03:30pm Market Closing: The
market closed at more than one-month high today with the Sensex rising 165.06
points to 29044.44. The Nifty ended above 8800 for the first time since March
5, up 53.65 points at 8834.
About 1702 shares have advanced, 1136 shares
declined, and 187 shares are unchanged on the BSE.
03:15pm S&P on India: India's
fiscal weakness remains a vulnerable spot in its sovereign credit profile,
ratings agency Standard & Poor's said today, warning that a financial or a
commodity "shock" may unwind fiscal improvements.
S&P said the government's efforts to rein-in
spending indicated the high priority of fiscal prudence, but warned that
spending on subsidies and heavy government debt remained concerns.
"Structural fiscal weaknesses continue to be
vulnerabilities of Indian sovereign creditworthiness," S&P credit
analyst Kim Eng Tan said, reaffirming India's BBB- sovereign credit rating with
a "stable" outlook.
"Although India's budgetary performances
have strengthened in recent years, its hard-won fiscal improvements could yet
unwind because of a financial or commodity shock," Tan added.
Last week, Moody's raised India's outlook to
"positive", which brought it a step closer to an upgrade of the
credit rating.
02:55pm Market Update: The
Sensex rose 157.18 points to 29036.56 and the Nifty gained 50.60 points at
8830.95. About 1702 shares have advanced, 1051 shares declined, and 189 shares
are unchanged on the BSE.
Shares of L&T, Reliance Industries, HDFC,
ITC, Sun Pharma, Bharti Airtel, HUL, BHEL, Cipla and Coal India gained 1-3
percent while M&M, Tata Motors, GAIL, Sesa Sterlite and Hindalco fell 1-2
percent.
02:45pm Escorts in News: Escorts
has entered into a joint venture with Rajot-based Amul Group for manufacturing
specialised tractors.
Escorts had joined hands with Amul Industries in
2012 for development and distribution of Steeltrac, a highly successful
speciality tractor.
"The Escorts-Amul joint venture is an
excellent strategic fit, presenting a unique opportunity to leverage the
complementary strengths of our robust product portfolio," said Rajan
Nanda, chairman and managing director of the company.
According to him, there has been an exponential
growth in the specialised tractors market.
Steeltrac is a specialised tractor, which is
complimentary to general purpose tractors which can efficiently facilitate
operations like inter-weeding for farmers growing row-crops such as groundnut,
cotton and sunflower.
02:30pm Divestment Buzz: According
to sources, the government’s divestment proposals include diluting 5 percent
stake in Bharat Electronics, which is likely to raise Rs 1,500 crore. A 15
percent stake sale in Hindustan Copper would fetch Rs 1,000 crore, and a
15 percent sale in ITDC, would raise Rs 163 crore.
Similarly, 15 percent stake sale in MMTC is
expected to raise Rs 800 crore, 15 percent in STC will fetch Rs 150 crore. A 10
percent in National Fertiliser is likely to raise Rs 200 crore, 5 percent in
RCF (Rs 160 crore), 15 percent in Neyveli Lignite (Rs 2,000 crore), 5 percent
in NTPC (Rs 6,000 crore), 10 percent in Engineers India (Rs 800 crore), 10
percent in Indian Oil Corp (Rs 8,200 crore), 10 percent in NMDC (Rs 6,000
crore), 5 percent BHEL (Rs 3,500 crore), 10 percent NALCO (Rs 1,400 crore), 15
percent NBCC (Rs 1,500 crore).
It remains to be seen how many of these companies
get the necessary approvals to go ahead with the divestment plan.
02:00pm Market Check
The market remained firm amid consolidation in
afternoon trade with the Nifty hovering around 8800 level. The Sensex rose
94.47 points to 28973.85 and the Nifty climbed 29.20 points to 8809.55.
About 1634 shares have advanced, 1078 shares
declined, and 189 shares are unchanged on the BSE.
Overall sentiment remained positive as markets
across the region gained as weak Chinese trade data intensified expectations
for more economic stimulus measures from Beijing. According to analysts,
corporate earnings will be the next medium-term trigger for the markets,
analysts said.
Bharti Airtel, BHEL, L&T, Coal India and HUL
are top gainers in the Sensex. Among the losers are GAIL, M&M, Hindalco,
Sesa Sterlite and Tata Motors. Meanwhile, the total market capitalisation of
nine of the top-10 Sensex firms advanced by Rs 1,02,729 crore last week, with
RIL and TCS stealing the show with maximum rise in valuation.
In the ranking of top-10 firms, TCS continued to
retain its numero-uno position followed by RIL, ITC, ONGC, HDFC Bank, Infosys,
CIL, Sun Pharma, SBI and HDFC. For more information please visit this site www.appsmine.org
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