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Sensex, Nifty maintain positive momentum; TCS, Infy up 3%


The News International Team

02:00pm Just Dial in focus

JustDial, one of the leading search engine provider has planned a service launch in international markets with minimal investment for initial 2-3 years.

The company’s cost to download apps on mobile internet has escalated 3-4 times in the last year itself. Ramkumar Krishnamachari, CFO, JustDial is confident of app downloads to see a sharp rise via aggressive marketing spends.

In an interview with CNBC-TV18, he says Justdial’s Search Plus engine will be margin-accretive once it scales up. Their Search Plus engine is asset-light in capex as well as operating expenses.

“As and when these products scale up in terms of usage, these are definitely going to be high margin products for us. Our idea is to make sure that first to get the usage up, because these involve changes both at the user end as well as the vendor’s end”, he adds.

Moreover, the company’s premium listings that account for 45 percent of the revenue, stood at 16000, highest in 8 quarters.

01:40pm Nikkei Check

Japanese shares hit a seven-month high, with financial shares leading the gains, in the hope a cabinet reshuffle by Prime Minister Shinzo Abe giving fresh impetus to his “Abenomics” growth-promoting policies.

Exporters’ shares also rode high as the yen weakened to an eight-month low and solid US manufacturing data boosted their business prospects, even though US shares ended mixed the previous day.

The Nikkei share average rose 0.4 percent to 15,728.35, the third consecutive day of gains, which took the market to levels not seen since late January, reports Reuters.

01:25pm Market Expert

Vikas Khemani, CEO, Wholesale Capital Markets of Edelweiss Financial Services feels the market is well poised for long-term investments as FII and domestic flows continue to be strong. He further expects domestic market to grow significantly for the next 12-18 months.

He says that midcaps will outperform large caps for the next 3-4 years. Remain bullish on midcap pharma space, he advises investors.

01:00pm The market maintained positive momentum in afternoon trade with the Sensex rising 117.93 points to 27137.32 and the Nifty advancing 30.60 points to 8113.65. About 1414 shares have advanced, 1334 shares declined, and 136 shares are unchanged.

Ridham Desai of Morgan Stanley believes the market is in a midst of a multi-year bull run. He sees a 40 percent probability of Sensex hitting 33,900 by June 2015.

Shares of TCS, Infosys, Wipro and Bharti Airtel gained 3 percent while ITC, ONGC, GAIL, Hero Motocorp, Bajaj Auto and BHEL slipped 1-2 percent.

Tata Motors gained 1.5 percent as it won an order for 2700 buses under JNNURM scheme. The stock got a boost from brokerages as well. It remains Jefferies’ top pick in the sector. The brokerage upgraded the stock to a buy with a higher target of Rs 627 per share.

Oil marketing companies like HPCL, BPCL and IOC gained 1-2 percent as Brent crude prices hit a 16-month low.

Meanwhile the dollar index continued to hover near 14-month highs against a basket of major currencies, underpinned by upbeat US data and further supported by a sell-off in the yen.


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