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Sensex, Nifty volatile; NTPC falls 4%, Tata Motors weak


The News International Team

1:50 pm Market check: The Sensex is down 110.65 points at 28625.73 and the Nifty slips 42.70 points at 8680.60. About 1223 shares have advanced, 1460 shares declined, and 177 shares are unchanged.

Sesa Sterlite is up 2 percent while SBI, GAIL, Hero and Cipla are top gainers. NTPC is down 4 percent. BHEL, Tata Motors, HUL and ONGC are other laggards in the Sensex.

1:40 pm FII view: Sanjay Sinha, founder, Citrus Advisors says if the US Federal Reserve does not raise rates, then the downside on the market gets capped. However, he does not see the Nifty crossing the 9000 mark.

According to Sinha, portfolio should consist of 60 percent cyclical and 40 percent defensive stocks. Pharma and IT sectors should be a part of the defensive portfolio, he says. He also advises investors to buy auto stocks on correction.

1:30 pm Buzzing: Shares of Mahindra & Mahindra were down over 1 percent intraday on Wednesday with investors growing concerned about its sales. In an analysts meet, the management has acknowledged that tractor volumes decline has been worse than its pessimistic scenario and the unseasonal rainfall has made things worse.

The company has said that industry may continue to decline in first half of FY16 and expects single digit growth of 5-7 percent in tractors in FY16. Tractor sales are affected due to low minimum support price (MSPs) and rural wages. However, M&M is hopeful that sales may pick up only in second half subject to monsoon.

Credit Suisse is not perturbed and maintains an outperform rating. “Worst is now behind and M&M’s performance should gradually improve hereon. The stock’s valuations are attractive,” it says in a note.

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The market continues to be in red. The Sensex is down 14.39 points at 28721.99 and the Nifty down 5.15 points at 8718.15. About 1243 shares have advanced, 1338 shares declined, and 191 shares are unchanged.

Sesa Strelite, Tata Power, Hero Motocorp, HDFC Bank and SBI are top gainers in the Sensex. Among the losers are NTPC, Tata Motors, ONGC, Wipro and M&M.

The Securities and Exchange Board of India (SEBI) is planning rule changes that will make it easier for homegrown start-ups to list their shares on local bourses, sources involved in the process said, helping domestic investors to bet on the country’s booming online economy.

The SEBI is considering easing rules on mandatory disclosure for the draft prospectuses of Internet-based companies. One of the main items that could be scrapped is the need to detail the use of proceeds from the initial public offering of shares, they said. This is currently an obstacle for start-ups, as these companies don’t typically use cash to build plants or purchase tangible assets.

Gold prices increased by 0.15 percent to Rs 25,796 per 10 grams in futures trading today as speculators enlarged positions amid a better trend overseas.  Analysts said a better trend in the global markets supported the upside in gold prices at futures trade here. Meanwhile, in Singapore, gold rose to USD 1,151.35 an ounce from USD 1,149.57 yesterday.

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