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Sensex, Nifty consolidate; Tata Power falls 2%, HUL weak

Brent crude edged above USD 78 a barrel but remained close to a four-year low because of concern over excess supply and uncertainty over whether oil cartel OPEC would cut production at a meeting in two weeks.

11:00

The News International Team

11:30 am Buzzing:Shares of DLF rose 3 percent intraday after its September quarter results bet expectations. The realty developer’s consolidated net profit grew 9 percent to Rs 109.06 crore in Q2, driven by higher sales.

Deutsche Bank has a hold rating with a target of Rs 170 per share. It said that DLF posted strong Q2FY15 earnings, anchored largely by greater focus on execution, as manifest in handing over of 7.8 million square feet (msf) to customers) highest delivery in past 6 quarters.

The brokerage says that while September quarter earnings have been a positive surprise overall, the medium-term sentiment over stock will largely be driven by judicial developments.

Don’t miss: United Spirits Q2 net loss Rs 27.8 cr, income up 8% YoY

The market is consolidating with the Sensex up 64.43 points at 28005.07. The Nifty is up 19.75 points at 8377.60. About 1424 shares have advanced, 1018 shares declined, and 73 shares are unchanged.

Tata Power is down 2 percent while Cipla, Dr Reddy’s Labs, HUL and Sun Pharma are among the losers. The gainers include GAIL, ONGC, SBI, Bajaj Auto and Coal India.

Brent crude edged above USD 78 a barrel but remained close to a four-year low because of concern over excess supply and uncertainty over whether oil cartel OPEC would cut production at a meeting in two weeks.

Saudi Arabian Oil Minister Ali al-Naimi appeared to rule out a cut in output but other members of the Organization of the Petroleum Exporting Countries are pushing for action to tackle the fall in prices when delegates meet in Vienna on November 27. Oil prices have plunged 30 percent since June.

10:11

Nifty struggles to touch 8400; oil, infra, auto stocks up

Oil & gas stocks have recovered after yesterday’s massive fall reacting to government increasing excise duty of petrol and diesel. GAIL, Bajaj Auto, ONGC, Coal India and Tata Motors are top gainers in the Sensex. Among the losers are Tata Power, Cipla, Dr Reddy’s Labs, HUL and Sun Pharma.

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09:15

BSE Sensex, Nifty flat; Tata Motors, SBI, Wipro gainersRead More »

The Indian rupee opened marginally lower at 61.62 per dollar versus 61.55 Thursday. Dollar holds near 7-year high versus the yen as investors continued to monitor whether Japan’s leader would call an election and delay a sales tax hike.

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