Skip to main content

Sensex ends marginally lower, Nifty holds 8550; NTPC up 3%

03:30pm Market Closing: The market closed marginally lower on Monday. The Sensex shed 69.06 points to 28192.02 and the Nifty lost 20 points to 8550.90.

More than two shares declined for every share advancing on the Bombay Stock Exchange.

State-run power equipment maker BHEL fell nearly 4 percent. ICICI Bank, Infosys, Reliance Industries, HDFC Bank, SBI, ITC, Axis Bank and Wipro were down 0.5-1.7 percent.

However, Hindalco and NTPC topped the buying list, up 3 percent each. ONGC, Hero Motocorp, GAIL and Sesa Sterlite gained 1-1.7 percent.

03:20pm Fiscal Deficit: The government is on course to meet its fiscal year 2014-15 deficit target of 4.1 percent it outlined in the Union Budget in February, expenditure secretary R Wattal 

This is despite the government likely falling short of meeting its telecom-receipts target of Rs 43,161 crore in the Budget.

Of the telecom receipts, the government had forecast about Rs 12,000 crore from the ongoing spectrum auction, which may not accrue this year.

However, the government has enough fiscal space to absorb the gap, according to the secretary.

03:10pm Market Update: The Sensex fell 75.45 points to 28185.63 and the Nifty declined 28.35 points to 8542.55. About 893 shares have advanced, 1981 shares declined, and 187 shares are unchanged on the BSE.

02:50pm MRF in News: The tyre maker says as part of its expansion plan, proposes to invest Rs 4,500 crore in its plants at Perambalur and Arakonam in Tamil Nadu over a period of 7 years.

The Government of Tamil Nadu considered the above proposal and has decided to accord 'Ultra Mega Project Status' under the Tamil Nadu Industrial Policy, 2014.

The Memorandum of Understanding between the Government and the company in this regard is expected to be signed shortly, it added.

02:25pm Sugar prices at 5-year low: With sugar prices in India falling to five-year lows, Shree Renuka Sugars MD Narendra Murkumbi said he expects prices to bottom out by March 31 and improve 5-10 percent from April.

The current collapse – sugar prices in Maharashtra are reining at Rs 23/kg versus quarterly average of Rs 25.5 – is because companies have sold inventory to make payments by March 31.

Overall domestic sugar production is seen at 26.5 million tonne and is expected to exceed demand by 1.8 mt, according to Murkumbi.

The state government in Maharashtra, where supply outstrips demand the most, may provide an additional export subsidy of Rs 1,000 per tonne, he said, over and above the central subsidy.

02:00pm Market Check:

The market marginally declined amid consolidation in afternoon trade, dragged by banks and index heavyweights like Reliance Industries & Infosys.

The Sensex slipped 60.42 points to 28200.66 and the Nifty fell 19.75 points to 8551.15. The broader markets extended fall; the BSE Midcap and Smallcap indices dropped 0.7 percent and 1 percent, respectively.

More than two shares declined for every share advancing on the Bombay Stock Exchange.

BHEL plunged over 3 percent. Shares of Infosys, Reliance Industries, State Bank of India, ICICI Bank and Wipro fell 1-1.7 percent. However, NTPC and Hindalco bucked the trend with 2.7 percent gains. More information please visit this site www.shristocktips.com  

Comments

Popular posts from this blog

Nifty could slip towards 9,900; 3 stocks which could give up to 11% return

A close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

The Nifty index Futures continued to slide lower for the second month in a row making it 10 percent decline from the record highs. Further, it has broken down from a broadening wedge pattern along with a close below the 200-DMA, affirming weakness dominant in the markets at the moment.

A sustained trade below 10,050 can accelerate the fall to levels of 9,930-9,700. However, a close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

Moreover, the relative strength index or the RSI has turned down from the neutral levels of 50 on two occasions in recent pullbacks suggesting further weakness in the coming trading sessions.

Here is the list of stocks which can give up to 11 percent return:

Arvind Ltd: SELL| Target Rs345| Stop Loss Rs410| Return 11%

On the weekly chart, Arv…

Market Update: PSU bank index outperforms as PNB, Syndicate Bank jump 2-5%; JP Associates zooms 11%

The market breadth was in favour of the advances with 957 stocks advancing while 668 declined and 383 remained unchanged. On the other hand, in the BSE, 1176 stocks advanced and 888 declined and 108 remained unchanged.

The Indian markets on Friday morning were trading flat with the Nifty shedding 51 points or 0.49 percent  while the Sensex was down 178 points.

The Nifty PSU banking index was up 0.6 percent led by stocks like Syndicate Bank which jumped 5 percent followed by Allahabad Bank which gained over 3 percent. IDBI Bank and OBC were the other gainers. PNB gained 2.38 percent.

The top Nifty gainers included Mahindra & Mahindra and Aurobindo Pharma which were up 1.7 percent each followed by UPL, Yes Bank and Zee Entertainment.

The top Nifty losers included IOC and BPCL which fell 2 percent each followed by HPCL, Tata Motors and NTPC.

The most active Nifty stocks included IDBI bank which jumped over 3 percent while JP Associates zoomed over 10 percent after Rakesh Jhunjhunwala…

HDFC Sec retains sell on Bharti Infratel, reduces target to Rs 310 despite 22% fall in last 2 months

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

Bharti Infratel shares declined 1.5 percent to close at Rs 368 on Tuesday after HDFC Securities has reiterated its Sell rating on the stock with revised target price at Rs 310 (from Rs 387 per share) despite sharp fall in last two months. INDIAN STOCK TIPS

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

"Target price is based on 20x Dec-19E EPS (Rs 356) for business as usual (versus 24x earlier) less impact of Rs 60 per share from Vodafone-Idea merger (versus Rs 39 per share earlier) and likely acquisition of Vodafone-Idea stake in Indus at enterprise value of Rs 50 lakh per tower (+Rs 15 per share)," the research house said.

It further said the key reason for the de-rating is instant loss of tenancies on merger of Vodafone-Idea and impact of Reliance Communications and Aircel businesses’ scaling down.

This would push back Bharti Infrat…