10:20am FII View
Bhuvnesh Singh, Barclays says the Q3FY15 earnings season is
off to a positive start with 6 out of 11 BSE-100 companies reporting 'beats' on
earnings consensus estimates. “However, the FY15 EPS growth rate estimate for
BSE-100 declined to 13.1 percent, down 300 basis points since the end of the
last earnings season,” he adds.
The ex-energy earnings growth estimate stands at 17.1
percent. Among sectors, energy and materials have witnessed downgrades of 292
bps and 161 bps respectively since the start of the current earnings season.
Other sectors have seen modest changes.
10:00am Market Check
Equity benchmarks climbed further in morning trade today
with the Nifty racing towards 8600 level supported by banking & financial
and metals stocks. The broader markets too participated in an uptrend as the
BSE Midcap and Smallcap indices gained 0.8 percent each.
The 30-share BSE Sensex rose 160.87 points to 28422.88 and
the 50-share NSE Nifty climbed 48.65 points to 8599.35. Nearly three shares
advanced for every share declining on the Bombay Stock Exchange.
Shares of Tata Steel and Hindalco Industries rallied more
than 2 percent after better than expected China GDP data. The world's second
largest economy grew 7.3 percent in the fourth quarter of last year against forecasts
of 7.2 percent. Sesa Sterlite advanced 1.6 percent.
Major banks like State Bank of India and Axis Bank surged
1.8 percent each after RBI issued revised guidelines on banks' base rates
yesterday. ICICI Bank was up 0.8 percent and HDFC Bank gained 0.4 percent.
Shares of ITC, Infosys, Reliance Industries and ONGC gained
0.5-1 percent whereas HUL shed 1.5 percent after reporting 3 percent volume
growth in Q3FY15. GAIL lost 2 percent on profit booking. L&T, M&M, Hero
Motocorp, Sun Pharma, Bajaj Auto and BHEL were marginally in the red. More
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