The News International Team
03:30pm Market Closing
Equity benchmarks closed off day’s high ahead of Maharashtra and Haryana state elections results that will be announced on Sunday. The Sensex climbed 109.19 points to 26108.53 and the Nifty rose 31.50 points to 7779.70.
Banks topped the buying list with the Bank Nifty rising 2.5 percent while technology stocks saw huge selling pressure with the CNX IT index falling 4 percent.
BHEL, Hero Motocorp, HDFC Bank, M&M, ICICI Bank, Zee Entertainment and Cipla rallied 3-4 percent while TCS and HCL Technologies plunged 9 percent each followed by Sesa Sterlite, Hindalco, Tata Motors, Wipro and Jindal Steel with 1-2.8 percent loss.
About 1335 shares advanced while 1505 shares declined on the Bombay Stock Exchange.
02:55pm Crompton in focus
Avantha Group-owned Crompton Greaves is likely to sell part stake in its demerged consumer products business, sources told CNBC-TV18.
Crompton Greaves on Thursday had announced the demerger of its consumer products business unit into a separate company and also opened doors for foreign investors by raising the investment limit to 100 percent of the paid-up equity share capital.
According to sources, the group may sell up to 10 percent stake in the demerged consumer products entity to private equity players, with valuations standing at around Rs 8000 crore. So far, Bain has emerged as the only serious PE player in talks to acquire stake.
02:40pm Zee Entertainment rallies
The Sensex gained more than 200 points in last hour of trade while Zee Entertainment climbed nearly 4 percent.
Zee slightly missed street expectations on topline and bottomline front but operational performance was higher than expectations during July-September quarter. Consolidated net profit fell 3.7 percent to Rs 227.6 crore in second quarter of current financial year 2014-15 due to lower subscription revenue and sports division losses. Profit in the year-ago period was Rs 236.3 crore.
Net profit was expected at Rs 235 crore on revenue of Rs 1,160 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Consolidated total income from operations increased marginally to Rs 1,118 crore from Rs 1,101 crore on year-on-year basis. Advertising revenue in Q2 increased 7 percent on yearly basis to Rs 625.94 crore while subscription revenue declined over 7 percent to Rs 424.45 crore from Rs 458.12 crore during the same period.
02:25pm Market Check
The Sensex shot up 180.51 points or 0.69 percent to 26179.85 and the Nifty jumped 52.55 points or 0.68 percent to 7800.75.
About 1282 shares have advanced, 1390 shares declined, and 103 shares are unchanged.
02:20pm Top Gainers
Shares of HDFC Bank, Mahindra and Mahindra and BHEL topped the buying list in the Sensex, up 3-4 percent followed by ICICI Bank, HDFC, Larsen and Toubro, State Bank of India, Axis Bank, Bharti Airtel, Hero Motocorp, Tata Steel and Cipla with 2-2.7 percent gains.
Index heavyweights ITC and Reliance Industries climbed nearly a percent.
02:00pm Market Check
Equity benchmarks extended gains with the Sensex rising 166.02 points to 26165.36 and the Nifty climbing 48.90 points to 7797.10. The broader markets gained too; the CNX Midcap advanced 0.8 percent.
Banks stocks drove the major gains in benchmarks with BSE Bankex rising over 2 percent while technology stocks pulled the BSE IT index down by 3.5 percent.
Sunil Singhania of Reliance MF says he expects growth to return to the Indian markets. He is looking at a 20 percent earnings growth over the next five years and valuation wise, India is not as expensive as other emerging markets.
It’s a twin blow for the tech sector. TCS tanked more than 7 percent after dollar revenue growth missed expectations. Management told cnbc-tv18 that softness in certain businesses may continue for two more quarters. HCL Technologies too took a hard knock on similar growth worries; dollar revenue for Q1 came in lower than estimate; the stock lost 9 percent.
The rupee recovered marginally to 61.53 after falling to 7-month low of 61.83 yesterday. Fresh selling of dollars by exporters and banks resulted in rupee recovery.
It is a mixed day for global markets. European markets gained more than 1 percent while Asian markets like Japan and Taiwan Weighted fell another 1-1.5 percent after yesterday’s blow. A comment from hawkish Federal Reserve official James Bullard on Thursday that the Fed should continue bond buying lifted sentiment and surprised many observers.