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Markets consolidate; Sensex holds 27,100
Posted on 23rd September 2014
Benchmark share indices continued to trade weak as selling by foreign funds continued to weigh on market sentiment. Further, data suggests that Nifty roll-overs to the October series stood at 40% so far.

At 11.45 Hrs, Sensex was trading at 27,139.04 with a 67.77 points loss while NIfty shows a decline of 21.50 points at 8,124.80.

Meanwhile, in the broader market, the BSE Mid Cap and Small Cap are trading flat thus performing better than the Sensex.

Market breadth too is in red with 1372 declines against 1127 advances.

Rupee was trading at 60.895 against US Dollar at 11.00 Hrs. Month-end dollar demand and weakness in Asian currencies has kept Dollar boosted.

With HSBC flash reading on manufacturing (PMI) for September rising to 50.5, Chinese factory data allayed the apprehensions of a contraction in manufacturing activity and became the basis of a mixed trend in the Asian markets.

Japan's Nikkei, decelerated by profit taking, was down 115.27 points or 0.71 percent at 16,205.90 whereas Singapore's Straits Times rose 7.21 points or 0.22 percent to 3,303.78.

China's Shanghai Composite was up 5.99 points or 0.26 percent at 2,295.85 while Hong Kong's Hang Seng declined 2.50 points to 23,952.99.

However, a heavy decline in employment rates in China will become a new source of worry given the Chinese government strong commitment to keep employment unaffected even if it hurts economic growth.

Sectors and Stocks

Tracking weakness in Rupee IT stocks are trading firm with the sector showing a gain of 0.92%. Among major IT players, HCL is the biggest gainer with 1.79% gain followed by Wipro with 0.98% and TCS with 0.64% gain.

Heightened investor interest in power sector, showing gain of 0.30%, came on the back of 22% higher power generation than last year in the country during April-June.

RP Sanjiv Goenka group's flagship power generation and distribution company, CESC is the biggest gainer trading at 796.20 with a 3.93% gain. The company has disclosed plans to raise about 913 crores through private placement. Among major players, NTPC, BHEL and Powergrid are posting around 0.86% gains.

The increased sales for the coming festive season has kept consumer durables segment revved up with a gain of 0.16%

Bajaj auto, Maruti Suzuki and Hindustan Lever are other big gainers.

Metal stocks cotinue to remain under pressure despite encouraging data from China. Hindalco is one of the biggest losers posting a loss of 2.34% followed by Tata Steel with a loss of 0.96% and Sesa Sterlite showing marginal decline of 0.18%.

Capital goods, Oil and Gas and Reality are other sectors showing a decline.

Shares of IFCI were up over 3% at Rs 35.50 after it said it would sell part of its stake in Tourism Finance Corporation of India Ltd.

Related Companies: Bombay Stock Exchange - BSE   Bajaj Auto Limited   BHEL   Wipro Technologies (Wipro Ltd)

Other Latest News
EC rejects Opposition's demands concerning EVMs
Posted on 22nd May 2019
New Delhi: The Election Commission of India (EC) has rejected the demands of the opposition regarding Voter Verifiable Paper Audit Trail (VVPAT) on Wednesday.

The issue to change the protocol for counting was discussed by the Chief Election Commissioner Sunil Arora at his meeting with election commissioners Ashok Lavasa and Sushil Chandra.

Big PSU bank merger on cards if Modi wins 2019 election; PNB may merge these banks with itself
Posted on 22nd May 2019
The government is planning to merge state-run Punjab National Bank with two other PSU banks — Oriental Bank of Commerce, Andhra Bank and Allahabad Bank after the new administration is in place following the 2019 Lok Sabha elections, Reuters reported citing unidentified sources. This is in a bid to keep 5-6 larger banks in the country, which the ruling Narendra Modi-government has been advocating for some time.

YES Bank begins provisioning for exposure to ADAG, Essel group firms
Posted on 22nd May 2019
YES Bank, which has exposures to Anil Ambani's Reliance group and Essel group companies, has started making provisions for loans given to both entities. The provisioning began after rating agencies downgraded debt instruments of both groups.

YES Bank has an exposure of Rs 13,000 crore to Reliance group entities and another Rs 3,300 crore to Essel group companies, according to analysts.

Reliance tops IOC in sales
Posted on 22nd May 2019
Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue.

In 2018-19, Reliance has reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies.

Sensex rises over 150 points; Nifty tests 11,700
Posted on 22nd May 2019
The benchmark BSE Sensex jumped over 150 points in early trade on Wednesday, led by gains in oil and gas, banking and IT stocks, ahead of the general election results.

The 30-share index was trading 157.51 points, or 0.40%, higher at 39,127.31. In similar movement, the broader NSE Nifty rose 30.90 points, or 0.26%, to 11,740. In the previous session, the Sensex ended 382.87 points, or 0.97%, lower at 38,969.80, and the Nifty plunged 119.15 points, or 1.01%, to 11,709.10.

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