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Sensex, Nifty consolidate; NTPC GAIL slip 2%, HDFC soars


The News International Team

10:50am Interview: Talking about the Rolta & Hitachi India partnership to explore new opportunities, KK Singh, CMD, Rolta India said the partnership would give the company access to international markets like Japan and also exposure to Hitachi clients.

According to Singh, the partnership would bring together the cutting edge hardware technology of Hitachi and Rolta’s software expertise and would help to bid aggressively for infra projects related to smart cities.

The partnership with Hitachi is for big data analytics, said Singh.

The company plans to set up a joint venture with Hitach for manufacturing facility in India and do certain exclusive projects with Hitachi. The JV if established would bring in around Rs 50-100 crore, out of which around fifty percent share would be of Rolta, said Singh.

10:25am Market Expert: The market is running out of positive catalysts and there are more of downside risks over the next couple of quarters, says Pramod Gubbi, Director-Institutional Sales, Ambit Capital.

However, he does not see the Nifty falling below 8200 in the event of a correction, though he warns that individual stocks may fall sharply.

In an interview to CNBC-TV18, Gubbi says the possibility of a rate hike by the US Federal Reserve has already been discounted. Even otherwise, a rate hike is unlikely to act as a negative trigger for global markets, he says.

Gubbi is bullish on the pharma sector, and expects the Sensex to rise to 34,000 by the end of this calendar.

He does not see earnings growth recovering before the second half of next fiscal. 

10:00am Market Check

The market continued to consolidate for the third consecutive session today ahead of expiry of March derivative contracts (on Thursday). The Sensex rose 48.30 points to 28210.02 and the Nifty advanced 10.50 points to 8553.45. The broader markets were flat too.

Taher Badshah of Motilal Oswal AMC says broad contours of the market haven’t changed from a medium to long-term perspective and would continue to deploy money into stocks that the house has conviction in.

He is skeptical of the fourth quarter earnings but believes that market has already priced-in moderation in earnings.

Shares of HDFC, Tata Motors and Sun Pharma topped the buying list, up 1-1.6 percent followed by ICICI Bank, HDFC Bank, ITC, Infosys, HUL, Mahindra & Mahindra, Dr Reddy’s Labs and Cipla with 0.3-0.9 percent upside.

However, NTPC and GAIL fell more than 2 percent. L&T, Reliance Industries, TCS, ONGC, Axis Bank, Sesa Sterlite, Bharti Airtel, Tata Steel and BHEL were down 0.3-1 percent.

In the broader space, Godrej Properties rallied 3 percent after the real estate company launched project in Pune and signed residential project deal in Kolkata.


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