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Nifty ends below 8250, Sensex weak; Maruti, Wipro up 1-2%

Oct 27, 2015, 08.31 PM | Source: Moneycontrol.com

Buoyed up by Q2 earnings, Maruti ended with 2 percent gains. The country’s largest car maker’s profit shot up 42 percent year-on-year to Rs 1,225.6 crore, driven by strong revenue and operational growth. Profit growth was limited due to lower other income and sharp rise in tax cost.

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Nifty ends below 8250, Sensex weak; Maruti, Wipro up 1-2%

Buoyed up by Q2 earnings, Maruti ended with 2 percent gains. The country’s largest car maker’s profit shot up 42 percent year-on-year to Rs 1,225.6 crore, driven by strong revenue and operational growth. Profit growth was limited due to lower other income and sharp rise in tax cost.

16:20

TheNewsInternational Team

It was a second day of consolidation while the market ended with minor losses. The Sensex slipped 108.52 points or 0.4 percent at 27253.44 and the Nifty was down 27.65 points or 0.3 percent at 8232.90. About 1264 shares advanced, 1446 shares declined, and 142 shares were unchanged.

Laurence Balanco, CLSA says short-term pullbacks are likely to be only a partial retracement of the September lows before another advance phase takes price action higher into the year-end.

“The Nifty continues its relatively slow recovery off the September low. This lack of momentum coupled with the overhead resistance at the 8,398-8,647 area leads us to expect the Nifty to move into a tactical trading top,” he adds.

Most of the market action today was dominated by mixed corporate results by few index heavyweights.

Andrew Holland of Ambit Investment Advisors feels very encouraged about Q2 results as he says though the topline growth in the second quarter has been subdued, margin expansion has been encouraging. He sees this will help companies in the following year as well.

Buzzing stocks

Buoyed up by Q2 earnings, Maruti ended with 2 percent gains. The country’s largest car maker’s profit shot up 42 percent year-on-year to Rs 1,225.6 crore, driven by strong revenue and operational growth. Profit growth was limited due to lower other income and sharp rise in tax cost.

Other gainers in the Sensex were Sun Pharma, Wipro, HDFC Bank and Bajaj Auto.

Axis Bank ‘s July-September quarter earnings matched analysts’ expectations on Tuesday with profit rising 18.9 percent year-on-year to Rs 1,915.6 crore with stable asset quality. It was aided by other income, operating profit and lower provisions but impacted by higher tax cost.

Meanwhile, Lupin disappointed investors with dismal earnings. Its consolidated net profit plunged 35 percent year-on-year to Rs 409 crore on weak operational performance and slow revenue growth that impacted by US and Japan businesses. Lower other income also hit bottomline. The stock slumped over 5 percent at day’s close.

ONGC, HDFC, GAIL and BHEL were among other losers in the Sensex.

Meanwhile, IndiGo’s IPO took off with strong demand from institutional investors but demand is muted so far among retail and high-networth individuals. The total IPO size is subscribed 0.8 times on day 1 so far.

14:00

Sensex, Nifty end with losses; Lupin slumps 5%, Maruti up

Sun Pharma, Maruti, HDFC Bank, Bajaj Auto and Wipro are top gainers while Lupin, HDFC, ONGC, GAIL and BHEL are losers in the Sensex.

Read More »

13:00

Sensex, Nifty remain sluggish; HDFC Bank, Bajaj Auto up 1%Read More »

Sun Pharma, Maruti, HDFC Bank, Bajaj Auto and Wipro are top gainers while Lupin, ONGC, HDFC, Tata Steel and BHEL are losers in the Sensex.

Read More »

12:00

Sensex, Nifty continue to fall; Sun Pharma up, ONGC down 3%Read More »

Sun Pharma topped buying list on Sensex, up 1.4 percent followed by HDFC Bank, Maruti, Wipro, Tata Motors, Bajaj Auto and SBI with marginal gains. HDFC, Lupin, ONGC and Tata Steel were top losers in trade, down 2-3 percent.

Read More »

11:00

Sensex slips over 100 pts, Nifty drags; metals fallRead More »

Sun Pharma, Maruti, Bajaj Auto, NTPC and Dr Reddy’s Labs are top gainers while ONGC, HDFC, Lupin, Vedanta and Tata Steel.

Read More »

10:00

Sensex, Nifty under pressure; Lupin, Vedanta, HDFC losersRead More »

Lupin and Vedanta lost 1.5-2 percent ahead of second quarter earnings, which are expected to be subdued. Maruti Suzuki will also announce its earnings; stock gained nearly 1 percent as analysts expect company to report strong set of numbers in the quarter gone by.

Read More »

09:15

Nifty below 8250, Sensex opens lower; Maruti, BHEL, L&T upRead More »

Maruti, Bharti, Coal India, HUL and Wipro are top gainers while Lupin, Vedanta, HDFC, Cipla and ONGC are laggards.

Read More »

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