Home / Business / Money / Sensex Nifty firm, Shanghai falls 8%; SpiceJet up 10%

Sensex Nifty firm, Shanghai falls 8%; SpiceJet up 10%

12:00

The News International Team

12:58pm Market Update

The market regained its strength with the Sensex rising 141.69 points to 28263.58 and the Nifty climbing 35.95 points to 8549.75. About 1625 shares have advanced, 1109 shares declined, and 277 shares are unchanged on the BSE.

12:40pm Brent at $ 45/bbl soon?

Brent crude future prices today dropped to USD 48 per barrel after rising for the first time last week in about two months. But this is likely to go further lower, says Fat Prophets’ David Lennox.

“No organization has, despite this steep fall, said that it will cut its production, thereby making a case for a further fall,” adds Lennox.

Furthermore, commodity expert Dharmesh Bhatia says he’s still bearish on brent crude and has a target of Rs 2970 for the same and Rs 28000 target for gold.

12:20pm FII View

Global cues seem to be the key trigger for the markets this week with a lot of events lined up. Geoff Lewis, JPMorgan AMC speaks to CNBC-TV18 about the significance of these events on world markets. The first event is GDP number from China, and Lewis believes it will be in the expected range of 7-7.5 percent.

He sees huge inflow of foreign money into Indian equities in the coming days and believes the Reserve Bank will concentrate on building dollar reserves.

12:00pm Market Check

The market erased half of gains in noon trade on further fall in Shanghai. The 30-share BSE Sensex rose 89.88 points to 28211.77 and the 50-share NSE Nifty advanced 21.20 points to 8535. The BSE Midcap and Smallcap indices outperformed mildly, rising 0.8 percent each.

Wipro surged 6 percent as the company reported stronger than expected results in Q3 with a constant currency dollar revenue growth of 3.7 percent – the highest in the last 12 quarters. Symphony rallied 7 percent after posting their highest margins in the last 18 quarters.

On the flip side, Mahindra & Mahindra Financial Services slumped 6.5 percent as asset quality worsened with gross non-performing loans spiking to a 5-year high of 7.1 percent. ICICI Securities downgraded the stock to ‘reduce’ rating with a lower target of Rs 245. V-Guard Industries and Unichem Labs too are under pressure on the back of weak earnings, falling 5-6 percent.

GAIL India gains 4.6 percent after the CMD BC Tripati told CNBC-TV18 that the company won’t have to pay subsidies in the second half of this year. “We hope for a resolution to Ratnagiri gas interest payment problems in 2 weeks,” he says.

HUL retreated from record high ahead of its earnings today, down 1.5 percent. A CNBC-TV18 poll expects 10 percent revenue growth at under Rs 8,000 crore, operating margins of 17.8 percent and volume growth of 5-6 percent.

Gateway Distriparks surged 7 percent after the company announced that it will file for an IPO for their subsidiary – Gateway Rail Freight. Parsvnath Developers gained 6 percent after the company won an arbitration case against the Chandigarh Housing Board and the company will receive over Rs 640 crore in settlement.

Globally, Shanghai index cracked over 8 percent post the latest move by securities regulators to clean up the margin-trading business. All eyes are now on China’s fourth quarter GDP data tomorrow which may show growth slowing to 7.2 percent.

Leave a Reply

x

Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...