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Sensex, Nifty maintain uptrend; Midcap, Smallcap outperform


Moneycontrol Bureau

12:58 pm Market Update:

Equity benchmarks remained positive, though it lost some gains from day’s high. The Sensex rose 112.80 points or 0.46 percent to 24548.46 and the Nifty advanced 32.85 points or 0.44 percent to 7455.30.

About three shares advanced for every share declining on the Bombay Stock Exchange.

Long build-up was seen in Cairn India, Bata India and Jubilant Foodworks. These stocks rallied 5 percent each in cash market. Cairn’s open interest increased 6.5 percent followed by Jubilant Foodworks 5 percent and Bata India 4 percent.

12:40 pm Interview: Force Motors reported a nearly three-fold jump in net profit at Rs 27.44 crore for the third quarter ended December 2015, compared with Rs 10 crore Year-on-Year (YoY). Prasan Firodia, MD, Force Motors, expects to see revenue growth of 25 percent by FY16-end. He also expects the company to grow 25-30 percent in FY17.

Firodia says margins will come in at 8-10 percent in FY17.

He also says the company is growing at a steady rate in the van segment, while the traveller product has seen 21 percent growth in the nine months of FY16.

12:20 pm Market Outlook: Nandan Chakraborty, Axis Capital says India is less susceptible to global pain points as Indian growth recovery would gain traction in 2016.

According to him, midcaps are at risk as they usually do well when GDP growth surprises and/or when the broader market has run-up and pauses to catch its breath and midcaps catch up. However, both the conditions are not in place and hence midcaps remain vulnerable, he feels.

Chakraborty says importantly, once FII flows stabilise/return, large caps with better risk-reward will be back in favour.

Also read – Nifty floor at 6700-7000; see FY17 earnings growth @12-14%: Edelweiss

12:00 pm Market Check:
Equity benchmarks continued to see buying interest led by banking & financials, pharma, oil and auto stocks. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than a percent.

The 30-share BSE Sensex climbed 135.57 points to 24571.23 and the 50-share NSE Nifty rose 39.85 points to 7462.30. The market breadth remained positive as more than three shares advanced for every share declining on the Bombay Stock Exchange.

SpiceJet, InterGlobe Aviation, Force Motors, Jet Airways, Axis Bank, ICICI Bank and SBI were most active shares on exchanges.

Crude oil futures extended gains following a surge at the end of last week on short-covering and fuel demand triggered by freezing weather in parts of the northern hemisphere. Oil prices soared 10 percent on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them, betting the market’s long rout may finally be over. Brent crude today rose 1.7 percent to USD 32.7 a barrel.

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