The News International Team
03:30pm Market Closing
Equity benchmarks saw consolidation on Friday after seeing over a percent rally in previous session. The Sensex fell 21.79 points to 27090.42 while the Nifty gained 6.70 points at 8121.45.
About 1434 shares have advanced, 1616 shares declined, and 103 shares are unchanged.
TCS, Cipla, Maruti Suzuki, HDFC, Wipro, Zee Entertainment, HCL Technologies, Grasim and Tech Mahindra were top gainers, up 1-3 percent whereas L&T, ONGC, SBI, HUL, Hero Motocorp, Jindal Steel and DLF declined 1.5-4.5 percent.
In the midcap space, Monsanto India, Jindal Saw, Schneider Electric, India Cements and JK Cement surged 8-17 percent. However, Suzlon Energy, Den Networks, Punj Lloyd, Trinity Trade and Responsive Industries lost 4.5-10 percent.
03:10pm Market Check
The volatility continued in equity benchmarks with the Sensex rising 6.28 points to 27118.49 and the Nifty adding 13.75 points to 8128.50. TCS, HDFC, Wipro, Cipla, Maruti Suzuki, Dr Reddy’s Labs, NTPC and Hindalco Industries rallied 1-3 percent.
However, Larsen and Toubro, ONGC, Reliance Industries, State Bank of India, Tata Motors, HUL, Mahindra and Mahindra, and Hero Motocorp declined 1-2.5 percent on profit booking.
03:00pm JSW Steel in News
JSW Steel looks at foraying into the European market by looking at acquiring other steel assets there, says Sajjan Jindal, company Chairman and MD adding that they are eyeing good opportunities that fit into their policies and systems.
The company awaits Italian government’s reply on Lucchini after sending its final binding bid. “We have given a final binding bid to the government of Italy so we are awaiting their response, they have to go to their committees and all and then it will conclude”, says Jindal in an interview with CNBC-TV18.
Further, the steel player has applied for CCI’s approval to acquire Welspun Maxsteel, he adds. JSW Steel was down 3.4 percent to Rs 1,290.40.
02:25pm Market Expert
On a one-year basis, the market is already up 36 percent. Sashi Krishnan, CIO, Birla Sun Life Insurance says the equity market has gone up on the back of two main reasons – improvement in macro-economic scenario and potential earnings growth in the next couple of years.
He believes the market at the moment is reflecting these fundamentals, while adding that the only thing that can derail the market from here is if the earnings expectation reverses.
02:00pm Equity benchmarks remained rangebound around its previous day’s closing values but the broader markets maintained upward momentum from early trade.
The Sensex rose 25.73 points to 27137.94 and the Nifty advanced 18.75 points to 8133.50 while the BSE Midcap and Smallcap indices gained 0.2 percent and 0.7 percent, respectively.
About 1453 shares have advanced, 1452 shares declined, and 87 shares are unchanged.
Tata Group stocks saw buying interest today after Moody’s Investors Service on Thursday upgraded ratings of half a dozen Tata Group firms, including TCS and Tata Motors, on account of Tata Sons’ track record in providing timely support to these firms.
The agency upgraded corporate family ratings of Tata Motors to Ba2/Stable from Ba3/Stable, Tata Chemicals’ to Ba1/Stable from Ba2/Stable, Tata Steel’s to Ba2 from Ba3, Tata Steel UK Holdings’ to B2 from B3, Tata Power’s to Ba3/Stable from B1/Negative and affirmed Tata Consultancy Services’ local currency issuer rating at A3/Stable.
TCS surged over 3 percent followed by Tata Steel and Tata Power with 0.8 percent gains. In the broader space, Tata Investment Corporation, Tata Sponge, Tata Elxsi, Tata Coffee, Tata Teleservices, Tata Chemicals, Tata Metaliks, CMC, Tata Global and Tata Communications gained 1-15 percent. However, only Tata Motors and Trent declined 0.4 percent and 0.9 percent, respectively.