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Sensex, Nifty volatile; Dr Reddy’s Labs, DLF top gainers

14:00

The News International Team

02:50pm Chambal Fertilisers hits 52-week high

Chambal Fertilisers and Chemicals beat street expectations on all parameter except textile business. Net profit in July-September quarter climbed 22 percent year-on-year to Rs 115 crore on strong operational performance. Profit in the year-ago period was Rs 94 crore.

Profit was expected at Rs 95 crore on revenue of Rs 2,400 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Net sales rose by 1 percent to Rs 2,507 crore in the quarter ended September 2014 compared to Rs 2,489 crore in same quarter last year.

Operating profit grew by 28 percent year-on-year to Rs 247 crore and margin expanded by 220 basis points to 10 percent during the quarter, which both were higher than analysts’ estimates of Rs 203 crore and 8.5 percent, respectively.

The stock hit 52-week high of Rs 70 on the BSE, up by Rs 5 compared to Wednesday’s close.

02:30pm Gold Update

Gold tumbled to a fresh 4-1/2 year low and looked set to post its third straight weekly drop on Friday, as the US dollar rallied on economic optimism and expectations the Federal Reserve could raise rates sooner rather than later.

A robust US nonfarm payrolls report later in the day could provide more evidence of a strengthening economy, influencing the Fed and possibly hurting gold, a non-interest-bearing asset.

After subdued trading early on, US gold futures slid 1 percent after nearly 4,000 lots were traded in just one minute at 0459 GMT (1159 ET). They fell to USD 1,130.40 an ounce – their lowest since March 2010.

Spot gold fell as much as 0.8 percent to USD 1,131.85 – lowest since April 2010 – before recovering modestly to USD 1,133.30 by 0622 GMT. The yellow metal has fallen over 3 percent so far this week, reports Reuters.

02:00pm Market Check

It is a quiet day of consolidation as the Nifty hovered in a 50-point range while the broader markets outperformed benchmarks with the BSE Midcap index rising 0.5 percent.

The 30-share BSE Sensex declined 45.61 points to 27870.27 and the 50-share NSE Nifty fell 2.45 points to 8335.85. About 1342 shares have advanced, 1509 shares declined, and 96 shares are unchanged on the BSE.
 
Vibhav Kapoor of IL&FS says this is still a market to buy on every dip. He expects to see the Nifty at 9000 by March 2015.

Dr Reddy’s Labs surged nearly 5 percent as it received USFDA approval for Valcyte generic while DLF climbed 5.5 percent as the Securities Appellate Tribunal or SAT has allowed the realty major to redeem Rs 1,806 crore from mutual funds till next month.

The rupee weakened marginally today to 61.53 a dollar versus a close of 61.41 on Wednesday on account of dollar strength. The dollar index hit a fresh 52-week high of 88 spurred by dovish comments from the European Central Bank, falling oil prices and tepid data from UK.

On the global front, all eyes are on the October jobs report due for release later this evening, the US is likely to add 2,43,000 jobs in October.

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