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Sensex, Nifty end flat; Tata Steel Sun Pharma gainers


Moneycontrol Bureau

3:30 pm Market closing:

After a good rally, the market ended flat. The Sensex was up 50.29 points or 0.2 percent at 24485.95 and the Nifty was up 13.70 points or 0.2 percent at 7436.15. About 1734 shares advanced, 929 shares declined, and 157 shares were unchanged. 

Tata Steel, Sun Pharma, ICICI Bank, Coal India and ONGC were top gainers while Hero MotoCorp, L&T, GAIL, Tata Motors and Adani Ports were losers in the Sensex.

2:58 pm Market Update: Equity benchmarks continued to be volatile in afternoon trade. The Sensex rose 46.23 points to 24481.89 and the Nifty went up 13.60 points to 7436.05.

About 1669 shares have advanced, 920 shares declined, and 154 shares are unchanged on the BSE.

2:40 pm Interview: Nearly half of the revenue growth has come from recent acquisitions, says Anand Deshpande, Founder, MD & CEO, Persistent Systems , adding there was extra contribution from the Aepona acquisition.

At the same time, margins are under pressure because of the acquisitions, Deshpande tells CNBC-TV18.

He expects the current quarter to be better than the December quarter, and is optimistic about the deal pipeline.

He says the third quarter saw a volume growth of 1.9 percent and a price growth of 1.1 percent.

2:20 pm Earnings: HDFC Bank’s third quarter earnings matched analysts’ expectations on Monday. Profit increased 20 percent year-on-year to Rs 3,357 crore during the quarter, supported by operating profit, net interest income and other income.

Net interest income, the difference between interest earned and interest expended, climbed 24 percent to Rs 7,068.51 crore in Q3 compared to Rs 5,700 crore in year-ago period.

Profit was estimated at Rs 3,350 crore (20 percent growth) and net interest income at Rs 6,911 crore (21.3 percent growth) for the quarter, according to analysts polled by CNBC-TV18.

Other income (non-interest income) during the quarter grew by 13.3 percent to Rs 2,872.2 crore and operating profit surged 20 percent to Rs 5,735.9 crore compared to same quarter last fiscal.

Also read – India well placed, but not immune to global shocks: Moody’s poll

2:00 pm Market Check

Equity benchmarks as well as broader markets trimmed gains following correction in European peers and crude oil prices. The Sensex rose 17.59 points to 24453.25 and the Nifty gained 7.45 points at 7429.90.

The BSE Midcap and Smallcap indices climbed 0.4 percent and 1 percent, respectively. The market breadth remained positive as more than two shares advanced for every share declining on the BSE against 5:1 in morning.

L&T, Axis Bank, Hero Motocorp, GAIL and NTPC were down 1-3 percent followed by Infosys, ITC.


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