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Profit booking drags Sensex, Nifty; SBI, Reliance gainers

Nov 03, 2014, 01.43 PM IST | Source: Moneycontrol.com

Sesa Sterlite, Axis Bank, SBI, ICICI Bank and Reliance are top gainers in the Sensex. Among the losers are Gail, M&M, Bajaj Auto, Hero MotoCorp and Coal India.

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Profit booking drags Sensex, Nifty; SBI, Reliance gainers

Sesa Sterlite, Axis Bank, SBI, ICICI Bank and Reliance are top gainers in the Sensex. Among the losers are Gail, M&M, Bajaj Auto, Hero MotoCorp and Coal India.

13:00

The News International Team

1:50 pm Results: Public sector lender Bank of India met street expectations with the profit rising 26.4 percent year-on-year to Rs 786 crore in September quarter led by fall in provisions and higher net interest income. Profit in the year-ago period was Rs 621.77 crore. Net interest income, the difference between interest earned and interest expended, shot up 20 percent (better than expectations) to Rs 3,031 crore in the second quarter of current financial year 2014 compared to Rs 2,527 crore in same quarter last year but other income (non-interest income) declined by 8.5 percent to Rs 1,006.4 crore during the same period.

Net profit was expected at Rs 786 crore and net interest income at Rs 2,745 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

1:30 pm Brokerages downgrade: Shares of Gail fell 6 percent intraday on Monday after a slew of downgrades by brokerage. This is despite September quarter net profit more than doubled (Q-o-Q) to Rs 1,303 crore led by other income and strong operational performance.

CLSA has its rating to sell from outperform with a target of Rs 475 per share as it feels that the state-run natural gas transmission company is trading at 40 percent premium to its 10 year average price to equity. Hence CLSA finds these valuations unsustainable since turnaround in core business is unlikely in next two years and return-on-equities (ROEs) will remain under pressure.

“Gail did not build any subsidy burden pending quarterly demand from oil ministry and this boosted its Q2 FY15 net profit The recent stock price rally completely ignores earnings risk from falling crude given its big sensitivity,” CLSA said in a note.

Don’t miss: Bajaj Auto, Maruti, Hero fall; Oct sales spook investors

After a firm start, the market has gone flat. Weakness in auto stocks hits sentiment whereas realty and banking stocks support. The Sensex is down 15.43 points at 27850.40, and the Nifty is down 6.20 points at 8316.00. About 1628 shares have advanced, 1099 shares declined, and 113 shares are unchanged.

Sesa Sterlite, Axis Bank, SBI, ICICI Bank and Reliance are top gainers in the Sensex. Among the losers are Gail, M&M, Bajaj Auto, Hero MotoCorp and Coal India.

The rupee trimmed its initial losses against the American currency but was still quoted down by 10 paise to 61.46 per dollar on some demand from banks and importers in view of firm dollar in the overseas market. However, it trimmed its initial losses and was quoted at 61.46 per dollar in view of good foreign capital inflows into equity market.

 

12:00

Nifty holds 8300 amid consolidation; Midcap, Smallcap shine

The Sensex fell 49.26 points to 27816.57 and the Nifty declined 16.35 points to 8305.85 while the BSE Midcap and Smallcap indices gained 1 percent each.

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11:00

Sensex, Nifty off day’s high; SBI, Axis Bank, L&T gainersRead More »

Gail, M&M, Hero MotoCorp, Maruti Suzuki and BHEL are among laggards in the Sensex. Among the gainers are Sesa Sterlite, Dr Reddy’s Labs, SBI, Axis Bank and L&T.

Read More »

10:00

Sensex, Nifty consolidate; metals & IT gain, Gail fallsRead More »

Technology stocks like Infosys, TCS and Wipro climbed 0.4-1.2 percent while metals stocks namely Sesa Sterlite, Hindalco Industries and Tata Steel jumped 1-2 percent. Drug maker Dr Reddy’s Labs topped the buying list, up more than 2 percent.

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09:15

Sensex, Nifty open firm; Bharti & TCS gain, autos fallRead More »

TCS, Bharti Airtel, GAIL, Wipro and BHEL are top gainers while Tata Motors, Hero, Bajaj Auto, and M&M are major laggards in the Sensex.

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