Stable earnings and hefty demand for technology shares supported the market today, say experts. They remain bullish on market, saying it is a good time to buy now but they donât rule out near term correction as rally canât be one way.
Infosys, Hindalco, TCS, Wipro and Hero were up 2-3 percent each. Among the losers were Tata Power, Tata Steel, GAIL, Maruti and ONGC.
Mid and small caps underperform the benchmark indices. IT stocks support the upmove. Infosys, Hindalco, TCS, Wipro and ICICI Bank are top gainers in the Sensex. Among the losers are Tata Steel, Axis Bank, Tata Power, Tata Motors and Sun Pharma.
Midcap IT company Polaris Financial Technology fell more than 5 percent after reporting a consolidated net profit at Rs 38.3 crore in April-June quarter, down 15.6 percent compared to Rs 45.4 crore in previous quarter due to fall in revenues and higher tax cost.
Infosys, Hindalco, TCS, ICICI Bank and SBI are top gainers in the Sensex. Tata Power, NTPC, Tata Steel, Sun Pharma and Coal India are among majr losers. Jet Airways is up 5 percent.
The market capitalisation of top software services exporter Tata Consultancy Services (TCS) surpassed the Rs 5 lakh crore mark today, which is higher than combined market cap of Infosys, HCL Technologies, Wipro and Tech Mahindra.
Bajaj Auto, ICICI Bank, Coal India, ONGC and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are Hero MotoCorp, Wipro and Axis Bank.
Reliance Industries and HDFC were the leaders in trade today, up 3 percent each in addition to 2-3 percent rally in previous session post first quarter earnings. Private sector lender HDFC Bank recouped its losses, up 1.4 percent while its rivals State Bank of India and ICICI Bank closed flat.
The Sensex ended above 26,000 for second time, up 310.63 points or 1.21 percent at 26025.80 and the Nifty was up 83.65 points or 1.09 perent at 7767.85. About 1466 shares advanced, 1497 shares declined, and 114 shares were unchanged.
Index heavy weights like Bharti Airtel and Reliance Industries lead the market higher. LT, ICICI Bank, Tata Steel, Bajaj Auto and Maruti are top losers in the Sensex.
Asian Paints gained more than 2 percent ahead of Q1 earnings. According to CNBC-TV18 poll estimates, analysts expect consolidated profit after tax to rise 20.9 percent on yearly basis to Rs 333 crore and total income to grow 18.2 percent to Rs 3,330 crore during the quarter.
Bharti Airtel, Reliance, Coal India, Hindalco and Sterlite are top gainers in the Sensex. Among the losers are Bajaj Auto, HUL, ICICI Bank, GAIL and Axis Bank.
Top telecom operator Bharti Airtel shot up over 5 percent after its rival Idea Cellular reported stronger-than-expected quarterly earnings in June quarter. Consolidated net profit of Idea jumped 23.4 percent sequentially to Rs 728 crore in April-June quarter aided by strong operational performance and topline despite higher tax rate.
Bharti Airtel, Sun Pharma, ITC, BHEL and Tata Power are top gainers in the Sensex. Among the losers are Wipro and Tata Motors. Idea is up 3 percent while Indoco Remedies gains 17 percent.
Petrochemical major Reliance Industries kept its top position in the buying list throughout the session today, up 3 percent. Housing finance company HDFC rallied 2 percent and private sector lender HDFC Bank fell 0.7 percent post first quarter earnings.
Credit Suisse is disappointed by ING Vysyaâs performance. It warns that net interest margin (NIM) may come under further pressure as the bank is raising share of large corporates in the loan book.
Attorney-General Mukul Rohtagi has said that there was enough evidence with the agency to file charge sheet against former Telecom Minister Dayanidhi Maran and his brother Kalanithi in the Aircel-Maxis deal case.
Here are a few top buzzing stocks picked by CNBC-TV18's analysts in trade today â KPIT Technologies, Max India, Ceat, Sun TV, ING Vysya and Strides Arcolab.
RBI said aggregate share holdings by Foreign Institutional Investors/Registered Foreign Portfolios Investors/Non-Resident Indian/Persons of Indian origin (PIOs) under PIS in Bank of Baroda have gone below the prescribed threshold caution limit. FIIs held 16.95 percent shares in Bank of Baroda as of quarter ended June 2014, according to BSE data.
TCS' current market capitalisation of Rs 504,666.26 crore is higher than the combined market cap of Infosys (Rs 190,215.73 crore), HCL Technologies (Rs 108,230.21 crore), Wipro (Rs 139,470.18 crore) and Tech Mahindra (Rs 50,485.91 crore).
LHC will invest upto Rs 397 crore directly in MHC by subscribing to fresh equity at Rs 67.50 per share. It will also acquire upto 13.3 percent of existing stake in the Company from Max India at Rs 67.50 per share for upto Rs 383 crore, to achieve an equal shareholding as that of its JV partner Max India.
Operating profit or EBITDA was down by 14 percent to Rs 128 crore in April-June quarter compared to Rs 149 crore in same quarter last year and margin fell 250 basis points to 8.8 percent from 11.3 percent. The management said that margins were hit due to rise in employee cost, higher ad spends and adverse product mix.
At 09:23 hrs Aditya Birla Money was quoting at Rs 21.90, up Re 1, or 4.78 percent. It has touched a 52-week high of Rs 21.90.
On July 22, 2014 HDFC Mutual Fund bought 3,71,173 shares of Centum Electronics at Rs 360.
BoA ML is expecting sales to grow by 13.8 percent in FY15e, 18 percent in FY16e and 17 percent in FY17e.
Net profit in April-June quarter slipped 17.7 percent to Rs 41.4 crore year-on-year on account of lower revenue and weak operational performance despite strong other income while revenue declined 2.7 percent to Rs 839.4 crore in June quarter compared to Rs 863 crore in same quarter last year due to lower order book.
Here are a few top buzzing stocks picked by CNBC-TV18's analysts in trade today - Bharti Airtel, Idea Cellular, Exide, Indoco Remedies, Tata Metaliks, Hercules Hoist, Hitachi Home and BILT.
Shares in telecom operators gain after Idea Cellular's April-June profit beat estimates and after the sector regulator issued guidelines for mobile phone spectrum sharing between carriers that is seen benefiting the bigger incumbents.
"EPC services provider in power transmission and distribution sector won an EPC contract for construction of 220 KV transmission lines in Andhra Pradesh valued at Rs 69 crore. Timeframe for completion of this contract is 12 months," said the company in its filing.
Net profit of the electronic products manufacturer shot up 203 percent on yearly basis to Rs 43 crore during April-June quarter from Rs 14.2 crore on account of strong sales and operational performance despite higher expenses.