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Sensex, Nifty consolidate; JSPL, BHEL, Sesa top gainers

12:00

The News International Team

12:55pm Ramco Systems in News

Nigeria’s leading professional security solutions provider, Halogen Security has singed a multi-year contract with Ramco Systems to implement full-suite Services EPR to manage security solution operations of its 13000 plus guards across the region.

12:30pm Interview

In an interview to CNBC-TV18, Kapil Mehan, managing director, Coromandel International says the company’s net interest margins (NIMs) are likely to improve by 40- 50 basis points (bps) on the steep fall seen in global crude prices.

Furthermore, Mehan says the company is not likely to have more than a 5 percent production impact on the damage caused by cyclone Hudhud.

12:00pm Market Check

It’s another day of consolidation on Dalal Street as key indices took a breather and trade flat. Metals, capital goods, select auto and banks stocks gained while defensives like technology and FMCG stocks see mild losses.

The 30-share BSE Sensex rose 1.07 points to 28445.08 and the 50-share NSE Nifty advanced 9.35 points to 8534.05. However, the broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 1.5 percent each.

More than two shares advanced for every share declining on the Bombay Stock Exchange.

The Nifty could correct briefly over the next few sessions, but has a strong support level at 8460, says Vineet Bhatnagar, Managing Director, Phillip Capital.

In an interview with CNBC-TV18, Bhatnagar says there is a higher probability of the index moving towards 8630 by the end of this year.

Jindal Steel topped the buying list, up 7.53 percent followed by BHEL, Asian Paints, Sesa Sterlite, IndusInd Bank, Axis Bank, Mahindra & Mahindra and Maruti Suzuki with 1-3 percent gain.

However, Dr Reddy’s Labs, HDFC, Zee Entertainment, ITC, Infosys and HDFC Bank lost ground, up 0.7-2 percent.
 
Asian equities turned mixed on account of profit booking. Indices in Japan and Shanghai moved off the multi-year peaks they hit in early trade. Europe too is expected to open higher. Brent is trading near USD 70 per barrel.

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