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Sensex, Nifty choppy; mid, smallcap outperform; Cairn down

14:00

The News International Team

02:30pm Aban gains further

P Sudhakar, additional general manager, CARE Rating said the firm upgraded credit rating of Aban Offshore from a ‘D’ rating to ‘BB-’

Sudhakar says there have been numerous positives in the industry as well as the company that has led to this upgrade.

What seems to have worked for the company is the steps it has taken to improve its balancesheet by raising equity and its refinancing of overseas liabilities of USD 2 billion. The stock rallied 4 percent today in addition to 17 percent upside in previous session.

02:00pm Market Check

Equity benchmarks remained choppy in afternoon trade amid low volumes while the broader markets outperformed. The Sensex dipped 14.08 points to 27381.65 and the Nifty slipped 5.20 points to 8241.10.

The BSE Midcap and Smallcap indices gained 0.4 percent and 0.2 percent, respectively. About 1320 shares have advanced, 1344 shares declined, and 118 shares are unchanged on the Bombay Stock Exchange.

Sanjay Dutt, director, Quantum Securities does not foresee a Budget-rally and neither does he think there will be new highs for the Indian equity market in 2015 because the macro issues for India still persists.

He thinks 2015 could be a struggle for the market and a year of consolidation contrary to street expectations. However, individual stock opportunities do exist.

Reliance Industries, ONGC, Hero Motocorp and Sesa Sterlite were top losers on the Sensex, down 1-2 percent. Tata Steel dropped 1.4 percent as the company warned of a hit to its profitability in the third quarter because of the closure of its captive iron-ore mines in Jharkhand and Odisha. The closure of mines forced the company to operate below capacity for more than a month during the quarter.

Cairn India was down 1.7 percent as Brent crude hit fresh 5 and a half-year low of USD 57, down 1.12 percent to USD 57.23 a barrel and US crude declined 1 percent to USD 53.10 a barrel as persistent worries about a global supply glut offset concerns about output disruptions in Libya.

However, Dr Reddy’s Labs, BHEL and NTPC gained 1 percent each followed by SBI, ICICI Bank, Infosys, Axis Bank, L&T and M&M with marginal gains.

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