The News International Team
11:50 am Earnings poll: Housing finance company HDFC, which will announce its second quarter earnings on Wednesday, is expected to report a 8.1 percent growth in profit after tax at Rs 1,368 crore compared to Rs 1,266 crore in the year-ago period, according the average of estimates of analysts polled by CNBC-TV18.
Lower non-interest income and higher tax rate may impact profitability of the company. In Q1FY15, company’s provision for DTL (deferred tax liability) on special reserve was Rs 74.4 crore. Profit before adjusting for DTL on special reserve was up by 21 percent Y-o-Y to Rs 1,419 crore from Rs 1,173 crore.
11:30 am Gold & silver sales: Jewellery and coin sales sparkled on Dhanteras today with sales rising by an estimated 30 percent from last year as customers went on a buying spree lured by lower gold and silver prices. Gold prices are ruling at Rs 27,925 per 10 grams in the national capital, about 11 percent lower than Rs 31,300 per 10 grams on Dhanteras day in 2013. Similarly, silver today traded at Rs 39,000 per kg as compared to Rs 49,100 a kg last year, a drop of 20.6 percent.
Jewellers said the buying activity remained robust in the first half of the day in most places. But more sales are expected in later part of the day with office-goers in bit cities coming for buying late in the evening.
Don’t miss: Kotak Mahindra Bank Q2 profit may jump 15.2% to Rs 406 cr
It’s the fourth consecutive session in the green for the market as the Nifty is around 8000 ahead of Diwali.The Sensex is up 178.01 points at 26753.66 and the Nifty is up 54.90 points at 7982.65. About 1478 shares have advanced, 643 shares declined, and 90 shares are unchanged.
Hero, Tata Motors, Bajaj Auto, BHEL and Cipla are top gainers while ONGC, Coal India, Tata Power, SBI and ITC are laggards.
In result reactions Cairn is higher despite Q2 numbers missing estimates. Barclays says it was an in line quarter retaining their overweight stance but prefers ONGC, BPCL and Reliance.
Globally Asia gains on reports of bond purchases by the European central bank. Nikkei also reacts to September trade deficit data that indicated exports hit a 7-month high. The rupee maintains its rising trend for the fourth straight day.