Tuesday, 28 October 2014

Nifty holds 8,000; Oil shares decline

continued to trade in a narrow range in noon trades led by bank shares even as profit taking in oil shares amid slide in global crude oil prices capped upside gains.
At 1 PM, the Is up 40 points at 26,793 and the  has climbed 17 points to trade at 8,008.
The activity in the broader markets is mixed with the Smallcap index up 0.4% while the Midcap index is trading flat with a negative bias.
The market breadth is almost neutral on the BSE with 1,283 stocks declining and 1,258 stocks advancing.
Asian Markets:
Asian shares were modestly higher while the dollar held steady on Tuesday, as investors awaited the outcome of the US Federal Reserve's two-day meeting that begins later in the session for clues to the direction of US interest rates.
MSCI's broadest index of Asia-Pacific shares outside Japan shrugged off early losses and a lackluster performance on Wall Street to rise about 0.3%.
But Japan's Nikkei stock average extended losses, shedding 0.8%
Sectors & Stocks:
On the sectoral front, BSE Power and Oil & Gas indices are losing sheen down over 0.2% each. On the other hand, Bankex is the top gaining index up 0.5% followed by Consumer Durables, Capital Goods and Healthcare indices up 0.4% each.
GAIL has extended its yesterday’s rally of 0.8% and is up over 2% today on reports that it will be appointed as the operator of the proposed pool of domestic and international gas prices. However,and have lost between 0.8-1%.
Financials are wqitnessing an upsurge on hopes of an earlier than expected interest rate cut by the RBI. SBI, ICICI Bank and HDFC have surged between 1-2%.
Engineering major L&T has climbed nearly 1% after a government panel on Saturday cleared defence projects worth Rs 50,000 crore.
Healthcare stocks are witnessing fresh buying in today’s trade. Sun Pharma and Cipla are up between 1-2%. However, Lupin is trading 1% lower ahead of the quarterly results.
M&M, Tata Power and Tata Motors are some of the notable gainers among others up between 1-1.55.
On the flip side, is trading 1.7% on lower volume growth. Volume growth was lower at 5% compared to 6% in the previous quarter. However, Net profit was up 8% at Rs 988 crore for the quarter ended September compared to Rs 914 crore in the same quarter last year. Total income was higher at Rs 7,639 crore compared with Rs 6,893 crore in the same quarter last year.
Telecom major Bharti Airtel is trading 2% lower in today’s trade.
Hero Motocorp, BHEL, Dr Reddy’s Lab are some of the notable names in red among others down between 1-2%.
Among other shares, R S Software has surged 9% to Rs 693, bouncing back nearly 15% from intra-day low on NSE, after the company said it board will consider sub-division of equity shares of the company of face value of Rs 10 each into a lower denomination.
Amara Raja Batteries has surged over 8% to Rs 680, also its record high, in otherwise subdued market in noon deal trade on National Stock Exchange (NSE).
Shares of construction and engineering company NCC has soared 12% to Rs 49.70 on back of heavy volumes on the bourses. The stock opened at Rs 44.70 and touched high of Rs 51.20 on National Stock Exchange (NSE). 

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