03:30pm Market Closing
Equity benchmarks closed flat amid consolidation on Wednesday but the
broader markets outperformed frontline indices. In fact, the CNX Midcap index
ended at record closing high, up 1.5 percent.
The 30-share BSE Sensex fell 1.30 points to 28442.71 while the 50-share NSE
Nifty rose 12.95 points to 8537.65. About 1926 shares have advanced, 1088
shares declined, and 117 shares are unchanged on the Bombay Stock Exchange.
Shares of ONGC, Cipla, BHEL, HUL, NTPC, Jindal Steel and Asian Paints topped the buying list, up 2-8 percent while Dr Reddy's Labs, HDFC, Bharti Airtel, Hindalco Industries, HDFC Bank and Zee Entertainment fell 1-2.5 percent.
Eicher and Bajaj FinServ were top contributors to midcap gain while major
gainers on midcap index were Financial Technologies, Suzlon and Sun TV Network.
03:15pm Construction stocks in News
The government eased FDI rules for construction sector and DIPP releases
press note on FDI in construction development. IVRCL, HCC, NBCC and NCC gained
5-10 percent.
02:55pm SAIL OFS on Friday?
The government will conduct SAIL's offer for sale (OFS) on Friday, reports
CNBC-TV18 quoting unnamed sources.
Ministers' panel will meet tomorrow to fix floor price, say sources, adding
there are no plans of the government to offer heavy discount to institutional
investors.
CNBC-TV18 learnt that the government may provide limited discounts to retail
investors and will communicate to stock exchanges today on OFS timeline.
02:30pm BHEL, ONGC in focus
BHEL has successfully developed, manufactured and commissioned India's first
phase shifting transformer Kothagudem Thermal Power Station in Telegana. The
stock gained 2.5 percent.
State-run oil & gas explorer ONGC climbed over 3 percent after agencies
report indicated that the government is considering reworking company's subsidy
formula. According to the report, reworking subsidy formula could improve ONGC
profitability.
Another state-run company Oil India also saw buying interest, up 1 percent.
02:25pm RBI comfortable with current account deficit
The Reserve Bank of India is "reasonably comfortable" with the
current account deficit because of lower oil prices, deputy governor HR Khan
said, after the country last week unexpectedly eased some rules on gold
imports.
"We are reasonably comfortable from the current account point of view
because of oil," Khan told reporters in the sidelines of an event in
Mumbai.
"So taking all that into account, a view has been taken that we'll give
up this 80:20 (rule on gold imports)," Khan told reporters.
India on Friday scrapped a rule mandating traders to export 20 percent of
all gold imported into the country - in what had been known as the 80:20 rule.
India will soon announce the current account deficit for the July-September
quarter, reports Reuters.
02:00pm Market Check
The market remained lacklustre in afternoon trade with the Nifty trading in
a 20 points range. The index advanced 13 points to 8537.70 and the Sensex rose
11.27 points to 28455.28.
The broader markets maintained strong momentum with the BSE Midcap and
Smallcap indices gaining 1.6 percent each. About 1864 shares have advanced, 974
shares declined, and 107 shares are unchanged on the Bombay Stock Exchange.
Midcap auto stocks like Eicher Motors and TVS Motor saw heavy buying
interest today after Goldman Sachs resumed coverage on both stocks with a buy.
On TVS Goldman has a 12-month target of Rs 345 and on Eicher, a 12-month target
of Rs 19,235.
Insurance companies such as Reliance Capital and Max India rallied 4-7
percent on news of FDI in insurance making headway. Reports indicate the
Congress has back key reforms measures and the draft report is expected in
first 10 days of December after which the panel will approve it and will tabled
in the house thereafter.
Bajaj Electricals, Havells and Surya Roshni surged between 5-17 percent on a
CNBC Awaaz exclusive news that all government offices and municipal
corporations will have LED lights.
However, Pratibha Industries declined 5 percent after Crisil downgraded the
company's ratings to negative to reflect the expectation of continuing pressure
on the group's financial risk profile.
The company told CNBC-TV18 that its net debt is at Rs 1,700 crore and it expects
debt to be down by Rs 200-300 crore by end of 2015 via monetisation of non-core
assets. More information please visit this site www.bigprofitbuzz.com
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