Sensex, Nifty volatile; metals melt further, ONGC loses 1%

10:30am Market Expert

Lack of supply pressures have kept stocks at elevated levels, says Nilesh Shah, MD and CEO, Axis Capital. He expects divestment to help investors create new positions and feels short-term corrections are healthy for Indian market in “the long-term”.

Shah, who prefers equities against the fixed income asset class, feels gilt funds are unlikely to outperform equity markets. He expects banking and financial sectors to grow at a faster rate and recommends staying overweight on the sector.

Shah expects earnings growth to pick up in the next 2 years and sees strong demand in Indian markets from international and local investors.

“The market looks to be well supported for next the 3-5 years… We are looking to adopt more bottom-up approach,” he said.

10:00am Market Check

Equity benchmarks remained in a consolidation mode after a more than one percent fall seen in previous session. The Sensex declined 17.49 points to 28101.91 and the Nifty fell 11.05 points to 8427.20. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.3 percent each.

About 1057 shares have advanced, 797 shares declined, and 87 shares are unchanged on the Bombay Stock Exchange.

Geoff Dennis, UBS said the brokerage upgraded upgrade China and India to overweight within global emerging markets and cut Korea and Taiwan to neutral. "We go into 2015 with an overweight in Asia, as lower oil prices should boost corporate margins," he added.

Metals stocks like Sesa Sterlite, Hindalco Industries and Tata Steel shed around a percent in addition to 2-3 percent fall in previous session. Power stocks namely Tata Power and NTPC, power equipment maker BHEL slipped 1 percent each.

Shares of ITC, HDFC, ONGC, Larsen & Toubro, Tata Motors, Axis Bank and HUL dipped 0.6-1.3 percent whereas TCS, Sun Pharma, ICICI Bank, Infosys, Dr Reddy's Labs, HDFC Bank and Wipro bounced back after yesterday's fall, up 0.5-1.5 percent. More information please visit this site www.jsrtrade.com

Sensex surges, Nifty above 8350; Bharti falls 3%, banks up

03:30 pm Market closing: The market ended with some smart gains after hitting record highs. The Sensex ended up 55.50 points at 27915.88 and the Nifty was up 16.70 points at 8340.85. About 1633 shares have advanced, 1385 shares declined, and 108 shares were unchanged.

Axis Bank, Sun Pharma, Dr Reddy's Labs, ICICI Bank and SBI were top gainers in the Sensex. Among the losers were Hindalco, Sesa Sterlite, Coal India, Hero MotoCorp and Bharti Airtel

2:50 pm Market check: The market gets back its buying spree in the last few minutes of trading. The Sensex is up 125.23 points at 27985.61 and the Nifty is up 33.85 points at 8358.00. About 1671 shares have advanced, 1256 shares declined, and 113 shares are unchanged.

Axis Bank, Dr Reddy's Labs, SBI, ICICI Bank and Sun Pharma are top gainers in the Sensex. Among the losers are Sesa Sterlite, Coal India, Hindalco, Bharti Airtel and NTPC.

2:30 pm Deal snapped: Telecom major Bharti Airtel has called off its plans to acquire business and assets of Mumbai based Loop Mobile, for about Rs 700 crore, as the Department of Telecom is yet to clear the deal.

"Loop Mobile and Bharti applied to DoT for approval of the business transfer in March 2014. The approval for the transaction is still awaited from the relevant authorities as a result of which Bharti Airtel has withdrawn from the proposed transaction causing huge loss to the company," Loop Mobile spokesperson told PTI.

DoT is yet to give clearance to the deal as it estimates that Loop Mobile and its sister concern Loop Telecom owe about Rs 808 crore in spectrum and other charges to the government. Loop Mobile's permit in Mumbai is expiring on November 29 and the company did not purchase spectrum in February auction which was mandatory for continuing its operations. More information please visit this site www.bigprofitbuzz.com

BSE Sensex, Nifty flat; Coal India, Sesa, Bharti laggards

The Sensex is off the day's high after scaling the 28,000 mark. The Nifty is below the 8,350 levels. The midcap index continues to outperform after hitting a fresh record high in early trade. The Sensex is up 37.26 points at 27897.64 and the Nifty up 10.05 points at 8334.20. About 1600 shares have advanced, 1281 shares declined, and 105 shares are unchanged.

Coal India, Sesa Sterlite, Bharti Airtel, Hindalco and Tata Power are laggards while Sun Pharma, Axis Bank, SBI, Dr Reddy's Labs and ICICI Bank are top gainers in the Sensex.

Committing to more reforms and eliminating corruption, Finance Minister Arun Jaitley today said steps taken by the new government were aimed at creating fair and transparent business environment and ending crony capitalism.

The government was also looking at areas like labour reforms, privatisation of some state-owned companies and improvement of land acquisition laws, the Minister said, while adding that the reforms can't be just "one sensational idea".

    

"You can damage the economy by one bad idea.

Retrospective taxation is one bad idea that damaged the economy," Jaitley said while speaking at the India Economic Summit here. More Information please visit this site www.bigprofitbuzz.com

Sensex, Nifty continue to gain; banks surge, metals fall

The market manages to maintain its uptrend. The Nifty is at 8355.70, up 31 points while the Sensex is 27967. 77, up 104 points.

Bank stocks are up while metals are down. SBI, Sun Pharma, Axis Bank, Bajaj Auto and ICICI Bank are top gainers in the Sensex. Among the losers are Sesa Sterlite, Coal India, M&M, Hindalco and Bharti Airtel.

Brent crude dropped further below USD 83 a barrel, stretching losses into a fifth session, as weak economic data from top energy consumer China stoked worries about demand in a market that is already battling a deepening global supply glut.

Services sector growth in China weakened in October as new business cooled, a private survey showed, coming just days after previous data revealed sluggish factory growth in the world's second largest economy. More information Please visit this site www.bigprofitbuzz.com

Sensex up over 100 pts, Nifty holds 8350; SBI, ITC gainers

9:40 am Market update: NSE rates are updating now. The Nifty is at 8350.50, up 26 points. The Sensex is up 101.89 points at 27962.27. Sun Pharma, Tata Power, BHEL, SBI and ITC are top gainers in the Sensex. Among the losers are Coal India, Tata Steel, Sesa Sterlite, Hero MotoCorp and Hindalco.

9:30 am Buzzing: Shares of Hexaware jumped 8 percent, touching 52-week high at Rs 213 per share intraday . Investors are hurriedly buying shares of the software firm as its third quarter earnings were strong. Hexaware has posted a net profit of Rs 86 crore in the quarter ended September, up 12.3 percent sequentially. In dollar terms, its revenue grew 7.9 percent quarter-on-quarter (up 11.4 percent on yearly basis) to USD 110 million.

The company has said Europe has led the geographic growth while BFSI and Emerging segments led growth among verticals. In rupee terms, the software service firm’s Q3 revenue jumped 9.9 percent Q-o-Q (up 8 percent Y-o-Y) to Rs 671 crore.

According to a CNBC-TV18 poll, Q3 net profit was expected at Rs 83 crore on a revenue of Rs 645 crore. Hexaware added 10 new clients added in Q3 2014.

OMCs in good spot, see crude at USD 70/bbl: HDFC Sec

The market has opened on a higher note. The Sensex is up 80.29 points at 27940.67. NSE rates not are updating. About 609 shares have advanced, 144 shares declined, and 37 shares are unchanged.

Tata Power, TCS, Sun Pharma, Sesa Sterlite, ICICI Bank are top gainers in the Sensex. Among the losers are Tata Motors, NTPC, Infosys, HUL and Maruti are among the losers.

The Indian rupee opened marginally lower at 61.35 per dollar on Wednesday against 61.40 on Monday.

The dollar nursed modest losses as investors decided to take some profits on a four-session rally that swept the greenback to multi-year highs against the yen and euro.

Himanshu Arora of Religare said, "USD-INR pair is expected to trade slightly higher today amid strength in dollar against basket of currencies and a fear of increasing risk in the market. Range for the rupee is seen between Rs 61.24-61.65/dollar."

Asian markets were trading lower on Wednesday. Sentiment in Asia was also under further pressure after the European Commission cut its growth forecasts for the euro zone on Tuesday. The body now forecasts growth of just 0.8 percent this year, down from the 1.2 percent forecast in May.

Brent crude prices slipped to USD 82 per barrel, touching its lowest point since October 2010. Top oil exporter Saudi Arabia cut prices to the United States but raised them to Asia and Europe.

From precious metals space, gold snapped its four-session losing streak, boosted by a drop in the dollar index and expectations of Asian physical demand following bullion's tumble to a four-year low. More Information Please visit this site www.bigprofitbuzz.com