Sensex plunges 340 pts; Tata Motors, Sesa Sterlite tank 5%

03:30pm Market Closing

 

Equity benchmarks erased some gains seen in previous session. The Sensex fell 339.90 points or 1.28 percent to 26297.38, and the Nifty lost 96.80 points or 1.22 percent to 7863.75. 

About 1012 shares have advanced, 1903 shares declined, and 112 shares are unchanged. 

03:00pm Market Update

 

Equity benchmarks extended losses in last hour of trade. The Sensex plunged 347.53 points or 1.30 percent to 26289.75 and the Nifty fell 103.85 points or 1.30 percent to 7856.70. 

About 942 shares have advanced, 1869 shares declined, and 118 shares are unchanged. 

Tata Motors and Sesa Sterlite fell more than 5 percent followed by Hindalco Industries and Tata Steel with 4-4.5 percent. ITC, HDFC, HDFC Bank, M&M, Axis Bank, Bharti Airtel, HUL and Coal India plunged 2-3 percent.

 02:30pm Cairn India in Focus

 Cairn India reported seven percent drop in second quarter production from its flagship Rajasthan oilfields, mainly due to a shutdown at the fields to carry out maintenance work. Rajasthan block production in July-September stood at 163,262 barrels of oil per day as compared to 175,478 bpd a year ago, the company said in a statement here.

 "At Rajasthan, we successfully completed the planned shutdown announced in Q1, for routine operational and statutory maintenance activity at the Mangala Processing Terminal, which resulted in lower production of 163,262 bpd," it said.

 Cairn said production is back to normal levels in the current quarter. "We are back to normal production levels at Rajasthan after the shutdown; excluding the shutdown period, Q2 production was comparable to Q1. We also utilised this opportunity to tie-in new facility enhancements related to development projects," the statement said. 

Cairn produced 204,128 barrels of oil and oil equivalent gas from all its fields in the country in Q2, down eight percent from 221,190 boepd in the corresponding period a year ago, reports PTI. 

Output from Ravva oil and gas field off the Andhra coast slipped 29 percent to 20,596 boepd as "gas sales have been suspended since July 4, 2014 on account of one of the customers undertaking a major unplanned maintenance activity within their Andhra Pradesh pipeline network.

 02:00pm Market Check

 The market has not been showing any sign of recovery yet. The Sensex dropped 196.20 points or 0.74 percent to 26441.08 and the Nifty tumbled 59.05 points or 0.74 percent to 7901.50. 

About 1038 shares have advanced, 1668 shares declined, and 120 shares are unchanged on the Bombay Stock Exchange. 

Nischal Maheshwari, Head Of Research, Edelweiss Securities expect a volatile ride for the Indian market since it is no more dependent on domestic fundamentals which have getting better by the day, but now there is cause of concern on the global fundamentals especially with IMF’s warning of global growth. 

However, every fall in the domestic market should be used as an opportunity to accumulate stocks where the earnings visibility is very strong, says Maheshwari. Although lower crude prices bodes well for India, it shows the demand world over has reduced, he adds. 

Commercial vehicle maker Tata Motors and aluminium major Hindalco extended losses in afternoon trade, down 5 percent and 4.31 percent, respectively. Tata Steel, ITC, M&M, Sesa Sterlite, Cairn India and NMDC tanked 3-4 percent. HDFC, HDFC Bank, L&T, Axis Bank, ONGC, HUL, Bharti Airtel and Maruti Suzuki were down 1-2.7 percent. 

However, Infosys maintained its northwared journey, up 6.34 percent post higher than expected earnings. Net profit of the company in Q2FY15 grew by 7.3 percent to Rs 3,096 crore and dollar revenue rose by 3.1 percent to USD 2,201 million on sequential basis. 

HCL Technologies, Sun Pharma, BHEL, Hero Motocorp, BHEL and Reliance Industries were other gainers, up 1-2.5 percent. 

Tyre stocks like JK Tyre and Apollo Tyres gained 1-2 percent as well as paint shares like Shalimar Paints and Asian Paints rallied 8 percent and 2 percent, respectively on fall in crude oil prices. Brent crude fell 1.4 percent to USD 88.88 a barrel. 

Paint and tyre companies are collateral beneficiaries of the decline in crude prices as a large part of their raw materials consists of oil coordinates. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty weak; BHEL, Infosys, DRL, Hero shine

12:35pm Europe Check

 

European markets opened lower with the France's CAC and Britain's FTSE falling 0.7 percent each while Germany's DAX declined 0.9 percent after disappointing German data. 

12:30pm PNB In News

 

State-owned Punjab National Bank (PNB) has slashed interest rates for bulk deposits over one month but raised it for deposits under one month. 

For deposits from one month to under 3 months, the new rate is 7.25 percent, down from 7.5 percent, while for bulk deposits from 91 days to under one year the new deposit rate is 8.5 percent from 8.75 percent earlier. 

However, PNB has not touched its retail or non-bulk deposits despite the fact that a few weeks back the country's largest public lender SBI cut its retail deposit rates for one year and above to 8.75 percent; in this category, PNB and other banks still offer 9 percent. 

12:00pm Market Check

 

Equity benchmarks continued to see selling pressure with the Sensex falling 227.78 points to 26409.50 and the Nifty slipping 65.25 points to 7895.30. But the fall in broader markets was less compared to largecap indices; the BSE Midcap and Smallcap indices declined 0.7 percent and 0.5 percent, respectively. 

About two shares advanced for every share advancing on the Bombay Stock Exchange. 

Deven Choksey of KR Choksey Shares & Securities says the much needed correction is coming which gives an opportunity for portfolio investors to invest at lower levels.

 According to him, the Nifty is in a broad range of 7800-8200 and one must buy when it comes to 7800 level that would be a good technical support for the market. 

Shares of Tata Motors, Hindalco Industries, Tata Steel, Mahindra and Mahindra, Sesa Sterlite, Jindal Steel and Cairn India kept top positions in the selling list, down 2.5-4 percent. 

However, along with Infosys (that maintained 6 percent gain from early trade on strong Q2 earnings), BHEL, Dr Reddy's Labs, Hero Motocorp, Sun Pharma, Asian Paints and HCL Technologies outperformed the market, up 1-2.5 percent. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty slip 1%; metals & FMCG drag, Infosys up 6%

10:50am Oil Prices

 Oil prices sank today to more than two-year lows as weak economic data from Germany underscored concerns over a global economic slowdown and its impact on energy demand, analysts said.

In Asian trade US benchmark West Texas Intermediate for November delivery tumbled USD 1.49 to USD 84.87, its weakest level since June 2012.

 Brent crude fell USD 1.61 to USD 88.44, also the lowest level since June 2012.

 The losses come as equities markets suffer another heavy sell-off.

 Another round of negative eurozone data showed a 5.8 percent slump in German exports in August, while leading think tanks also slashed their growth forecasts for the eurozone's largest economy.

 In the United States, a closely monitored report showed rising crude inventories, signalling weakening demand in the world's top oil consuming nation.

Meanwhile, prices have also been dampened by ample global supplies owing to increased US shale gas production and a return to the market of Libyan oil following a prolonged disruption due to civil unrest, reports PTI.

10:30am Market Expert

 Nilesh Shah MD & CEO, Envision Capital is positive on Indian equities and believes that Indian remains a strong buy.

The recent decline in commodity prices especially crude will be a huge advantage for India and will ease the pressure on its import bill. Also, the new government is taking steps to boost India’s macro-economic environment, hence the outlook for India will be positive for the next few years.

He recommends market participants to buy the market on dips. Any correction in good quality stocks should be seen as a buying opportunity, he added.

10:00am Equity benchmarks lost more than a percent on concerns over Europe growth. The Sensex fell 267.63 points to 26369.65 and the Nifty slipped 79.10 points to 7881.45 weighed down by metals, FMCG, banks and capital goods stocks.

 The broader markets too were under pressure with the BSE Midcap and Smallcap indices falling 0.9 percent each. More than two shares declined for every share advancing on the Bombay Stock Exchange.

 Infosys bucked the trend on better-than-expected performance in September quarter, up 6 percent. Its net profit in Q2FY15 grew by 7.3 percent to Rs 3,096 crore and dollar revenue jumped 3.1 percent sequentially to USD 2201 million as against expectations of 3.4 percent in profit and 2.9 percent in dollar revenue. The company also declared bonus issue in the ratio of 1:1 and dividend of Rs 30 per share.

 However, Tata Motors, Hindalco Industries and Tata Steel topped the selling list, down 3.5 percent each followed by HDFC, NTPC and Sesa Sterlite with 2.5 percent loss.

Shares of ITC, Reliance Industries, HDFC Bank, L&T, ICICI Bank, ONGC, M&M, HUL, Bharti Airtel, Axis Bank, Sun Pharma and SBI declined 1-2 percent. More information please visit this site www.bigprofitbuzz.com

Sensex sheds 300 points, Infosys up 5%

Equity benchmarks started of Friday's trade on a negative note following weak global cues post concerns over Europe growth.

 Infosys ' Q2 earnings beat the street estimates as it has reported a 7 percent growth in second quarter (July-September) profit at Rs 3,096 crore quarter-on-quarter and dollar revenue grew 3.2 percent to USD 2,201 million. The share was up more than 5 percent at Rs 3844.

 The Sensex declined 307.13 points or 1.15 percent at 26330.15, and the Nifty was down 97.05 points or 1.22 pecent at 7863.50. About 417 shares have advanced, 1168 shares declined, and 32 shares are unchanged 

Hindalco, Tata Steel, BHEL, Sesa Sterlite, DLF and Tata Motors declined 2-3 percent while Infosys, BPCL and Dr Reddy's Labs were gainers.

 The Indian rupee slipped marginally in early trade, down 10 paise to 61.15 a dollar compared to previous day's closing value.

 Pramit Brahmbhatt, Veracity said today investors are likely to trade cautiously ahead of vital macro data. He expects the rupee to trade rangebound to slightly weak taking cues from strong dollar. He sees rupee ranged between 60.60-61.40/USD. 

On the global front, Asian markets were down following Wall Street's selloff as investors worried over slowing growth in Europe.

 German exports dropped 5.8 percent in August, the largest decline since the financial crisis, saw the Dow tumble more than 300 points overnight, while the S&P 500 and Nasdaq slid more than 2 percent each. Remarks from European Central Bank (ECB) President Mario Draghi also weighed. Speaking at the Brookings Institute, he reiterated that quantitative 

US stocks sank, erasing all and more of the previous day's rally, as investors bypassed US corporate earnings and economic reports to focus on global concerns, including Europe's softening economy. 

European shares closed down after volatile trade reacting to weak economic data. Germany posted its biggest fall in foreign trade for five and a half years. German exports dropped 5.8 percent in August, the largest decline since the financial crisis. 

In commodities, crude prices hammered by relentless anxiety about oversupply and waning global demand. Brent crude dropped below USD 90 a barrel for the first time since 2012 and US crude hit a 22-month low.

From precious metals space, gold retained gains and is headed for its best week in nearly four months as a slump in equities attracted safe-haven bids for the metal. More Information please visit this site www.bigprofitbuzz.com

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Sensex closes 390 pts up; BHEL, Hindalco surge 6-8%

03:30pm Market Closing

 

Equity benchmarks staged smart recovery on Thursday after seeing a fall in previous three sessions. The Sensex climbed 390.49 points or 1.49 percent to 26637.28 and the Nifty rose 117.85 points or 1.50 percent to 7960.55 after the dovish cues from the Fed.

 About 2022 shares have advanced, 926 shares declined, and 107 shares are unchanged.

 BHEL, Hindalco Industries, SBI, Larsen and Toubro, ICICI Bank, Zee Entertainment, Ambuja Cements and ACC topped the buying list, up 2.4-8.4 percent while Wipro, NTPC, M&M, ITC, NMDC and BPCL were down 0.3-1 percent. Tech Mahindra lost 2.49 percent. 

03:10pm Cox & Kings in News

 Cox & Kings said the board of directors has approved raising of funds for an amount not exceeding Rs 1,200 crore through issuance of securities including equity shares or equity linked securities, including through a qualified institutions placement and/or issuance of equity shares through convertible bonds, depository receipts and/or any other instrument convertible or exchangeable into equity shares, and/or other securities with or without warrants, to eligible investors. 

03:00pm Market Check

 The Sensex climbed 408.69 points or 1.56 percent to 26655.48 and the Nifty rose 120.60 points or 1.54 percent to 7963.30. 

About 2030 shares have advanced, 877 shares declined, and 113 shares are unchanged. 

02:50pm Taneja Aerospace in Focus

 Taneja Aerospace and Aviation (TAAL) said the board of directors today approved the scheme of arrangement between TAAL) and TAAL Enterprises (TEL, a wholly owned subsidiary of the company), where the charter business and investments in First Airways Inc. and TAAL Tech India Private Limited (subsidiaries of the company) would be demerged into TEL. 

The appointed date of the scheme is October 01, 2014. The shareholding of TEL post demerger would be the same as TAAL.

 Shareholders will get one share in TEL for every eight shares held in TAAL.

02:40pm Infosys Q2 expectations

 India's second largest software services exporter Infosys will kick off second quarter (July-September) earnings season on Friday. While the operating numbers will be closely watched, of more interest to the market will be the strategy of newly appointed CEO Vishal Sikka.

 According to the average of estimates collated by CNBC-TV18, profit after tax is expected to increase 3.43 percent sequentially to Rs 2,985 crore from Rs 2,886 crore.

 Rupee revenue may grow 4.2 percent quarter-on-quarter to Rs 13,307 crore and dollar revenue is seen rising 2.9 percent to USD 2,195 million as against 2 percent growth in previous quarter. 

02:20pm Global markets

 

World stock markets roared their approval of reassurances the US Federal Reserve will not rush into raising interest rates, with risk appetite flooding back into almost every asset class. 

The dollar jolted lower, while oil and commodity prices rose. Bond yields in large parts of Europe, which have plunged during years of cheap funding from the Fed and the world's other major central banks, hit new record lows. 

Minutes of the Fed's September 16-17 meeting published late on Wednesday showed officials were wary about the dual threats of a stronger dollar and recent wobbles in the world economy as they seek an eventual exit from record low rates. 

There were big gains on Wall Street and for Asia stocks, and European shares duly followed suit as Britain's FTSE 100, Germany's DAX and France's CAC 40 rose 0.7, 1.2 and 0.8 percent respectively in early trading, reports Reuters. 

02:00pm Market Check

 Equity benchmarks maintained strong momentum with the Sensex rising 393.79 points or 1.50 percent to 26640.58 and the Nifty climbing 113.80 points or 1.45 percent to 7956.50 while the BSE Midcap and Smallcap indices jumped 1.8 percent and 1.6 percent, respectively.

 About 1965 shares have advanced, 856 shares declined, and 103 shares are unchanged on the Bombay Stock Exchange. 

Shares of ICICI Bank, HDFC, HDFC Bank, L&T, Reliance Industries, Axis Bank, Maruti Suzuki and Tata Power rallied 2-3 percent while PSU lender State Bank of India was up 3.5 percent. 

Hindalco Industries surged over 5 percent, reacting to Alcoa's Q3 numbers which beat estimates while BHEL spike 8 percent after the company bagged an EPC order worth Rs 7,800 crore from Tamil Nadu Generation & Distribution Corporation. 

However, ITC, Wipro and NTPC lost ground, down 0.3-1 percent.

 In the midcap space, Amtek India, Monsanto India, United Bank, Den Networks and Federal Bank rose 7-15 percent whereas Trinity Trade, Mindtree, Pfizer, Risa International and Responsive Industries slipped 1-5 percent. More information please visit this site www.bigprofitbuzz.com

Sensex up over 350 pts, Nifty hits 7950; ICICI, HDFC lead

01:40pm Hindustan Zinc in news

The government today submitted before the Supreme Court that it is yet to get direction on Hindustan Zinc (HZL) divestment from the finance ministry as the Finance Minister was indisposed and not available for a discussion on the matter.

 Further, the government has also clarified before the apex court that a final decision in this regard is unlikely to take place before 3-4 months.

Meanwhile the Supreme Court has also pulled up the CBI and asked the investigative agency to submit the statues update of the initial HZL divestment probe, which happened in 2002-03 under the earlier NDA regime.

The next hearing for the case is slated on October 14.

 01:30pm FII View

 Jyotivardhan Jaipuria, Bank of America Merrill Lynch says aggregate Sensex PAT is expected to show growth of 12 percent on a consolidated basis and 9.1 percent on standalone basis. There is also an expected deceleration in sales growth to 4.8 percent, he adds.

"However, good news is that forecast ex-energy PAT growth is strong at 16.4 percent. Secondly, EBITDA margin is expected to continue showing improvement. This is consistent with our view that earnings will recover gradually and show sharp growth from 2HFY16. Near-term, we continue to expect market to be range-bound with negative bias due to slower than expected reform pace," says Jaipuria.

01:00pm Market Check

 The market extended northward journey in afternoon trade with the 30-share BSE Sensex rising 388.68 points or 1.48 percent at 26635.47 and the 50-share NSE Nifty hitting 7950 level, up 114.35 points or 1.46 percent at 7957.05 supported by banking and financials, oil and gas, and capital good stocks.

More than two shares advanced for every share declining on the Bombay Stock Exchange. Meanwhile, the rupee gained 47 paise to 60.92 a dollar compared to previous day's closing value.

Top lenders State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank, and housing finance company HDFC gained 2.4-3 percent followed by capital goods majors L&T and BHEL with 2.4 percent and 5.5 percent upmove.

Aluminium major Hindalco Industries maintained its strong gains, up 5.5 percent after Alcoa's Q3CY14 earnings. Cipla gained over 2 percent on collaboration with Teva Pharma for South African market.

Among others, Tata Motors, ONGC, Reliance Industries, TCS, Sun Pharma, Bharti Airtel, Maruti Suzuki, Tata Steel, Sesa Sterlite, Tata Power and Gail India rallied 1-2 percent. However, Coal India, NTPC, Wipro and Infosys were only losers.

SBI, Infosys, Force Motors, Hinduja Global, Dr Reddy's Labs, ICICI Bank, Hindalco Industries and Jaiprakash Associates were most active shares on exchanges. More Infromation Please visit this site www.bigprofitbuzz.com