The News International Team
03:30 pm Market close
The bulls rested on Friday before ending for the weekend. The Sensex was up 46.34 points at 28121.89 and the Nifty was up 19.65 points at 8513.80. About 1383 shares have advanced, 1550 shares declined and 296 shares were unchanged.
Sun Pharma and Coal India were up 3 percent while HUL, M&M and BHEL were other gainers. Hindalco, Hero, Bharti, SBI and Tata Motors were laggards.
03:10 pm Oil prices
Oil prices may have further to fall and a rebound could take some time, despite increasing signs that the downtrend will end, possibly in the second half of this year as North American supply growth slows, the West’s energy watchdog said.
Oil prices have fallen almost 60 percent over the last six months with both of the world’s crude oil benchmarks now trading below USD 50 a barrel as supplies of high quality, light oil from the United States and Canada have overwhelmed demand at a time of lacklustre global economic growth.
The International Energy Agency (IEA) said in its monthly oil market report that inventories would continue to build throughout the first half of this year, but eventually lower oil prices would begin to curb supply and help boost demand.
02:57pm Media stocks in demand
Cabinet today cleared Phase III auction of FM Radio. Entertainment Network India, which owns Radio Mirchi, surged 17 percent while Jagran Prakash, which owns stake in Radio City, jumped 6 percent. DB Corp, which owns 94.3 My FM, gained 1 percent.
02:45pm DHFL in News
Dewan Housing Finance Corporation’s third quarter profit jumped 15.4 percent year-on-year to Rs 159.6 crore driven by strong net interest income. Profit profit, however, was restricted by provisions for deferred tax liability on special IT reserve of Rs 13.33 crore (against Rs 11.62 crore Q3FY15).
Total income grew 17.3 percent on yearly basis to Rs 1,526.5 crore and net interest income surged 25.4 percent to Rs 392.6 crore in the quarter gone by.
DHFL said housing loans sanctioned during the quarter amounted to Rs 7,071.77 crore, up 19 percent compared to year-ago period while disbursements jumped 22 percent to Rs 4,923.2 crore Y-o-Y. It securitised/assigned pool of housing and property loans aggregating to Rs 497.97 crore in third quarter of FY15.
02:30pm Asia forex brokers hit hard on SNB decision
Some retail foreign exchange brokers and trading houses in Asia have been hit by massive losses from Swiss National Bank’s (SNB) sudden move to abandon a cap on its currency that led to heavy volatility, with one even being forced to close.
Regulators in New Zealand and Hong Kong said on Friday they were looking into the situation of brokers and banks trading the Swiss franc, following reports of the volatility and losses.
The Swiss currency surged as much as 30 percent to a high of 0.8500 franc per euro after the SNB suddenly ditched its commitment to cap the franc at 1.20 per euro on Thursday.
The surprise move caused New Zealand foreign exchange dealer Global Brokers NZ Ltd to close due to hefty losses incurred from the volatility, reports Reuters.
02:00pm Market Check
Equity benchmarks extended gains amid volatility in afternoon trade supported by capital goods, FMCG and healthcare stocks. HDFC Bank and Reliance Industries (ahead of Q3 earnings) also led support.
The 30-share BSE Sensex rose 95.59 points to 28171.14 and the Nifty advanced 29.70 points to 8523.85. The BSE Midcap and Smallcap indices gained 0.2-0.5 percent.
Sanjeev Prasad of Kotak Institutional Equities says the valuations of the market are expensive at this point and a lot of good news has been factored in. It is now hard to find quality ideas at reasonable valuations.
Global markets traded in the red today. Asian markets like Japan closed 250 points lower while European markets were trading in the red as the Swiss National Bank’s unexpected decision to remove its currency cap unleashed volatility within the markets.
TCS recouped losses, trading flat after losing 2 percent in morning trade. Brokerages gave a thumbs down to earnings and reduced earnings per share targets. Management told CNBC-TV18 that they see revenue headwinds in Diligenta & energy but remained optimistic on their overall FT16 outlook. Axis Bank traded higher post good numbers.
The rupee strengthened to a fresh one month high of 61.87 level against a close of 62 yesterday. Dollar weakness against Asian currencies supported the rupee.