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Sensex, Nifty erase gains on sharp fall in Shanghai


TheNewsInternational Team

12:59 pm Market update:

Equity benchmarks extended losses with the Sensex falling 93.53 points to 27213.30 and the Nifty declining 37.70 points to 8223.95.

About 1029 shares have advanced, 1419 shares declined, and 151 shares are unchanged on the BSE.

12:50 pm HDFC Bank results: HDFC Bank, the country’s second largest private sector lender, matched analysts’ expectations on Wednesday with September quarter profit rising 20.5 percent to 2,869.5 crore compared to year-ago period. Profit growth was driven by other income, NII and operating profit despite higher provisions and tax expenses.

Net interest income increased 21.2 percent to Rs 6,681 crore in quarter ended September 2015 compared to Rs 5,511 crore in corresponding quarter of last fiscal with net interest margin of 4.2 percent (declined sequentially compared to 4.3 percent).

12:40 pm Europe opens: European equities opened roughly flat today as investors look ahead to a meeting of the European Central Bank (ECB) on Thursday.

All major European indices were in positive territory.

A subject that is expected to come up at the ECB meeting, which is being held in Malta rather than Frankfurt this month, is whether the bank needs to increase its 1 trillion euro (USD 1.1 trillion) bond-buying program.

12:30 pm Earnings: Mortgage player Indiabulls Housing Finance today reported 23.93 percent jump in consolidated net profit to Rs 555.53 crore for the second quarter ended September 30, 2015-16. The company had reported net profit of Rs 448.24 crore in the July-September quarter of last fiscal, 2014-15.

Its total income for the quarter under review rose to Rs 1,985 crore, up 31.08 percent, from Rs 1,514.31 crore in the corresponding quarter a year ago, the company said in a BSE filing.

Indiabulls Housing Finance reported net interest income (NII) of Rs 884.6 crore, compared with Rs 657.1 crore a year ago, an increase of 34.62 percent.

12:15 pm Credit Suisse on L&T: Credit Suisse has downgraded L&T to neutral with a lowered target price of Rs 1775 per share. It has also cut earnings per share (EPS) of FY17/18 by 4 and 3 percent respectively.

Substantial slowdown in the Middle East, real estate slowdown, delay in pick-up of metals/hydrocarbons and unsustainable power and roads FY16 ordering spike are key challenges for the company, says Credit Suisse. “Weaker-than-expected inflows in 1HFY16 are known, however challenges to absolute quantity and quality,” it adds.

Also read – Risk-on rally to continue; Nifty to trade in range: IL&FS

12:00 pm Market Check

The market erased early gains following sharp fall in Asian peer – China. The Sensex fell 14.99 points to 27291.84 and the Nifty declined 12.25 points to 8249.40. China’s Shanghai Composite plunged 4.5 percent in choppy trade while Nikkei rose 1.9 percent.

The market breadth also was in favour of declines as about 1202 shares declined for 1191 advancing shares on the BSE.

Dr Reddy’s Labs extended sell-off, losing more than 3 percent followed by ICICI Bank, L&T, SBI and Sun Pharma with 1 percent loss each.

Infosys, Bharti Airtel, NTPC, Tata Steel, Hindalco Industries and Vedanta topped buying list on Sensex, up 1-1.6 percent.

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