Market Live: Sensex opens above 32000, Nifty moderately higher; HPCL down, ONGC up
10.14 am Market Check: Equity benchmarks erased early gains, with the Sensex falling below 32,000 level and the Nifty hovering around 9900.
Ahead of June quarter earnings, Kotak Mahindra Bank, Reliance Industries and Wipro gained up to 1.7 percent while Bajaj Auto fell 0.4 percent.
The 30-share BSE Sensex was down 1.26 points at 31,954.09 and the 50-share NSE Nifty fell 3.45 points to 9,896.15 whlie the broader markets were flat with a positive bias.
About 1,155 shares advanced against 897 declining shares on the BSE.
9:53 am Buzzing: Share price of Sutlej Textiles and Industries declined 7.6 percent intraday on the back of poor numbers declared by the company in the quarter ended June 2017 (Q1FY18).
The company has reported 47.7 percent declined in its net profit at Rs 23.6 crore against Rs 45.1 crore, in the same quarter last fiscal.
The operating profit (EBITDA) was down 10.5 percent at Rs 69.5 crore and EBITDA margin slipped 330 bps at 10.7 percent.
However, the revenue has increased by 18 percent to Rs 652 crore versus Rs 552.7 crore.
9:40 am FII View: Derek Higa of William O’Neil said the MSCI Asia continued to trend near all-time highs constructively despite distribution days being at an elevated level across markets.
He remained bullish on the region.
According to him, the strongest in the region are India, South Korea and Hong Kong which he continued to advise being overweight on.
9:29 am Buyback: Shares of Just Dial rose 5 percent in morning as the company will consider buyback of its equity shares.
The meeting of board of directors of the company is scheduled to be held on July 24, to consider the unaudited financial results for the quarter ended June 2017.
In the said meeting the board will also consider a proposal for buyback of equity shares of the company.
Also read – Bull’s Eye: Buy Indian Bank, DLF, SPARC, Just Dial, Dhampur Sugar, SREI Infra
9:15 am Market Check: Equity benchmarks opened moderately higher, with the Sensex reclaiming 32,000 level, backed by Reliance Industries and ITC. Nifty Bank also started off with 100 points gains.
The 30-share BSE Sensex was up 62.88 points at 32,018.23 and the 50-share NSE Nifty gained 14.40 points at 9,914.00. About two shares advanced for every share falling on the BSE.
HPCL was down 4 percent while ONGC gained 1.6 percent after cabinet gave ONGC in-principle approval to buy government’s stake in HPCL.
Coal India, ITC, Kotak Mahindra Bank and Bharti Airtel were early gainers among largescaps.
In the broader space, Canara Bank, Mindtree, KPIT Technologies and Marico fell up to 4 percent while Just Dial, Sintex Industries, Balrampur Chini, Triveni Engineering, Bajaj Hindusthan, Mastek, Tata Elxsi, Jain Irrigation, Sterlite Technologies and MRPL gained nearly 7 percent.
