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Nifty hovers around 8750; HDFC, Sun Pharma, Hindalco down


The News International Team

12:30pm Nikkei Update

Japan’s Nikkei share average topped the psychological 20,000-point mark on Friday for the first time in 15 years on hopes of stronger corporate earnings, and gained 2.4 percent on the week.

The Nikkei rose as high as 20,006 before ending down 0.2 percent at 19,907.63.

The rally has been driven by many factors, including hopes of higher shareholder returns, a rise in corporate earnings, a recovery in domestic consumption and more share buying, both real and imagined, by Japanese public investors.

The market expects Japanese earnings to rise 10 to 15 percent this year, but with the Nikkei already up 14 percent so far this year, some investors see limited justification to chase them much higher.

12:00pm Market Check

The market fell marginally amid consolidation in noon trade, dragged by index heavyweights HDFC, HDFC Bank and ITC. The Sensex declined 84.19 points to 28801.02 and the Nifty slipped 29.45 points to 8748.85.

The broader markets maintained uptrend, up half a percent as about 1460 shares have advanced against 1063 shares declined on the BSE.

Vibhav Kapoor of IL&FS expects more consolidation in the market. According to him, the downside range for the Nifty is 8000-8300, while the index may hit 9,000 on the upside.

Asian markets gained with the Hang Seng and Nikkei at multi-year highs. China’s consumer inflation held steady at 1.4 percent for March.

Shares of HDFC, HDFC Bank, Sun Pharma and Cipla declined 1-2 percent followed by ITC, L&T, TCS, Axis Bank and NTPC with 0.5-0.9 percent loss while SBI, Sesa Sterlite, BHEL and Tata Power gained 1-2 percent.

Hindalco lost 1.5 percent. Alcoa, the world’s third largest aluminium producer, reported numbers in the US with revenues disappointing even as profits topped estimates. JP Morgan said Alcoa’s commentary around the auto segment continued to remain positive which highlighted revenue visibility for Hindalco’s Novelis unit.

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