Home / Financial News / Nifty above 8,550; Delhi poll outcome in focus

Nifty above 8,550; Delhi poll outcome in focus

Benchmark Indices have recoverd after opening the trading session on a weak note on the back of favourable macroeconomic parameters. Delhi poll outcome and earnings posted by prominent companies including L&T and DLF are likely to dictate the trend on the bourses.

At 9:40AM, the 30-share Sensex is up 169 points at 28,370 and the 50-share Nifty has gained 53 points at 8,580.

Counting of ballots for the bitterly-fought Delhi Assembly polls, seen as having significance beyond borders of the capital, began this morning amid tight security.

The electoral fate of former Chief Minister Arvind Kejriwal, his challengers from BJP Kiran Bedi and Congress’ Ajay Maken and 670 other candidates will be known today.

Counting of votes is taking place simultaneously at 14 Centres across the city.

The government on Monday estimated India’s economic growth this financial year at 7.4%, against 6.9% in 2013-14, as the country changed its definition of gross domestic product (GDP) and the base year for calculating it. The estimated growth for 2014-15 is the same as China’s growth for 2014. Earlier, both the International Monetary Fund and the World Bank had said India’s growth would exceed China’s by 2016-17. Capital Goods and Power shares will be in focus.

GLOBAL MARKETS

US stocks fell on Monday as investors worried about Greek debt negotiations and disappointing Chinese economic data on top of uncertainty about U.S. interest rates.

The Dow Jones industrial average fell 95.08 points, or 0.53%, to 17,729.21, the S&P 500 lost 8.75 points, or 0.43%, to 2,046.72 and the Nasdaq Composite dropped 18.39 points, or 0.39%, to 4,726.01.

The early indicator, SGX Nifty was lower by 52 points at 8,504 at 0810 hrs. Asian equities slipped on Tuesday as tensions over Greek debt terms and escalating conflict in Ukraine sapped risk appetite, while crude oil held its gains after surging on OPEC’s optimistic demand forecast.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%. Japan’s Nikkei slipped 0.3% and Australian shares shed 0.5%.

SECTORS & STOCKS:

On the sectoral front, 9 out of 12 sectoral indices are trading in the positive territory. BSE Metal and Bankex are up 1% each. However, BSE Capital Goods, Oil & Gas indices are losing sheen and are down nearly 0.35 each.

Metal stocks which were reeling under pressure in the past few trading sessions have gained in the early trades today. Hindalco, Tata Steel,  Sesa Sterlite and Coal India are up between 0.5-3.6%.

ICICI Bank, the largest private sector lender in the country, has initiated the process of repatriating capital from its Canadian arm for the second time in as many years. The stock is up 1%. 

Private sector lender Axis Bank today said it will seek shareholders’ approval for raising up to Rs 15,000 crore by issuing long-term bonds or non-convertible debentures to select investors in the domestic market. The stock is up 1% 

The Government has announced infusing Rs 6,900 crore in nine public sector banks. The key point is that this additional capital has been given on the basis of new criteria that comprise of efficiency parameters. The stock has climbed 1.4%.

Tata Motors is witnessing fresh buying and is up 1.8%. 

Cipla, BHEL, Hindalco, Coal India, M&M and SBI are due to release their quarterly results later during the week and trading higher in today’s trade and have gained between 0.5-4%.

NTPC BHEL Power Projects Private Limited (NBPPL) today signed a memorandum of understanding (MoU) with APGenco for supply of spare parts for coal and ash handling plants and other equipment required by the Andhra Pradesh power utility’s thermal power plants. NTPC is up 0.25 and BHEL has climbed over 1%.

On the flip side, power stocks are reeling under pressure. Tata Power is down 1% on fears that AAP party would conduct inspection of books if it comes to power in Delhi.

Shares of L&T are trading lower by 1% on dismal Q3 results.

Leave a Reply

x

Check Also

Debate on Article 370 marked by posturing, says RSS

The Rashtriya Swayamsevak Sangh (RSS) is recalibrating its discourse on its demand ...

Street cautiously positive on JSPL post coal mine

Jindal Steel and Power (JSPL), which witnessed its lowest point in the ...