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Nifty ends at 8711, Sensex in red; IT gains, IOB tanks 10%


The News International Team

03:30 Market close

The market ended at lower level. The Nifty ends at 8711.70 (down 12 points), after sinking below 8700 intraday. The Sensex is down 32.14 points at 28850.97. About 1025 shares have advanced, 1889 shares declined and 229 shares are unchanged.

Tata Power was down 8 percent, Sesa Sterlite, BHEL, ONGC and M&M were losers in the Sensex. IOB tanked 10 percent after it disappointed dismal Q3 results.

03:00 pm Market in red

The Sensex is down 27.78 points at 28855.33 and the Nifty down 8.65 points or 0.10% at 8715.05. About 1081 shares have advanced, 1789 shares declined and 226 shares are unchanged.

Tata Power tanks over 7 percent, ONGC, Sesa Sterlite, Hindalco and ICICI Bank are major losers in the Sensex. Only IT stocks are up with gainers like TCS, Wipro and Infosys. HDFC and Coal India are other gainers in the Sensex.

02:45pm Market Update

The market trimmed gains on profit booking at higher levels. The Sensex gained 230.24 points at 29113.35 and the Nifty rose 69.70 points to 8793.40.

About 1254 shares have advanced, 1572 shares declined, and 236 shares are unchanged on the BSE.

02:30pm Petronet LNG falls

Petronet LNG disappointed street with the third quarter net profit falling 38.2 percent sequentially (up 20 percent year-on-year) to Rs 162.4 crore.

A poll of CNBC-TV18 had expected profit of Rs 227.9 crore on revenue of Rs 11,058 crore for the quarter.

Total income from operations grew 2 percent (up 19 percent Y-o-Y) to Rs 11,198 crore during October-December quarter from Rs 10,980 crore in pervious quarter.

Operating profit fell 34.2 percent quarter-on-quarter (down 3 percent year-on-year) to Rs 341 crore and margin declined 170 basis points to 3 percent in the quarter gone by. Analysts had estimated operating profit at Rs 475.2 crore and margin at 4.3 percent for the quarter.

02:00pm Market Check

Equity benchmarks gained more than a percent higher in afternoon trade, aided by further upside in banking & financials, technology and FMCG stocks. The Sensex jumped 367.77 points to 29250.88 and the Nifty rallied 98.80 points to 8822.50.

However, the broader markets remained flat. About 1320 shares have advanced, 1412 shares declined, and 241 shares are unchanged on the BSE.

Samir Arora of Helios Capital says FIIs are excited about India, but most of them are still stocking to the quality names. They are still not upbeat on companies that are potential turnaround stories.

Looking at possibilities on the economy in terms of monetary stimulus and fiscal stimulus, financial sector stocks will still do well, and within that space, private sector banks will outperform, feels Samir Arora of Helios Capital.

Among banking & financials, HDFC toppped the buying list on Sensex, up 4.6 percent. Axis Bank and State Bank of India rallied 1-3 percent while rival ICICI Bank recouped all its losses.

HDFC Bank gained 2 percent as it kicked off a Rs 10,000 crore share sale, with a Rs 1,500 crore QIP book launched last night. Sources say the QIP book saw very strong response, was subscribed over 7 times. The bank is also looking to raise Rs 7,500-8,000 crore via ADR issue.

TCS, Infosys and Wipro climbed 3-3.6 percent after Cognizant positively surprised the street with a revenue growth of 6.2 percent Q-o-Q and provided an encouraging guidance of 19 percent for this year. CLSA says guidance should improve investor confidence on CY15 demand health for Indian IT companies.

Bharti Airtel rebounded after seeing a loss of 1 percent. The company delivered a tepid set of Q3 numbers as Africa performance continued to drag. CLSA downgraded Africa’s FY15-18 EBITDA by 11-13 percent.

In key earnings, Tata Motors gained 1.4 percent ahead of its third quarter earnings today. A CNBC-TV18 poll expects revenues to come in 3.5 percent higher while profits are likely to remain flat at Rs 4,846 crore on a consolidated basis.

However, ONGC, Mahindra & Mahindra, Sesa Sterlite, Tata Power, Cipla, GAIL, Hindalco and BHEL were down 1-4 percent.


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