12:58pm Market Update
The market maintained its morning gains with the Sensex
rising 62.18 points to 27465.72 and the Nifty gaining 23.75 points to 8272.
The market breadth was positive as about 1510 shares have
advanced and 1060 shares declined on the Bombay Stock Exchange. The BSE Midcap
Index gained 0.9 percent and Smallcap climbed 0.8 percent.
12:45pm Interview
KEC International bagged orders worth Rs 1412 crore in
T&D and cable businesses.
According to Ramesh Chandak, MD & CEO, the average
margins for these new orders would be over 10 percent, which are much better
than earlier 5.5-6 percent margins.
Moreover, with the last two quarters showing a pick-up in
growth, FY15 overall has been a better year, says Chandak.
The order book backlog is more than Rs 9000 crore including
these recent orders and the L1 for the company is more than Rs 2000 crore, says
Chandak.
12:30pm Brent crude
falls further
Brent crude prices dropped towards USD 57 a barrel on
Wednesday as weak Chinese manufacturing data and demand concerns outweighed
supply disruptions in Libya.
China's factory sector shrank for the first time in seven
months in December, with the final HSBC/Markit Purchasing Managers' Index (PMI)
for this month coming in at 49.6.
The final reading was higher than a preliminary reading of
49.5, but down from the final 50.0 in November. The 50.0 mark separates growth
from contraction.
China is the world's second largest oil consumer and any
contraction in its factory sector can have a big impact on demand.
Brent for February delivery fell 69 cents to USD 57.21 as of
0622 GMT, after earlier dropping as low as USD 56.87.
US crude for February delivery was down 50 cents to USD
53.62, reports Reuters.
12:00pm Market Check
Equity benchmarks continued to trade higher with marginal
gains while the broader markets outperformed. The Sensex advanced 45.02 points
to 27448.56 and the Nifty rose 17.25 points to 8265.50.
The BSE Midcap and Smallcap indices gained 0.8 percent each.
About 1443 shares have advanced, 977 shares declined, and 109 shares are
unchanged on the Bombay Stock Exchange.
The rupee inched higher on global unwinding of dollar longs,
up 8 paise to 63.30 a dollar. Indian traders too sold long dollar positions
ahead of January quarter which is usually strong for the rupee.
State-run power equipment maker BHEL and drug maker Dr
Reddy's Labs topped the buying list on Sensex, up 2 percent each followed by
ICICI Bank, Reliance Industries, Axis Bank, Infosys, SBI, ITC, NTPC and ONGC
with 0.2-1 percent gains.
Telecom stocks were in focus as Telecom Regulatory Authority
of India released recommendations on reserve price and valuation for 2100
megahertz. Reserve price pan-India kept at Rs 2720 crore. Analysts say overall,
reserve price is on the higher side and only serious players are expected to
bid. Bharti Airtel gained nearly a percent.
Auto stocks were sluggish reacting to the likelihood of the
government withdrawing excise duty concessions to the auto industry from January
1. Maruti told that the company has not received any communication from the
government as yet but do not expect long term negative impact on car demand.
Mahindra & Mahindra fell 1.6 percent. Bajaj Auto and Maruti Suzuki declined
over half a percent while Tata Motors and Hero Motocorp rebounded, up over 0.4
percent.
Globally, China led gains, up 2 percent in thin trade
despite data showing slight contraction in manufacturing activity. More information
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