11:35am Market Update : The market is
sluggish. The Sensex is down 9.45 points at 27876.76 and the Nifty is down 3.70
points at 8444.40. About 1057 shares have advanced, 1056 shares declined, and
155 shares are unchanged.
Banks are lending major support to the indices
with gainers like Axis Bank and ICICI Bank. M&M, Coal India and Tata Steel
are also up 1 percent each. Sun Pharma is still down 9 percent while Maruti, Dr
Reddy's, HUL and Hindalco are losers in the Sensex.
The rupee plunged by another 24 paise to hit a
new one-month low of Rs 63.15 against the dollar in early trade today at the
Interbank Foreign Exchange due to sustained demand for dollars from importers
and bankers. Dealers said a lower opening in the domestic equity markets also
weighed on the Indian currency. They attributed the rupee's fall to dollar
gains against other currencies overseas.
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10:35am
Market Update: Equity benchmarks extended losses with the Nifty falling
below 8400. The Sensex lost 188.02 points to 27698.19 and the Nifty slipped 61.35
points to 8386.75. About 881 shares have advanced, 1098 shares declined, and
137 shares are unchanged on the BSE.
Banks
are weak. Credit Suisse recommended reducing weight on Indian Banks and
selling corporate lenders including SBI and PNB. They have cut the target
price of the likes of Axis Bank and ICICI Bank and downgraded Bank of Baroda
and Yes Bank to neutral. SBI, HDFC Bank and HDFC fell 0.8-1.5 percent.
In
the broader space, Lanco Infratech climbed 5.5 percent as the company has
successfully completed sale of 1200 MW Udupi power plant to Adani Power.
However, Ramco Systems cracked 5 percent as the company reported revenue
growth of 4 percent with EBITDA declining 14 percent, margin at 19 percent
(against 23 percent Y-o-Y) and profit down 46 percent Y-o-Y to Rs 43.5 crore.
Meanwhile,
the rupee breached 63-mark, down 13 paise to 63.04 a dollar.
10:25am
Market Expert: The political tussle taking place in the parliament over
important business-evolving Bills like the Land Acquisition Bill is taking
its toll on the market, says Sandeep Bhatia, Executive Director & Head Of
Sales at Kotak Institutional Equities.
In
an interview, Bhatia says the Indian industry should be allowed to expand by
easy acquisition of land and the ongoings in the parliament act as a huge
headwind for the Nifty.
The
other headwind, he adds, is the Q4 earnings that are on the expected lines of
a slowdown. But if the earnings continue to lag growth, then information
technology will be the best sector to be in, he says.
10:00am
Market Check
The
market remained under pressure amid volatility. The Sensex fell 126.43 points
to 27759.78 and the Nifty declined 46.25 points to 8401.85. About 855 shares
have advanced, 991 shares declined, and 131 shares are unchanged on the BSE.
Sun
Pharma topped the selling list on Sensex, down nearly 10 percent as the
compnay saw multiple blocks on BSE and NSE at Rs 930-Rs 968 per share with
Daiichi Sankyo as the likely seller.
HCL
Technologies reacted negatively to its third quarter earnings. The stock fell
7 percent as the company reported a miss on all counts with dollar revenue at
USD 1.49 billion against estimates of USD 1.5 billion and rupee revenue down
0.2 percent Q-o-Q for the quarter. The constant currency growth was 2.7 percent
Q-o-Q against estimates of 3 percent and the margin decline was sharper than
estimates with EBIT margins declining to 21.33 percent against estimates of
22.58 percent with profit down 12.1 percent to Rs 1,683 crore.
Wipro
too slipped 3 percent ahead of its numbers today. The street is expecting a
dollar revenue to decline 0.2 percent with EBIT margins at 20.74 percent
against 21.77 percent Q-o-Q.
Tata
Sponge Iron plunged over 8 percent after the company reported a decline of 25
percent in total income to Rs 160.3 crore with EBITDA down 105 percent to Rs
1.7 crore and profit down 79 percent to Rs 8.57 crore Y-o-Y. For More
information please visit this site www.appsmine.org
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