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Sensex closes above 29000, ECB meet outcome eyed


The News International Team

03:30pm Market Closing

The market ended at record closing high ahead of European Central Bank meeting outcome later in the day. The 30-share BSE Sensex closed above 29000, up 117.16 points at 29006.02 and the 50-share NSE Nifty rose 31.90 points to 8761.40.

About 1347 shares advanced while 1580 shares declined on the Bombay Stock Exchange.

Axis Bank topped the buying list on Sensex, up 3.54 percent. Sun Pharma and DLF rallied 3.4 percent each. Tata Motors surged 2.65 percent after launching Bolt. ONGC and Cipla gained 1.5-2 percent.

However, Reliance Industries and NTPC fell more than 2 percent. Hero Motocorp, Maruti Suzuki, PNB, Tech Mahindra and HCL Tech lost over a percent.

03:10pm India Cements up 7%

Supreme Court gave N Srinivasan clean chit on issue of IPL case cover-up. SC found Meiyappan and Raj Kundra guilty of IPL betting.

02:55pm Dish TV gains strength

Dish TV managed to lower its net loss at Rs 2.8 crore in the third quarter from Rs 38 crore in the year-ago period, supported by strong operational performance.

Net sales grew 16.5 percent to Rs 711 crore in the quarter ended December 2014 against Rs 610 crore in same quarter last fiscal, which was in line.

The loss was expected at Rs 5 crore and revenues at Rs 695 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Operational performance improved during the quarter due to lower set top box cost and stable content cost. Operating profit jumped 43 percent on yearly basis to Rs 189 crore and margin expanded by 500 basis points to 26.6 percent in October-December quarter. Analysts had expected Rs 176 crore and 25.3 percent as EBITDA and EBIDTA margin for the quarter, respectively.

02:30pm IT Industry

IT companies are expected to be on the lower end of NASSCOM’s guidance of 13-15 per cent growth for FY 15, the industry body’s President R Chandrashekar said today.

“I don’t think that’s a sign of worry. If you talk to any of the companies and I have seen in your own reports stating that as well, they continue to be extremely optimistic about the future,” he told reporters.

Chandrashekar, who was speaking on the sidelines of “NASSCOM Diversity and Inclusion Summit” here was asked if there is a worry about IT companies even meeting the lower end of the guidance with just one more quarter left. “There are of course variations in the course of the year… currency fluctuations, for example, had been a big factor this year and you have seen a number of reports on that account also. o I think these temporary variations are not indicator of the broader trend behind that.”

Secondly, there are different segments of the industry also where there have been significant growth.

“We believe that taking all these factors into account, of course within the band it is more likely to be towards the lower end rather than else where…, that is what we still think would be the over all outcome at the end of the year,” he said.

NASSCOM, which represents the more than USD 120 billion IT-ITeS industry, expects the sector’s exports to grow by 13-15 percent in 2014-15 fiscal as against 13 percent in 2013-14, reports PTI.

02:00pm Market Check

The market continued to consolidate with a positive bias in afternoon trade The Sensex rose 13.42 points to 28902.28 and the Nifty advanced 1.45 points to 8730.95.

Declining shares outnumbered advancing ones by a ratio of 1538 to 1267 on the Bombay Stock Exchange.

Dipen Sheth of HDFC Securities says the cycle trigerred by the new government is gathering pace, there are multiple macro triggers available at the moment and that global fund managers are increasing bullish bias on India.

Globally, markets are bracing for the European Central Bank meet outcome today. Expectations are of 50 billion euros per month of bond buying by the ECB. European markets were flat while Brent crude prices traded below USD 50 a barrel.

Reliance Industries and NTPC topped the selling list, falling 2.7 percent each. HDFC, SBI, ITC, ICICI Bank, Hero Motocorp and Maruti were down 0.4-1.5 percent. However, Infosys, Tata Motors, Sun Pharma, Axis Bank, ONGC and Cipla gained 1-3 percent.

ITC was the most active stock on NSE followed by Infosys, Sun Pharma, Reliance Industries and SBI.

Suzlon Energy is going to reduce its debt by selling its German arm, Senvion to US-based PE Centerbridge Partners for 1 billion euros in an all cash deal. Tulsi Tanti told CNBC-TV18 that Suzlon will make profits by FY16 end as the interest costs will fall by 50 percent from Rs 1,600 crore to Rs 800 crore. The stock plunged nearly 7 percent.

The rupee traded flat today at 61.64 against a close of 61.63 yesterday, trimming its early gains on mild bouts of dollar demand by importers.


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