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The approval for the transaction is still awaited from the relevant authorities as a result of which Bharti Airtel has withdrawn from the proposed transaction causing huge loss to the company," Loop Mobile spokesperson told PTI.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

Sensex, Nifty flat; Sesa up 2%, Ashok Leyland hits new high

03:30 pm Market closing

The market closed flat dragged by some bit of profit booking. The Nifty consolidated at around 8300. The 50-share index ended at 8324, up 1.95 points while Sensex was down 5.45 points  at 27860.38. However, small & midcaps rallied with some smart gains. Realty index was up 3 percent.

Sesa Sterlite, Axis Bank, HDFC, SBI and ICICI Bank were top gainers while Gail, M&M, Coal India, Maruti and Bajaj Auto were among the laggards.

3:00 pm China economy

China's economy lost further momentum heading into the fourth quarter as a cooling property market weighed on activity and export demand softened, surveys showed, putting Beijing's official target for the year at even greater risk.

Analysts had already expected full-year growth to miss the goal of around 7.5 percent, but many thought there may be some signs of stabilisation in the world's second-largest economy late in the year after a flurry of stimulus measures.

Instead, the surveys showed demand at home and abroad continued to cool and the labour market remained under stress, while adding to fears that many companies are being starved of credit as banks grow more reluctant to lend.

02:30pm Dabur India up over 1%

FMCG major Dabur India has reported a 15.1 percent growth in net profit at Rs 287.5 crore in September quarter compared to Rs 249.74 crore in same quarter last year.

Total income from operations grew by 10.3 percent to Rs 1,929.6 crore in the second quarter of current financial year 2014-15 from Rs 1,748.90 crore in the year-ago period driven by consumer care as well as foods businesses.

The company maintained its volume growth within the guidance of 8-10 percent. Volume growth for September quarter was 8.7 percent compared to 8.3 percent in previous quarter.

Bottomline was in-line while topline was slightly lower than analysts' expectations. Profit was expected at Rs 286 crore on revenue of Rs 1,991 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

02:00pm Market Check

The market remained flat with a negative bias as the Sensex and Nifty consolidated their gains after hitting record highs last week. The BSE Midcap and Smallcap indices continued to outperform benchmarks, up 1 percent each.

The 30-share BSE Sensex fell 47.59 points to 27818.24 and the 50-share NSE Nifty declined 13.25 points to 8308.95. About 1679 shares have advanced, 1145 shares declined, and 117 shares are unchanged.
 

Andrew Holland of Ambit Capital said he expects the Nifty to hit 9000 before the Budget and will not be surprised to see a 50 basis points rate cut in the first quarter of calendar year 2015.

Sesa Sterlite topped the buying list in the Sensex, up 2 percent followed by Axis Bank, ICICI Bank, SBI and Reliance Industries with 0.6-1.5 percent while Gail India tanked 5.58 percent as CLSA downgraded the stock to sell from outperform. Mahindra and Mahindra, Coal India, Maruti Suzuki and NTPC lost 1.5-3 percent.

In macro data, the auto industry is in reverse gear as sales for the month of October missed expectations. The festive season failed to cheer, most auto makers like Mahindra & Mahindra, Maruti Suzuki, Tata Motors and Hero Motocorp reported a drop in sales.

Ashok Leyland surged 2.5 percent to touch a record high of Rs 47.50 after reporting a 23 percent rise in total sales at 8,375 units in October year-on-year.

The currency was trading weak at 61.41 to the dollar on account of dollar buying from importers and gains in the dollar overnight. Gold, in the meantime, struggled near a four-year low, trading at sub USD 1170 an ounce.

Globally, equity markets were a mixed bag. Asian markets like Korea and Hong Kong were lower by 0.5 percent while China was higher after Chinese PMI data rose to 3-month high of 50.4. European markets, in the meanwhile, were trading flat today ahead of euro zone PMI data later today. More information please visit this site www.bigprofitbuzz.com