Markets live: Track BSE Sensex, Nifty, rupee updates
3:30 p.m. Sensex ends 28 points higher at 20,362 (provisional)
3:25 p.m. Indian Hotels shares up 3.8 per cent at Rs 59.90 after announcement of Q3 results. Indian Hotels Q3: Net profit at Rs 65.5 crore vs Rs 64.6 crore (YOY); sales at Rs 564.2 crore vs Rs 544.5 crore
3:15 p.m: Markets narrowly hold on to gains. Sensex up 27 points at 20,361. RIL and Hindalco down nearly 2 per cent each at Rs 805.85 and Rs 104.65 respectively. Petroleum Minister M Veerappa Moily
hits back at Kejriwal's allegations, saying that price fixing of petroleum products is done as per expert advice.
2:55 p.m.: Bajaj Electricals shares extend gains, trade 8 per cent higher at Rs 227 after Q3 profit rises 71% (Read: Bajaj Electricals Q3 profit jumps 71.48% to Rs 20.03 crore)
2:35 p.m. Markets remain range-bound, Nifty up 20 points at 6,073. RIL down 1.7 per cent. Shrikant Chouhan, technical analyst at Kotak Securities, said Nifty is currently in a pull-back mode and faces resistance at 6095 and later at 6135. On the downside, if Nifty slips below 6045, it could see renewed weakness, he adds. (Track markets here)
2.10 p.m. Ranjit Kapadia of Centrum Broking, said DRL results were better than market expectations, boosted by global generic numbers despite muted growth in domestic business. DRL shares down 0.3 per cent at Rs 2,668
2 p.m. Dr Reddy's Laboratories Q3 results: Consolidated net profit at Rs 618 crore vs expectations of Rs 450.3 crore. Shares down 0.2 per cent Rs 2,670
1:45 p.m. RIL shares extend losses, down 1.4 per cent at Rs 809. Delhi Chief Minister Arvind Kejriwal has accused billionaire Mukesh Ambani of conspiring with Union Oil Minister Veerappa Moily to inflate the prices of gas for the capital. Mr Kejriwal said anti-corruption officials are filing, an FIR or First Information Report, against the minister and Mr Ambani, who is the chairman of Reliance Industries Limited. RIL shares down 0.68 per cent at Rs 816. (Read: Cases against Mukesh Ambani and Oil Minister, says Kejriwal)
1:20 p.m Markets turn flat, Nifty up 8 points at 6,061. Bharti Airtel down 1.6 per cent, extending its 2.56 per cent decline suffered on Monday. Bharti's licence in 900 MHz band for Delhi and Kolkata will expire in November (See: Spectrum bids shoots up)
12:50 pm India's trade deficit shrinks to $9.92 billion in January vs $10.14 billion in December. Markets stay lacklustre. Nifty up 13 points at 6066.
12: 35 p.m. Markets give up some gains. Sensex up 53 points at 20,388 while Nifty adds 12 points to 6,066. IT stocks continue to trade higher with BSE IT index up nearly 1.1 per cent. (Read | IT sector exports to grow 13-15% in FY15: Nasscom)
12.05 p.m. Nasscom forecasts higher IT sector growth of 13-15% for FY15 as compared to FY14 growth of 12-14%. BSE IT index continues to trade higher by 1.1 per cent, with HCL Tech up 2.4 per cent at Rs 1,449.
11:50 a.m. Delhi Chief Minister Arvind Kejriwal has accused billionaire Mukesh Ambani of conspiring with Union Oil Minister Veerappa Moily to inflate the prices of gas for the capital. Mr Kejriwal said anti-corruption officials are filing, an FIR or First Information Report, against the minister and Mr Ambani, who is the chairman of Reliance Industries Limited. RIL shares down 0.68 per cent at Rs 816
11:41 a.m. SIAM on January auto sales: Passenger car sales at 1.6 lakh units; CV sales at 49,987 units, down 20.9 per cent YoY; two-wheeler sales at 13 lakh units, up 8.8 per cent YoY
BSE Auto index trading 0.66 per cent at 11,907, off its day's high of 12,027
11:35 a.m. Sensex up 75 points at 20,408. while Nifty rises 19 points to 6072
11:05 a.m. Sensex adds to gains but still off day's high. Sensex up 93 points at 20,427 as IT stocks extend gains. HCL up 2.78 per cent while TCS, Infosys and Infosys were each up over 1 per cent. Tata Motors gives up some gains, up 2.74 per cent at Rs 374, off its day's high of Rs 382.
10:45 a.m. Nifty remains range-bound, up 17 points at 6070. KR Bharat, MD of Advent Advisory Services, said a lot of money is moving out of emerging market equities and going into debt markets of developed countries. And the trend is likely to continue, he added.
10:40 a.m. Dhanlaxmi Bank shares down nearly 5 per cent to 32.50 after the bank posted a loss of Rs 119.4 crore in the third quarter on account of higher provisioning. The bank's provisioning increased to Rs 111.7 crore vs Rs 20.1 crore (QoQ) Commenting on the results, PG Jayakumar, MD & CEO of Dhanlaxmi Bank, said many of the NPAs could be upgraded this quarter. In the third quarter we recovered about Rs 40 crore and for the whole year around Rs 120 crore, he added.
10.20 a.m. Tata Steel trading with over 1 per cent gains at Rs 389.70 ahead of earnings. Brokers polled by NDTV expect Tata Steel to report a net profit of Rs 800 crore against a loss of Rs 743 crore in the corresponding quarter of last year. Sales seen up at Rs 36,173 crore against Rs 32,107 crore year-on-year.
Dr.Reddy's Lab, Hindustan Petroleum Corp will also report numbers today. Dr Reddy's Q3 sales seen at Rs 3,595 crore against Rs 2,865 crore (YoY), while profits may rise to Rs 450 crore against Rs 363 crore (YoY). Shares down 0.4 per cent.
10.15 a.m. Sajiv Dhawan says HCL Tech, TCS and some private sector banks present good opportunity after recent correction.
10.00 a.m. IT stocks rebound after three straight days of decline. HCL Tech, TCS, Wipro and Infosys all among top Nifty gainers. Software industry lobby Nasscom will announce its sales outlook for the IT industry later today. Analysts expect growth forecast for 2014-15 to be raised from 12-14 per cent range for the current fiscal year.
09.45 a.m. Bharti Airtel down 1.2 per cent to Rs 303.75. Somil Mehta of Sharekhan says there is good selling opportunity in Bharti and traders should target Rs 270 on the stock. Idea Cellular, which slumped over 8 per cent yesterday, traded with 2.4 per cent gains at Rs 129.50.
Mayuresh Joshi of Angel Broking says Idea has the least leverage among telecom firms, so it would be the standout from the telecom pack. Angel's call on Idea: Buy on correction of 6-7 per cent.
09.40 a.m. Telecom stocks under pressure again. Rising prices in the spectrum auction are seen reducing potential profit margins. Morgan Stanley increased regulatory risk forecast for the sector, saying per MHz pricing has moved up around 38 per cent in the spectrum auction. The research house has lowered its target price for Bharti Airtel and Idea Cellular, but has an "overweight" rating on the sector.
09.35 a.m. Sun Pharma gains 2 per cent to Rs 624.40 after its subsidiary Taro reported highest ever sales and profits. (Read full story) Taro's sales rose 15 per cent year-on-year to $213.6 million, while operating margins expanded by 713 basis point y-o-y to 63 per cent. Taro filed for six Abbreviated New Drug Application (ANDA) during the December quarter and 25 of its ANDAs are pending approval from the US FDA. (Track stock)
09.30 a.m. Tata Motors off the day's high, up 3.8 per cent at Rs 377.80. Mihir Jhaveri of Religare capital markets says strong momentum on Range Rover and Range Rover Sport will continue. Religare has a positive view on the stock. (Read the story)
09.25 a.m. Markets already off day's high in continuation of the trend seen over the last few days. Sensex up 63 points at 20,398, Nifty up 14 points at 6,068. Somil Mehta of Sharekhan says investors should sell on rise. Volumes are low with small upticks; don't expect Nifty to go beyond 6,170.
09.20 a.m. Mayuresh Joshi on Tata Motors: Analysts had not predicted such strong margins on Jaguar Land Rover. Targets of Rs 430-440 look possible on Tata Motors. (Track stock)
09.15 a.m. BSE Sensex up over 100 points, Nifty gains 27 points. Auto stocks led the rally on Tuesday with Tata Motors rising over 4.5 per cent on the back of strong quarterly earnings. Profits were driven by Jagaur Land Rover sales. (Read full story here)
09. 00 a.m. Rupee opens higher at 62.35 to a dollar against Monday's close of 62.43. (Read story)
08.45 a.m. The BSE Sensex is likely to open higher on Tuesday, but markets are likely to be choppy as foreign investors continue to sell equities in the cash segment. FIIs sold Rs 455 crore worth of shares on Monday and have now extended thier selling streak to an eighth day.
On Monday, the Sensex fell 0.21 per cent, or 42.29 points, to 20,334.27, after ending on Friday at its highest in one week. The Nifty dropped 0.16 per cent, or 9.75 points, to 6,053.45.
The rupee snapped a two-day rising streak on Monday as demand for dollars was seen from importers. Trading volumes were also lower as employees at state-run banks started a two-day strike on Monday. The partially convertible rupee closed at 62.43/44 per dollar compared with Friday's close of 62.2825/2925.
"The market is continuing to expect inflows in connection to positive response to telecom spectrum auction but dollar demand will also be strong. I expect USD/INR to be in the range of 62.10-62.70 for this week," Pramod Patil, head of foreign exchange and fixed income trading at United Overseas Bank said.
In the offshore non-deliverable forwards, the one-month contract was at 62.74, while the three-month was at 63.60.
Global cues:
Asian markets consolidated on Tuesday as investors waited to hear the new head of the US Federal Reserve's outlook for the economy and policy, with most expecting a reaffirmation of the status quo. On Wall Street, the Dow eked out a 0.05 per cent gain, while the S&P 500 added 0.16 per cent. Share values have been supported by solid earnings. With about 69 percent of the S&P 500 having reported, 68 percent have topped profit expectations, above the long-term average. (Read the full story here)
