Sensex rangebound; DLF, Sesa, SBI, RIL, Axis most active

03:15pm Symphony Q1 earnings 

Air coolers maker Symphony surpassed street expectations on every parameter with the first quarter (July-September) standalone net profit rising 51 percent to Rs 21.6 crore on the back of strong growth in revenue and operational income. Profit in the year-ago period was Rs 14.3 crore.

 According to CNBC-TV18 poll estimates, analysts had expected the company to report profit of Rs 18 crore on revenue of Rs 96 crore for the quarter. 

Net sales grew 42.5 percent to Rs 102.7 crore in the quarter ended September 2014 compared to Rs 72.1 crore in same quarter last year. 

Operating profit or EBITDA climbed 71.4 percent on yearly basis to Rs 23.8 crore and margin expanded by 390 basis points to 23.2 percent during the quarter, which were expected at Rs 19.9 crore and 20.7 percent, respectively. 

02:58pm Brent Crude check

 Brent crude fell to just above USD 88 a barrel in a well-supplied market as expectations faded that OPEC could cut output in an effort to shore up prices. 

The global oil benchmark has declined more than 20 percent from the 2014 high in June as supplies rose and demand slowed in the United States, Europe and China. 

Investors expecting a production cut from OPEC to support prices were disappointed as Saudi Arabia and Kuwait played down the possibility of the Organization of the Petroleum Exporting Countries reducing output. 

OPEC, which produces about 40 percent of the world's crude oil, is due to meet in late November to discuss output targets, reports Reuters. 

02:30pm Interview

Videocon Industries is looking to raise money via its D2H business. The company is planning to launch an initial public offering (IPO) worth Rs 700 crore by January-February 2015, said CMD Venugopal Dhoot, in an interview to CNBC-TV18. The IPO will value company at Rs 5,400 crore. 

The Mumbai-headquartered company currently has a D2H base of around 90 lakh users which is likely to double over the next five years.

The company had earlier in the year sold 10 percent stake in its Mozambique plant to Oil India and ONGC Videsh for nearly Rs 15,000 crore. The board is yet to decide about how to use that money. The company may also look to cut down debt which currently stands at around Rs 22,000 crore. 

Meanwhile, Dhoot says Videocon is likely to focus more on its Brazilian operations as the field there has 10 million barrel of oil and equivalents. He expects oil and gas discovery in Brazil. The Brazilian fields are expected to start production from FY16. 

02:00pm Market Check

Equity benchmarks continued to trade in a tight range with the Nifty consolidating in 7850-7900 band ahead of Maharashtra and Haryana state elections that will be Wednesday. Banks and healthcare stocks supported the market while technology and HDFC twins remained under pressure. 

The Sensex rose 13.94 points to 26398.01 while the Nifty declined 4.15 points to 7880.10. About 1309 shares have advanced, 1466 shares declined, and 107 shares are unchanged.

Shares of Axis Bank, State Bank of India, Bajaj Auto, BHEL, HUL, Hindalco and Tata Power topped the buying list, up 2-3.5 percent followed by Reliance Industries, Bharti Airtel, Gail and Coal India with 1 percent loss. 

However, ITC, HDFC, TCS, Tata Motors, ONGC and Sesa Sterlite fell 1-1.7 percent. 

DLF, BF Utilities, SBI, Sesa Sterlite, Axis Bank, Reliance Industries and Infosys were most active shares on exchanges. 

In the midcap space, Den Networks, BF Utilities, NBCC, ABG Shipyard and Symphony shot up 7-19 percent while Risa International, HCC, Trinity Trade, Jyothy Labs and Hindustan National Glass declined 3-7 percent. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty choppy; Sesa Sterlite recovers, Bajaj Auto up

01:30pm Market Expert

The improving macro numbers will surely give us an advantage in this kind of a market, especially when the global markets are so volatile, says Taher Badshah of Motilal Oswal AMC.

The consumer price inflation for the month of September cooled off to its all-time low of 6.46 percent , the lowest since India started computing consumer price index (CPI) in January 2012, led by lower food prices and fuel costs. The food inflation trimmed down to 7.67 percent against 9.42 percent MoM.

There are lot of good things going in our favour. We have seen a significant amount of decline in oil prices but the corresponding translation of it into the domestic economy is yet to happen. So, the market will probably wait for a cut in diesel prices post elections. I think that has the capability to drive down these inflation numbers even lower as we go ahead,” he says.

According to Badshah, Indian market has the ability to resist heawinds of global effect, however the only thing that it is lacking right now is FII flow. “When the weather becomes favourable, we may see the flows coming back,” he adds.

 01:00pm Market Check

 Equity benchmarks remained marginally weak amid consolidation in afternoon trade with the Sensex declining 21.48 points to 26362.59 and the Nifty falling 14.70 points to 7869.55.

The index found 7850 as its support due to fall in inflation. September inflation eased to 2.38 percent (hit a five-year low) versus 3.74 percent in previous month aided by lower food inflation which hit a 33-month low at 3.52 percent.

DLF lost over 26 percent after Sebi barred company and six of its senior executives from accessing capital markets for three years. Analysts say there will be no major impact on company's operations but it will push forward any plans for further equity issuance and could postpone value unlocking.

Sesa Sterlite recovered from day's low, down 1.7 percent (compared to more than 10 percent fall in late morning trade) after Goa Mineral Ore Exporters' Association clarified that Supreme Court order will impact only a part of total inventorised cargo of 15.2 million tonne out of which Sesa's share is seen to the tune of about 3-4 million tonnes.

Reliance Industries' second quarter net profit came in at Rs 5,972 crore, beating street estimates, led by higher than expected USD 8.30 per barrel gross refining margins. Macquarie reiterated outperform rating on the stock, with a target of Rs 1100 while CLSA expects EBITDA to double.

 Bajaj Auto is among the top Nifty gainers today ahead of its earnings. A CNBC-TV18 poll sees net profit rising 4 percent to Rs 870 crore. Superior product mix, currency benefits and operating leverage are expected to aid margins. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty recover post WPI inflation; SBI, Axis gain 2%

12:30pm Nikkei falls

 

Japan's Nikkei share average tumbled 2.4 percent to a fresh two-month closing low on Tuesday on fears global economic weakness will weigh on US growth, while a stronger yen dragged down exporters such as Toyota Motor Corp and Honda Motor Co. 

The Nikkei share average dropped 364.04 points to end at 14,936.51, the lowest closing level since Aug. 8.

 It also broke below its 200-day moving average, also for the first since Aug. 8. 

The dollar crawled up 0.4 percent to 107.235 yen, but remained in close range of a one-month low of 106.76 hit earlier in the session, reports Reuters. 

12:00pm The market recouped its morning losses after WPI inflation in September dropped to five-year low. The Sensex declined 27.63 points to 26356.44 and the Nifty fell 15.45 points to 7868.80. 

Wholesale Price Index (WPI) inflation in September eased to 2.38 percent from 3.74 percent in August led by fall in fuel, food and manufactured products prices. The WPI was expected to come in at 3.1 percent.

The consumer price inflation data for the month of September, which was released yesterday, cooled off to its all-time low of 6.46 percent, the lowest since India started computing consumer price index (CPI) in January 2012, led by lower food prices and fuel costs. 

Top lender State Bank of India and its rival Axis Bank gained 2 percent each. State-run power equipment maker BHEL topped the buying list, up 4 percent. 

Shares of Reliance Industries, Sun Pharma, Bajaj Auto, Bharti Airtel, Cipla and Tata Power gained 1-1.9 percent. However, DLF fell 26 percent followed by Sesa Sterlite, ITC, TCS, HDFC and Tata Motors with 1-4 percent loss. More information please visit this site www.bigprofitbuzz.com

Sensex, Nifty erase early gains; DLF tanks 21%, RIL gains

Equity benchmarks gained half a percent in opening trade led by easing CPI inflation in September and better-than-expected numbers from Reliance Industries in Q2, but could not sustain those gains. 

The Sensex fell 45.99 points to 26338.08 and the Nifty declined 19.05 points to 7865.20 weighed down by technology, metals, private banking and financials stocks.

About 781 shares have advanced, 510 shares declined, and 39 shares are unchanged on the Bombay Stock Exchange.

Shares of Bajaj Auto gained 1.5 percent ahead of Q2 earnings. Axis Bank, Coal India, Bharti Airtel, Reliance Industries and IndusInd Bank rose 1.3-1.6 percent. 

However, DLF tanked 18 percent after market regulator SEBI barred company and its six executives from accessing capital markets for 3 years. Hero Motocorp, Cipla, ITC, Dr Reddy's Labs, BPCL and HCL Technologies were under pressure. 

And what brought some much-needed macro cheer for the economy, the consumer price index (CPI) for September fell to all-time low of 6.46 percent versus expectations of 7.2 percent. Meanwhile, in key data today, the wholesale price index (WPI) for September is expected to soften further to 3.1 percent. 

The Indian rupee gained in the opening trade. It rose 15 paise to 60.93 per dollar versus previous day's closing value of 61.08 a dollar. 

Ashutosh Raina of HDFC Bank said the global growth concerns are back to haunt the markets, resulting in re-emergence of risk-off sentiment. "The WPI inflation number, declared after market hours yesterday, should cheer the markets," he added. 

He expects the currency to trade in a 60.50-61.50/dollar range, with an appreciating bias." 

The dollar fell against a basket of major currencies on persisting concerns about global economic growth and worries that the Federal Reserve may delay its first interest rate hike. 

On the global front, markets were in the red with the US markets slumping and the S&P 500 falling below its average from the past 200 days. Meanwhile, the CBOE VIX jumped 16 percent, the highest level since June 2012. Nikkei that opened after a day’s holiday tanked 2 percent on a strong yen. More information please visit this site www.bigprofitbuzz.com

Sensex recovers, Nifty hits 7850; Infosys at new high

Equity benchmarks recovered in afternoon trade supported by metals, technology and select banking and financials stocks. The Sensex declined 27.94 points to 26269.44 and the Nifty slipped 5.55 points to 7854.40. 

About 1207 shares have advanced, 1473 shares declined, and 108 shares are unchanged. 

Dipan Mehta, member, BSE and NSE sees the market moving in a narrow band, which is not good for any bull market. 

He has a negative to cautious outlook on the market. He cautions investors not to conclude that support will be at 7800. He says global headwinds and domestic macro numbers will play on the minds of the investors and traders. 

Infosys topped the buying list, up 2.2 percent to hit a record high of Rs 3,975.50 after brokerages raised target price on the stock on strong Q2 earnings. TCS, Axis Bank, Hero Motocorp, Tata Steel, Coal India and Tata Power gained 1-2 percent followed by HDFC, SBI, Hindalco Industries and Sesa Sterlite with 0.4-0.9 percent upside. 

However, Cipla, Bharti Airtel and Mahindra and Mahindra kept top position in the selling list, down 2-4 percent. L&T, ITC, Dr Reddy's Labs, Sun Pharma, NTPC and Wipro slipped 0.5-1.8 percent. More information please visit this site www.bigprofitbuzz.com

Nifty holds 7800 amid pressure; Infosys, TCS, Hero shine

10:55am Crude check

 

Global oil futures lost more than a dollar after Saudi Arabia and Kuwait signalled ample supplies and their willingness to bear lower prices to defend market share, although better than expected trade data from China pared oil's losses.

 China's export and import growth unexpectedly trumped forecasts in September, while the world's largest energy consumer increased crude oil imports by 9.5 percent from a month ago, data showed on Monday. 

10:30am Diamond Power Infrastructure up 12 percent

 Diamond Power Infrastructure, the manufacturer of power transmission equipment and turnkey services provider (EPC), has reported a 29.2 percent growth in second quarter (July-September) net profit at Rs 40.3 crore led by higher revenue growth, lower raw material cost and other expenditures but impacted by higher depreciation and tax expenses. Profit in the year-ago period was Rs 31.2 crore. 

Net sales jumped 34.5 percent to Rs 895.6 crore in the quarter ended September 2014 compared to Rs 665.8 crore in same quarter last year driven by power cables, transformer, conductors and towers businesses. 

10:00am Market Check

 The 50-share NSE Nifty managed to claw back above the 7800 level amid selling pressure, down 40.70 points or 0.52 percent at 7819.25 while the 30-share BSE Sensex declined 154.95 points or 0.59 percent to 26142.43. 

The broader markets slipped too with the BSE Midcap and Smallcap indices falling 0.6 percent and 0.25 percent, respectively. About 787 shares have advanced, 1009 shares declined, and 56 shares are unchanged on the Bombay Stock Exchange. 

Sandip Sabharwal of asksandipsabharwal.com is not surprised by the recent fall in the Indian market. He says the dollar rally was indicative of pullout of risks. 

Markets across the globe, developed markets included, always resist the fall initially and then give up, he adds. In this context, it is very difficult for a country like India to move up in the face of a troubled macro-economic situation. 

Wipro extended losses, down 2.5 percent followed by Cipla with 2 percent decline. ITC, Reliance Industries, HDFC Bank, ICICI Bank, Larsen and Toubro, Mahindra and Mahindra, ONGC, Bharti Airtel, Dr Reddy's Labs and NTPC lost 1-1.7 percent.

 However, Infosys, TCS and Hero Motocorp outperformed, up over a percent. State Bank of India, Axis Bank, Tata Steel and Hindalco Industries traded with marginal gains. More information please visit this site www.bigprofitbuzz.com

Nifty breaks 7800, Sensex falls 180 pts; Tata Motors drops

09:40am Market Update

 

The 50-share NSE Nifty breached 7800 level for the first time since August 18, 2014, down 61.55 points or 0.78 percent at 7798.40. The 30-share BSE Sensex fell 179.46 points or 0.68 percent to 26117.92.

About 621 shares have advanced, 828 shares declined, and 50 shares are unchanged. 

Shares of Tata Motors, Bharti Airtel, ICICI Bank, HDFC Bank, ITC, L&T and Wipro declined 1-2.5 percent while Infosys, Hero Motocorp and TCS bucked the trend.

 09:30am Market Expert

 

Sandip Sabharwal of asksandipsabharwal.com is not surprised by the recent fall in the Indian market. He says the dollar rally was indicative of pullout of risks. 

Markets across the globe, developed markets included, always resist the fall initially and then give up, he adds. In this context, it is very difficult for a country like India to move up in the face of a troubled macro-economic situation. 

Sabharwal says at the moment, for India, inflation is not a concern, but growth is. Going ahead, he sees GDP downgrades and expects the next quarter to be even worse considering there will be a huge agri element.

 According to him, the overall macroeconomic scenario, ex-inflation, looks bad. 

09:15am Market Check

 

Equity benchmarks opened lower on weak global cues. The Sensex declined 119.37 points to 26178.01 and the Nifty fell 53.45 points to 7806.50. About 440 shares have advanced, 568 shares declined, and 46 shares are unchanged.

 Bharti Airtel, Sesa Sterlite, Hindalco Industries, BHEL, Larsen and Toubro, DLF and Jindal Steel lost 1.5-2 percent. However, Infosys gained further, up over a percent followed by Reliance Industries, Sun Pharma, Hero Motocorp, BPCL, IndusInd Bank and Lupin with marginal gain. 

Globally, the US markets logged their worst week since May 2012 with benchmark indices ending in the red for the third straight week after Standard & Poor downgraded its outlook for France to negative from stable. 

The CBOE VIX spiked 13 percent with the Asian shares extending losses today following last week's selloff with oil markets under pressure ahead of key Chinese data. Japanese market is shut for a public holiday today.

 European shares closed sharply lower over global growth concerns and weak economic data from Germany. 

In other asset classes, the dollar continues to gain against most currencies. The euro is trading weak as ECB president Mario Draghi re-affirmed economic slowdown concerns. 

And the strength in the dollar index also stalled the rally in gold prices capping four days of gains. The international gold prices trade around the USD 1200 dollar mark as widespread economic concerns and a dollar rally kept commodities muted.

 Brent crude was trading near the USD 89 mark on rising supplies while Nymex crude fell below USD 85. More Information Please visit this site www.bigprofitbuzz.com