Sensex was lower by 63 points at 27,468 and the Nifty slipped by 28 points at 8,312.
The broader markets are also witnessing flat trades with negative bias- BSE Midcap and Smallcap indices down 0.1% each. The market breadth is negative with 1,102 declines against 956 advances on the BSE.
In the currency front, continuing its weakness for the third straight day, the rupee dropped below the 64 mark, falling 17 paise, to quote at 64.15 against the dollar today at the Interbank Foreign Exchange as the American currency firmed up overseas on strong economic data.
Tata Motors is the top Sensex loser, down over 5% after the company reported lower-than-expected consolidated net profit at Rs 1,717 crore for the fourth quarter ended March 31, 2015 (Q4) on account of lower-than-expected operating performance at Jaguar Land Rover (JLR) and mark-to-market (MTM) loss provisioning at JLR (on commodity hedges and revaluation of foreign currency debt).
Among IT space, Infosys and Wipro have slipped between 1-2%.
GAIL has declined over 1% ahead of its quarterly numbers today.
Mahindra and Mahindra, which entered the two-wheeler business six years ago, will intensify marketing efforts to grow its market share by five-fold to about 5%. The stock has slipped by 1%.
Other notable losers are Hindalco, Vedanta, Tata Steel, Sun Pharma and Tata Power.
On the gaining side, Axis Bank has surged by over 1.5%. Among other financial shares, HDFC, ICICI Bank, HDFC Bank and SBI have gained by 0.3%.
Further, according to the results of a Reuters poll, the Reserve Bank of India is likely to cut its benchmark interest rate by 25 basis points to 7.25% when it meets early next week and make a similar move before December.
BHEL has gained over 1%. Bharat Heavy Electricals (BHEL), the country’s largest power equipment manufacturer, has posted a 52% drop in net profit during the fourth quarter ended March on slowdown in project execution.
Among other shares, IDBI Bank has rallied 6% to Rs 71 on the NSE in an otherwise subdued market after the public sector lender reported an improvement in its asset quality for the January-March quarter (Q4) on a sequential basis.
The broader markets are also witnessing flat trades with negative bias- BSE Midcap and Smallcap indices down 0.1% each. The market breadth is negative with 1,102 declines against 956 advances on the BSE.
In the currency front, continuing its weakness for the third straight day, the rupee dropped below the 64 mark, falling 17 paise, to quote at 64.15 against the dollar today at the Interbank Foreign Exchange as the American currency firmed up overseas on strong economic data.
Tata Motors is the top Sensex loser, down over 5% after the company reported lower-than-expected consolidated net profit at Rs 1,717 crore for the fourth quarter ended March 31, 2015 (Q4) on account of lower-than-expected operating performance at Jaguar Land Rover (JLR) and mark-to-market (MTM) loss provisioning at JLR (on commodity hedges and revaluation of foreign currency debt).
Among IT space, Infosys and Wipro have slipped between 1-2%.
GAIL has declined over 1% ahead of its quarterly numbers today.
Mahindra and Mahindra, which entered the two-wheeler business six years ago, will intensify marketing efforts to grow its market share by five-fold to about 5%. The stock has slipped by 1%.
Other notable losers are Hindalco, Vedanta, Tata Steel, Sun Pharma and Tata Power.
On the gaining side, Axis Bank has surged by over 1.5%. Among other financial shares, HDFC, ICICI Bank, HDFC Bank and SBI have gained by 0.3%.
Further, according to the results of a Reuters poll, the Reserve Bank of India is likely to cut its benchmark interest rate by 25 basis points to 7.25% when it meets early next week and make a similar move before December.
BHEL has gained over 1%. Bharat Heavy Electricals (BHEL), the country’s largest power equipment manufacturer, has posted a 52% drop in net profit during the fourth quarter ended March on slowdown in project execution.
Among other shares, IDBI Bank has rallied 6% to Rs 71 on the NSE in an otherwise subdued market after the public sector lender reported an improvement in its asset quality for the January-March quarter (Q4) on a sequential basis.
CapitalStars is a research house and an investment advisory company carrying out operations in the Indian Equities and commodity market. CapitalStras also ave liable on linke din and facebook. Get real time advice for Share Tips , Trading Strategies , Best Intraday Stocks , Stock Tips Free and all market updates. For 2 Days Free Trial ,Please visit our site http://www.capitalstars.com Call at 0731-6790000, 6669900.
0 comments:
Post a Comment