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Sensex, Nifty consolidate; IT cap goods top gainers

Feb 23, 2015, 12.01 PM IST | Source: Moneycontrol.com

Sesa Sterlite, L&T, Hindalco, TCS and Infosys are top gainers in the Sensex. Among the losers are GAIL, Bajaj Auto, Tata Steel and Hero Motocorp.

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Sensex, Nifty consolidate; IT & cap goods top gainers

Sesa Sterlite, L&T, Hindalco, TCS and Infosys are top gainers in the Sensex. Among the losers are GAIL, Bajaj Auto, Tata Steel and Hero Motocorp.

11:00

The News International Team

11:55 am Market outlook: While there are a lot of expectations from the Modi government’s Union Budget, only one parameter will really change things around for the Indian economy, says market expert Udayan Mukherjee. In an interview to CNBC-TV18, Mukherjee says experts are talking about the fiscal deficit and ease of doing business or strong framework for corporate India, but none of them are as critical as the steps the government will take in order to revive growth. ”The government will rein in the fiscal deficit number by hook or by crook, so fiscal deficit won’t make much of a difference. Company CEOs won’t trust any corporate framework as much they’ll trust their revenues,” says Mukherjee before adding that any capital expenditure expansion will only come through if the earnings improve.

While there are a lot of expectations from the Modi government’s Union Budget, only one parameter will really change things around for the Indian economy, says market expert Udayan Mukherjee. In an interview to CNBC-TV18, Mukherjee says experts are talking about the fiscal deficit and ease of doing business or strong framework for corporate India, but none of them are as critical as the steps the government will take in order to revive growth. ”The government will rein in the fiscal deficit number by hook or by crook, so fiscal deficit won’t make much of a difference. Company CEOs won’t trust any corporate framework as much they’ll trust their revenues,” says Mukherjee before adding that any capital expenditure expansion will only come through if the earnings improve.
Read more at: http://www.moneycontrol.com/news/udayans-comments/budget-2015-16-growth-revival-measures-only-important-parameter_1310743.html?utm_source=ref_article
While there are a lot of expectations from the Modi government’s Union Budget, only one parameter will really change things around for the Indian economy, says market expert Udayan Mukherjee. In an interview to CNBC-TV18, Mukherjee says experts are talking about the fiscal deficit and ease of doing business or strong framework for corporate India, but none of them are as critical as the steps the government will take in order to revive growth. ”The government will rein in the fiscal deficit number by hook or by crook, so fiscal deficit won’t make much of a difference. Company CEOs won’t trust any corporate framework as much they’ll trust their revenues,” says Mukherjee before adding that any capital expenditure expansion will only come through if the earnings improve.
Read more at: http://www.moneycontrol.com/news/udayans-comments/budget-2015-16-growth-revival-measures-only-important-parameter_1310743.html?utm_source=ref_article

11:30 am Coffer filling: With telecom operators depositing a huge Rs 20,435 crore as earnest money for spectrum auction, government is set to garner over Rs 1 lakh crore from sale of radiowaves, after generating similar amount through sale of coal blocks. For the entire amount of spectrum put on auction, an earnest money deposit (EMD) of Rs 12,000 crore could have been enough but telecom operators have deposited Rs 20,435 crore, which shows that fierce bidding is likely in the auction, official sources told PTI. “The EMD amount, which is the highest so far, shows that there is high demand of spectrum and we are looking forward to a successful spectrum auction,” a Department of Telecom official said.

Don’t miss: ITC may de-rate if Budget hikes cigarette excise over 15%

The market continues to tread in green with the Sensex up 78.33 points at 29309.74.  The Nifty is up 11.50 points at 8845.10. About 1306 shares have advanced, 990 shares declined, and 198 shares are unchanged.

Sesa Sterlite, L&T, Hindalco, TCS and Infosys are top gainers in the Sensex. Among the losers are GAIL, Bajaj Auto, Tata Steel and Hero Motocorp.

Global cues are firm with the Nikkei trading at 15-year highs and the Dow closing at a record high for the first time in 2015 as Greece gets an extension of its bailout programme by four months.

Oil rebounded in Asia today as speculators hunted for bargains following a sharp decline last week, but analysts said prices remain weighed by an oversupply. Crude prices lost about 60 per cent of their value to about USD 40 between June and late January owing to an oversupply in world markets, a weak global economy and a strong dollar. Prices have risen above multi-year lows on news that the number of US oil rigs in operation has fallen and energy giants are cutting back on investment, but market-watchers say volatility is likely to continue for some time.  

10:00

Nifty hovers around 8850; Midcap, Smallcap outperform

The market remained firm with the Nifty hovering around 8850. Private banks, FMCG, technology, metals and healthcare stocks while heavyweights like HDFC, Reliance Industries were under pressure.

Read More »

09:15

Sensex, Nifty firm; Hindalco up 3%, Reliance & ITC dragRead More »

Hindalco, Tata Power, BHEL, Infosys and Tata Steel are top gainers in the Sensex. Among the losers are Reliance, ITC, Bajaj Auto and Dr Reddy’s Labs.

Read More »

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