Market Live: Sensex holds 400 pts gains; Nifty Midcap up 1.5%; banks, IT stocks lead
12:05 pm Oil at 1-month low:
Oil prices were close to their lowest levels this year, with soaring US output undermining OPEC's efforts to tighten markets and prop up prices.
Brent crude futures were at USD 65.49 per barrel, down 3 cents, or 0.05 percent, from the previous close.
US West Texas Intermediate (WTI) crude futures were at USD 61.68 a barrel. That was down 11 cents, or 0.18 percent, from their last settlement.
The dips follow bigger falls on Wednesday, when crude touched one-month lows and erased most of 2018's early gains.
11:54 am Earnings:
Bharat Forge has reported healthy earnings growth in quarter ended December 2017, driven by strong commercial vehicles business and continued momentum in exports.
Consolidated profit growth of 77.4 percent at Rs 228 crore year-on-year was slightly ahead of CNBC-TV18 poll of Rs 221 crore.
Revenue from operations grew by 47.4 percent to Rs 1,391 crore compared to Rs 944 crore in same quarter last fiscal.
11:40 am Market Check:
Bulls took complete control at Dalal Street as the Sensex rallied 404.77 points or 1.19 percent to 34,487.48 and the 50-share NSE Nifty gained 116.70 points or 1.11 percent at 10,593.40.
The rally was driven by HDFC (up 2.16 percent), Infosys (2.9 percent), HDFC Bank (0.96 percent), Reliance Industries (0.92 percent) and TCS (up 1.7 percent).
The Nifty Midcap index was up 1.5 percent. About five shares advanced for every share falling on the BSE.
11:25 am BoAML on RBI policy:
Bank of America Merrill Lynch continues to think that market fears of a rate hike are overdone.
"As we expected, the RBI MPC appears to be looking through the spike in inflation to 5.4 percent in the June quarter that is driven by the base effects of June 2017 quarter's 2.2 percent. We are tracking January CPI inflation at 4.9 percent down from 5.2 percent in December," it said.
11:10 am Buzzing:
Share price of SRF added 6 percent as company is setting up of a BOPET film line in Europe.
The company had approved a capex for setting up of a BOPET film line in a new entity to be incorporated as a wholly owned subsidiary of the company in Europe at a cost of Euro 58 million to be financed by loan and/or internal accruals.
The new capacity is being set up to serve customers in Europe, Russia and other markets.
10:58 am Management Interview:
IRB Infra posted a mixed bag earnings in the third quarter, margins disappointed but the traffic growth was very good. In the press release the company had said the fourth quarter would be stupendous for them.
10:45 am Market Update:
Benchmark indices extended gains despite mixed Asian cues. The Sensex surged more than 400 points and the Nifty reclaimed 10,600 levels.
All sectoral indices traded in the green. Nifty Bank, Auto, IT, Pharma and Realty indices gained 1-3 percent.
Midcaps also participated in the rally, with the Nifty Midcap rising over a percent as about five shares advanced for every share falling.
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Oil prices were close to their lowest levels this year, with soaring US output undermining OPEC's efforts to tighten markets and prop up prices.
Brent crude futures were at USD 65.49 per barrel, down 3 cents, or 0.05 percent, from the previous close.
US West Texas Intermediate (WTI) crude futures were at USD 61.68 a barrel. That was down 11 cents, or 0.18 percent, from their last settlement.
The dips follow bigger falls on Wednesday, when crude touched one-month lows and erased most of 2018's early gains.
11:54 am Earnings:
Bharat Forge has reported healthy earnings growth in quarter ended December 2017, driven by strong commercial vehicles business and continued momentum in exports.
Consolidated profit growth of 77.4 percent at Rs 228 crore year-on-year was slightly ahead of CNBC-TV18 poll of Rs 221 crore.
Revenue from operations grew by 47.4 percent to Rs 1,391 crore compared to Rs 944 crore in same quarter last fiscal.
11:40 am Market Check:
Bulls took complete control at Dalal Street as the Sensex rallied 404.77 points or 1.19 percent to 34,487.48 and the 50-share NSE Nifty gained 116.70 points or 1.11 percent at 10,593.40.
The rally was driven by HDFC (up 2.16 percent), Infosys (2.9 percent), HDFC Bank (0.96 percent), Reliance Industries (0.92 percent) and TCS (up 1.7 percent).
The Nifty Midcap index was up 1.5 percent. About five shares advanced for every share falling on the BSE.
11:25 am BoAML on RBI policy:
Bank of America Merrill Lynch continues to think that market fears of a rate hike are overdone.
"As we expected, the RBI MPC appears to be looking through the spike in inflation to 5.4 percent in the June quarter that is driven by the base effects of June 2017 quarter's 2.2 percent. We are tracking January CPI inflation at 4.9 percent down from 5.2 percent in December," it said.
11:10 am Buzzing:
Share price of SRF added 6 percent as company is setting up of a BOPET film line in Europe.
The company had approved a capex for setting up of a BOPET film line in a new entity to be incorporated as a wholly owned subsidiary of the company in Europe at a cost of Euro 58 million to be financed by loan and/or internal accruals.
The new capacity is being set up to serve customers in Europe, Russia and other markets.
10:58 am Management Interview:
IRB Infra posted a mixed bag earnings in the third quarter, margins disappointed but the traffic growth was very good. In the press release the company had said the fourth quarter would be stupendous for them.
10:45 am Market Update:
Benchmark indices extended gains despite mixed Asian cues. The Sensex surged more than 400 points and the Nifty reclaimed 10,600 levels.
All sectoral indices traded in the green. Nifty Bank, Auto, IT, Pharma and Realty indices gained 1-3 percent.
Midcaps also participated in the rally, with the Nifty Midcap rising over a percent as about five shares advanced for every share falling.
STAR INDIA MARKET RESEARCH: STOCK AND COMMODITY MARKET
To Get Free Trial
Missed call @8817002233
Mail Us = starindiamarket@gmail.com
visit = http://www.starindiaresearch.com
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