global oil benchmark
to near a four-year low last week as supply overwhelmed weak demand in several
key markets. More Information please visit the site www.bigprofitbuzz.com
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