RCplusN| The domestic equity market opened on a cautious note on Thursday, as fifth and final phase of polling in Bihar kick started and investors await exit polls later in the day.
The domestic equity market opened on a cautious note on Thursday, as fifth and final phase of polling in Bihar kick started and investors await exit polls later in the day.
At 9.20 am, the BSE benchmark Sensex was was ruling 92.49 points, or 0.35 per cent, lower at 26,460.43, led by selling in index heavyweights such as HDFC Bank, ICICI Bank and Sun Pharmaceuticals.
The NSE barometer Nifty50 was ruling at 8,012, down 28.20 points, or 0.35 per cent.
Overall, the market breadth remained mixed, with one of every two BSE stocks trading in the red.
The rupee came under pressure against the US dollar on Thursday morning after the US Fed chair Janet Yellen in a testimony before the joint economic committee in Washington overnight said the Fed rate hike in December is now a 'live possibility'.
The domestic currency fell 12 paise to 65.61 against the greenback in early trade. This was against a 15 paise rise in the local unit to 65.49 in the previous session on fresh dollar selling by banks and exporters.
Most other Asian markets saw positive trading on Thursday shrugging off the weakness seen in US markets after US Federeal Reserve chair Janet Yellen's commentary. Japan's Nikkei gained 1 per cent while South Korea's Kospi was down 0.4 per cent. Hong Kong's Hang Seng surged 2.5 per cent while mainland China's Shanghai Composite was trading higher by 4 per cent.
Markets @ 9:20
Sensex stocks Tata Steel, Bharti Airtel and Sun Pharma dropped 1.40 per cent, 1.22 per cent and 1.10 per cent, respectively. Tata Steel will report its second quarter results later in the day.
Lupin fell 0.91 per cent to Rs 1,844.50. On the upside NTPC, Hindalco, GAIL and Bajaj Auto advanced 0.82 per cent, 0.45 per cent, 0.41 per cent and 0.31 epr cent, respectively.
WHAT TOP EXPERTS ARE SAYING:
Maintain Neutral on DLF, cut target to Rs 140 from Rs 170: Credit Suisse
Upgrade Marico to Outperform from Sell, target raised to Rs 460 from Rs 400: CLSA
Nifty likely to test 7,950; index may find resistance at 8,100: Sandeep Wagle
Nifty may see further downside in next 2-3 sessions; 7,930 on the cards: Mitesh Thacker
Here is a list of top 12 stocks that are in focus today:
IT stocks: US-based Cognizant Technology Solutions continued its strong run and for the third consecutive quarter raised its full-year revenue guidance to 21 per cent, after posting quarterly numbers that came in ahead of market expectations, driven mainly by robust spending from top healthcare customers such as Merck.
Ashok Leyland: Hinduja group flagship firm Ashok Leyland reported over two-fold rise in net profit at Rs 287 crore for the second quarter ended September 30, 2015.
DLF: Realty major DLF said its promoters are likely to sell their 40 per cent stake in the company's rental arm DLF Cyber City Developers (DCCDL) by the end of this fiscal.
Bata India: Footwear major Bata India reported a 38.74 per cent rise in net profit at Rs 54.11 crore for the second quarter ended September 30.
Essar Ports: Private sector port operator Essar Ports reported a 9 per cent rise in consolidated net profit at Rs 104.5 crore for the quarter ended September 30, 2015 helped by growth volumes and cost optimisation measures
Omaxe: Realty firm Omaxe reported a 40 per cent increase in consolidated net profit at Rs 19.46 crore for the quarter ended September.
Neyveli Lignite: Public sector Neyveli Lignite Corporation has registered a 32.4 per cent rise in net profit to Rs 343.40 crore for the second quarter ending September 30, 2015.
IDBI Bank: IDBI Bank plans to raise equity capital up to Rs 2,800 crore through qualified institutional investors (QIP) or a follow-on public offer before March 2016, said media reports.
Bank of Baroda: Public-sector lender Bank of Baroda (BOB) has trimmed rate of interest, payable on bulk deposits of Rs 1 crore and above across maturities, by 0.25-0.60 per cent.
Fortis Healthcare: The company reported a consolidated net profit of Rs 33.98 crore for the second quarter ended September 30, 2015.
Jain Irrigation Systems: JISL said the company has bagged a tender worth Rs 473 crore from Maharashtra State Electricity Distribution Company (MSEDCL) for supply and installation of 8,959 solar agri pumps.
PNC Infratech: PNC Infratech reported 18.22 per cent drop in consolidated net profit at Rs 17.81 crore for the quarter ended September 30 on increase in depreciation on account of Kanpur-Kabrai BOT project.
At 9.20 am, the BSE benchmark Sensex was was ruling 92.49 points, or 0.35 per cent, lower at 26,460.43, led by selling in index heavyweights such as HDFC Bank, ICICI Bank and Sun Pharmaceuticals.
The NSE barometer Nifty50 was ruling at 8,012, down 28.20 points, or 0.35 per cent.
Overall, the market breadth remained mixed, with one of every two BSE stocks trading in the red.
The rupee came under pressure against the US dollar on Thursday morning after the US Fed chair Janet Yellen in a testimony before the joint economic committee in Washington overnight said the Fed rate hike in December is now a 'live possibility'.
The domestic currency fell 12 paise to 65.61 against the greenback in early trade. This was against a 15 paise rise in the local unit to 65.49 in the previous session on fresh dollar selling by banks and exporters.
Most other Asian markets saw positive trading on Thursday shrugging off the weakness seen in US markets after US Federeal Reserve chair Janet Yellen's commentary. Japan's Nikkei gained 1 per cent while South Korea's Kospi was down 0.4 per cent. Hong Kong's Hang Seng surged 2.5 per cent while mainland China's Shanghai Composite was trading higher by 4 per cent.
Markets @ 9:20
Sensex stocks Tata Steel, Bharti Airtel and Sun Pharma dropped 1.40 per cent, 1.22 per cent and 1.10 per cent, respectively. Tata Steel will report its second quarter results later in the day.
Lupin fell 0.91 per cent to Rs 1,844.50. On the upside NTPC, Hindalco, GAIL and Bajaj Auto advanced 0.82 per cent, 0.45 per cent, 0.41 per cent and 0.31 epr cent, respectively.
WHAT TOP EXPERTS ARE SAYING:
Maintain Neutral on DLF, cut target to Rs 140 from Rs 170: Credit Suisse
Upgrade Marico to Outperform from Sell, target raised to Rs 460 from Rs 400: CLSA
Nifty likely to test 7,950; index may find resistance at 8,100: Sandeep Wagle
Nifty may see further downside in next 2-3 sessions; 7,930 on the cards: Mitesh Thacker
Here is a list of top 12 stocks that are in focus today:
IT stocks: US-based Cognizant Technology Solutions continued its strong run and for the third consecutive quarter raised its full-year revenue guidance to 21 per cent, after posting quarterly numbers that came in ahead of market expectations, driven mainly by robust spending from top healthcare customers such as Merck.
Ashok Leyland: Hinduja group flagship firm Ashok Leyland reported over two-fold rise in net profit at Rs 287 crore for the second quarter ended September 30, 2015.
DLF: Realty major DLF said its promoters are likely to sell their 40 per cent stake in the company's rental arm DLF Cyber City Developers (DCCDL) by the end of this fiscal.
Bata India: Footwear major Bata India reported a 38.74 per cent rise in net profit at Rs 54.11 crore for the second quarter ended September 30.
Essar Ports: Private sector port operator Essar Ports reported a 9 per cent rise in consolidated net profit at Rs 104.5 crore for the quarter ended September 30, 2015 helped by growth volumes and cost optimisation measures
Omaxe: Realty firm Omaxe reported a 40 per cent increase in consolidated net profit at Rs 19.46 crore for the quarter ended September.
Neyveli Lignite: Public sector Neyveli Lignite Corporation has registered a 32.4 per cent rise in net profit to Rs 343.40 crore for the second quarter ending September 30, 2015.
IDBI Bank: IDBI Bank plans to raise equity capital up to Rs 2,800 crore through qualified institutional investors (QIP) or a follow-on public offer before March 2016, said media reports.
Bank of Baroda: Public-sector lender Bank of Baroda (BOB) has trimmed rate of interest, payable on bulk deposits of Rs 1 crore and above across maturities, by 0.25-0.60 per cent.
Fortis Healthcare: The company reported a consolidated net profit of Rs 33.98 crore for the second quarter ended September 30, 2015.
Jain Irrigation Systems: JISL said the company has bagged a tender worth Rs 473 crore from Maharashtra State Electricity Distribution Company (MSEDCL) for supply and installation of 8,959 solar agri pumps.
PNC Infratech: PNC Infratech reported 18.22 per cent drop in consolidated net profit at Rs 17.81 crore for the quarter ended September 30 on increase in depreciation on account of Kanpur-Kabrai BOT project.
