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Sensex, Nifty trim losses; pharma infra drag, FMCG up


TheNewsInternational Team

2:58 pm Market Update:

Equity benchmarks trimmed losses in last hour of trade. The Sensex fell 14.59 points to 27292.24 and the Nifty declined 13.35 points to 8248.30.

About 1244 shares have advanced, 1379 shares declined, and 163 shares are unchanged on the BSE.

2:45 pm Two ordinances cleared: The government today cleared two ordinances for speedy settlement of commercial disputes in the country, giving a fresh impetus to ease of doing business.

The Union Cabinet, chaired by Prime Minister Narendra Modi, cleared ordinances to amend the Arbitration and Conciliation Act and bring into force the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Bill, 2015 pending before a Parliamentary standing committee, official sources said.

The Cabinet had in December last year given a nod to an ordinance to amend the Arbitration Act but it was never sent to the President for approval.

2:30 pm Interview: IT services provider Mphasis matched analysts’ expectations on bottomline and topline front but September quarter operational performanc e was ahead of estimates. Consolidated net profit grew by 18.4 percent sequentially to Rs 185 crore, boosted by operational numbers despite lower other income.

The company is hopeful of USD 300 million deal wins for the year after wining around USD 166 million of total contract value (TCV) in the first half, said Ganesh Ayyar, CEO, Mphasis in an concall to CNBC-TV18’s Reema Tendulkar.

The company also expects the direct international business to grow faster than the industry, said Ayyar.

According to him, margins in the second half are likely to be in the range of 13-15 percent up from the 12-14 percent reported in first half.

2:15 pm Europe Update: European equities opened flat but quickly turned lower as investors look ahead to a meeting of the European Central Bank (ECB) on Thursday and digest a slew of mixed earnings.

All major European indices were in negative 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.

Also read – HDFC Bank Q2 profit, NII rise 21% despite high provisions, tax cost

2:00 pm Market Check

The market remained under pressure following weakness in global peers. Banking & financials, healthcare and capital goods stocks dragged while FMCG, oil, metals and select technology stocks provided support.

The Sensex declined 72.85 points to 27233.98 and the Nifty fell 31.40 points to 8230.25. The broader markets also traded in line with benchmarks as the BSE Midcap and Smallcap indices lost 0.3-0.6 percent.

The market breadth too was weak as about 1434 shares declined against 1118 advancing shares on the BSE.

ICICI Bank, L&T, SBI, Dr Reddy’s Labs, Sun Pharma, M&M, GAIL and BHEL were down 1-3 percent. Infosys, Bajaj Auto, Bharti Airtel, NTPC, Tata Steel, Vedanta and Hindalco gained 1-3 percent.

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