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Sensex, Nifty in red; auto, metal, bank stocks drag

11:00

The News International Team

11:5 am  Market outlook: The mood is slightly nervous leading up to the Budget, but any sell off should be a good opportunity to load up on equities, feels Ashish Maheshwari, co-Head, Equity, Antique Stock Broking. “Everyone is looking for the Budget as the be all end all and a fair bit of positioning is already there on a more positive Budget,” Maheshwari said. “Any kneejerk reactions could see 10 percent being shaved off but that again to mind is a huge buying opportunity,” he said.

11:45 am Interview:  Tyre maker Ceat reported an increase of 32.50 percent in its standalone net profit to Rs 80.63 crore for the third quarter ended December 31, 2014. The company had posted a net profit of Rs 60.85 crore in the October-December period of the 2013-14 fiscal.

Speaking to CNBC-TV18 post Q3 earnings, CFO A Subba Rao said the company is not seeing any unusual inventory build-up. The midcap company reported flat domestic volume in Q3.

Rao further said the company is yet to see any improvement in original equipment manufacturer (OEM) market for trucks. Ceat saw a deceleration of 6 percent in OEM in Q3.

11:30 am Poll: Tata Steel’s third quarter consolidated profit after tax is seen falling 58 percent year-on-year to Rs 210 crore, according to the average of estimates of analysts polled by CNBC-TV18. Total turnover may fall 4 percent to Rs 35,400 crore in December quarter from Rs 36,735 crore in the year-ago period. Operating profit is expected to fall 17 percent year-on-year to Rs 3,330 crore and margin may decline 150 basis points to 9.4 percent in the quarter gone by.

Don’t miss: Analysts bet on Tata Motors post Q3: Will JLR pounce again?

The market has slipped into red dragged by auto stocks. The Sensex down 62.27 points at 28788.70. The Nifty is down 25.30 points at 8686.40. About 642 shares have advanced, 1658 shares declined, and 204 shares are unchanged.

Banks, metals and realty stocks are under selling pressure too while IT stocks are on buyer’s radar for second consecutive day. HDFC, Wipro, Cipla, Bharti and Infosys are top gainers in the Sensex. Among the losers are Tata Motors, GAIl, BHEL, M&M and Tata Power.

Globally, Asia is mixed as markets are cautious ahead of the US jobs report and worries from greece weigh. Crude bounced back yesterday with Brent above USD 55 a barrel. 

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