Home / Business / Money / Sensex, Nifty close flat; auto banks zoom, metals melt

Sensex, Nifty close flat; auto banks zoom, metals melt


The News International Team

03:30 Market closing

The market ended the choppy session on a flat note. The Nifty ended a bit lower than 7900, up15.80 points at 7891.10 and the Sensex was up 45.82 points at 26360.11. About 1673 shares advanced, 1344 shares declined and 97 shares are unchanged.

Autos and banks kept the uptrend intact. Bajaj Auto, SBI, M&M, Sun Pharma and HDFC Bank were top gainers in the Sensex. Among the losers were NTPC, Sesa Sterlite, Tata Steel, Dr Reddy’s Labs and Hindalco.

03:00pm Blue Star, Voltas on buyers’ radar

The June quarter was a strong one for the air conditioner industry despite adverse macro-economic conditions, says Pradeep Bakshi, Chief Operating Officer, Voltas. Demand has been quite strong in July and August as well, he told CNBC-TV18. Bakshi says Voltas’s growth in the AC segment has been higher than the industry rate, which was around 8 percent last year. 

Speaking on the same, B Thiagarajan, ED, Blue Star says the air conditioners market is set for an explosive growth over the next five years. He sees a compounded annual growth rate of around 30 percent in this period. The second and third quarters of this year could see softness in sales because of seasonality, but Blue Star has set an internal target of 20 percent growth for the full year.

02:45pm Jubilant Foodworks in focus

CLSA maintains buy rating on the stock with a target price of Rs 1,500 apiece.

Notwithstanding the near-term concerns, the brokerage believes that the Indian food services is a structural growth story. Jubilant should be a key beneficiary of a gradual improvement in consumer sentiments driving up discretionary consumption, it adds.

02:25pm Interview

Titan is banking on studded jewellery to gain marketshare going forward as it gives better margin than plain gold. In an exclusive interview to CNBC-TV18, S Subramanian, CFO of Titan said growth in studded jewellery segment has been quite encouraging in the last couple of quarters. Last year, this segment contributed about 28 percent to the overall business of the company.

He informed that the company has gained immensely from Golden Harvest  — the 11+1 scheme — which will pave way for a bumper Q2. Although the scheme has to be closed down, Titan is planning to come out with another scheme which is more compliant with the New Companies Act by next quarter.

02:00pm Equity benchmarks continued to trade higher with marginal gains amid volatility, supported by banks and auto stocks. The Sensex rose 69.79 points to 26384.08 and the Nifty climbed 17.30 points to 7892.60.

About 1534 shares have advanced, 1323 shares declined, and 107 shares are unchanged.

Bank Nifty advanced over a percent as top lenders like Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank, State Bank of India, Axis Bank and HDFC Bank gained 1-3 percent.

Bajaj Auto topped the buying list in the Sensex, up 3 percent followed by Sun Pharma with 1.8 percent. However, NTPC, Dr Reddy’s Labs, Hindalco Industries, Sesa Sterlite and United Spirits lost 1-2 percent.

Ferrous stocks like SAIL and Tata Steel declined after the cabinet hiked royalty rates on iron ore to 15 percent from 10 percent earlier. MOIL too was under pressure as manganese royalty rates upped to 5 percent from 4.2 percent earlier.

Zee Entertainment is all set to replace United Spirits on all NSE indices with effect from the September 19.

Global markets subdued today with the Asian equities closing in the red as China economy fears deepened after Chinese HSBC PMI fell to 3-month low of 50.3. Even Eurozone data disappointed with the manufacturing PMI sliding to 13-month low.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...