03:30 pm Market ending
The market ended with some gains. The Sensex was up 128.23 points at
28355.62 and the Nifty gained 39.20 points at 8565.55. About 1349 shares advanced,
1383 shares declined, and 228 shares were unchanged.
Tata Motors and ICICI Bank jumped 4 percemt while SBI, M&M and Tata
Steel were up 3 percent. TCS fell 3 percent while HDFC, Sun Pharma, Reliance
and HUL were laggards in the Sensex.
03:20 pm Nasscom guidance
The Indian IT outsourcing sector is expected to see export revenue growing
12-14 percent in the financial year starting in April, an industry lobby group
said on Tuesday.
The sector's exports in 2015-16 are forecast to rise to as much as USD 112
billion, according to the National Association of Software and Services
Companies (Nasscom).
That compares with an estimated rise of about 12 percent from the previous
12 months, in the fiscal year ending on March 31, Nasscom said. Top Indian
outsourcing companies Tata Consultancy Services and Infosys have been seeing
benefits of a global economic recovery spill over their clients' technology
budgets.
This has boosted business for outsourcing firms, who make as much as
three-quarters of sales by providing services including technology
infrastructure management and development of software applications to clients
in the United States and Europe.
03:00 pm Poll
Bank of India is expected to register a solid 39.8 percent increase
(year-on-year) in profit at Rs 818.6 crore for October-December quarter,
according.
The sharp spike in profitability is on the back of low base in the year-ago
period. In Q3FY14, profit had fallen 27 percent Y-o-Y to Rs 586 crore as
provisions climbed 53 percent Y-o-Y to Rs 1,404 crore.
Net interest income, the difference between interest earned and interest
expended, may jump 15.8 percent to Rs 3,148.3 crore in the quarter ended
December 2014 from Rs 2,719 crore in same quarter last year.
02:40pm Market Update
The 30-share BSE Sensex continued to consolidate at around 28250 level, up
22.30 points to 28249.69 while the 50-share NSE Nifty rose 7.40 points to
8533.75.
About 1172 shares have advanced, 1465 shares declined, and 216 shares are
unchanged on the Bombay Stock Exchange. The broader markets were under pressure
as the BSE Midcap was trading flat with negative bias and Smallcap declined 0.5
percent.
02:30pm United Bank falls
United Bank of India has turned profitable during October-December quarter
due to sharp slide in provisions and jump in other income. However, the net was
impacted by lower net interest income.
Net profit for the quarter stood at Rs 41.8 crore in December quarter
against loss of Rs 1,238 crore in same quarter last year. However, net interest
income (the difference between interest earned and interest expended) fell 18.2
percent year-on-year to Rs 622.5 crore during the same period.
Other income (non-interest income) shot up 92.5 percent to Rs 426 crore and
operating profit climbed 10.6 percent to Rs 602.8 crore on yearly basis.
Provisions for bad loans dropped 72 percent year-on-year (up 47.8 percent
sequentially) to Rs 520.4 crore with provision coverage ratio at 52.48 percent
in December quarter.
02:00pm Market Check
The market gave up all it's gains in afternoon with the Nifty trading below
8500 due to selling in Reliance Industries, HDFC and TCS. The 30-share BSE
Sensex declined 135.18 points to 28092.21 and the 50-share NSE Nifty lost 38.80
points to 8487.55.
The market breadth was also weak. About 1092 shares have advanced, 1483
shares declined, and 230 shares are unchanged on the Bombay Stock Exchange.
Arvind Sanger of Geosphere Capital Management says India continued to look
interesting in the short term. He remains positive on banks, but sees headwinds
like higher oil prices, weak earnings for the market.
IT sector was under pressure after industry body NASSCOM says that IT sector
growth in FY15 has come in at 13 percent which was at the lower end of guidance
of 13-15 percent, adding currency volatility led to drop in overall revenues.
TCS lost 2.7 percent and Wipro declined 1 percent. Index heavyweights
Reliance Industries plunged 3.6 percent and HDFC decliend 2.6 percent. Sun
Pharma, L&T, Axis Bank, ONGC, HUL and Maruti Suzuki were down 1-2.7
percent.
However, Infosys, Tata Motors, ICICI Bank, M&M, SBI, GAIL and Coal India
gained 1-2.6 percent.
Global markets traded weak as tensions of Greek debt negotiations and
geopolitical concerns in Ukraine weighed on sentiment. Fresh Chinese inflation
data also added to investors' concerns. France's CAC, Germany's DAX and
Britain's FTSE were down 0.2-0.5 percent.
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