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Sensex, Nifty trim losses; HPCL, BPCL, IOC shares lose 3%

14:00

The News International Team

02:45pm NBCC jumps 5%

State-run National Buildings Construction Corporation said it has secured PMC work for construction /improvement/maintenance of roads at Miao-Vijaynagar (Arunachal Pradesh) costing Rs 1850 crore.

02:30pm FII View

Bharat Iyer, JPMorgan says India has been the best performing emerging market, with 30 percent gain this year so far in the MSCI USD index.

“Most sectors have seen a notable re-rating in valuations and in an environment of improving investor sentiment and supportive liquidity, the search for value has increased. Energy, industrials and consumer staples rank low on the composite relative ranking while financials, consumer discretionary and telecom sectors rank high,” he adds.

02:15pm 3G spectrum auction in February?

As the government plans to conduct 3G spectrum auction along with 2G radiowaves sale in February, it has asked telecom regulator TRAI to expedite the base price recommendations for it.

“DoT requested TRAI to expedite the process for its recommendations on the reserve price of 2100 Mhz band and related issues so that the auction of spectrum in this band could be conducted along with the auction of spectrum in the 800/900/1800 MHz bands scheduled in February 2015,” TRAI said.

In the consultation paper today for valuation and reserve price of spectrum in 2100 MHz band, used for 3G services, the regulator has said that the Department of Telecom is in talks with the Defence Ministry for the vacation of the band and there are three possible scenarios under deliberation.

02:00pm Market Check

It’s a choppy day on the Dalal Street as the benchmark indices traded with a cut of 0.2 percent while midcaps outperform with gains of 0.6 percent.

The BSE Sensex declined 53.36 points to 28506.26 and the NSE Nifty slipped 15.65 points to 8540.25. About 1380 shares have advanced, 1397 shares declined, and 127 shares are unchanged on the Bombay Stock Exchange.
 
Andrew Holland of Ambit Investment continued to be extremely bullish on India. He has a Sensex target of 45000 over the next three years and believes the Nifty will hit 9000 before the Budget.

The Reserve Bank of India kept key rates unchanged but cut the March-end CPI inflation target to 6 percent from 8 percent earlier. RBI governor Raghuram Rajan says change in monetary policy stance now would be premature, adding RBI may change stance in early 2015 if inflation falls to 6 percent.

The government has increased the excise duty on petrol and diesel for the second time in the last one month. Excise on petrol increased by Rs 2.25 per litre and on diesel by Re 1 per litre. Oil marketing companies like BPCL, HPCL and IOC declined three percent each.

Global markets are upbeat today. China’s Shanghai ended higher with 3 percent gain while European markets like FTSE, CAC and DAX are higher by almost 1 percent. Rebound in oil prices and hopes of more stimulus from China kept these markets active.

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