Jan 12, 2017 04:16 PM IST IST | Source: Moneycontrol.com

Nifty ends above 8400, Sensex up over 100 pts; Infosys up 3%

Power stocks charged up today with the BSE Power index rising more than 3 percent. NTPC, Torrent Power, Power Grid, Tata Power, Adani Power, JSW Energy and Reliance Power rallied 2-5 percent.

Moneycontrol Bureau

3:30 pm Market closing:
The market has closed higher with the Sensex up 106.75 points or 0.4 percent at 27247.16. The Nifty ended up 26.55 points or 0.3 percent at 8407.20. About 1201 shares have advanced, 1560 shares declined, and 343 shares are unchanged.

NTPC, Infosys, L&T, Cipla and Wipro were gainers while Lupin, HUL, Coal India, Dr Reddy's Labs and ITC were losers in the Sensex.

2:59 pm Market update: Equity benchmarks remained higher with the Sensex up 90.72 points at 27231.13 and the Nifty up 20.90 points at 8401.55.

2:55 pm Power capacity:
Tata Power Renewable Energy (TPREL) announced the commissioning of 36 MW wind capacity of a 100 MW wind farm (under construction) at Nimbagallu in Andhra Pradesh, and 49 MW solar plant at Kayathar, Tamil Nadu, under Welspun Renewable Energy Private Limited (WREPL).

With these, the operating renewable energy capacity of TPREL grows to 1,876 MW, comprising 841 MW wind, 915 MW solar, and 120 MW waste heat recovery capacity as of today. In FY16, Tata Power Renewable Energy Ltd increased its operational capacity by 1169 MW.

2:40 pm Earnings estimates:
IT services exporter Infosys' third quarter earnings are expected to be subdued due to seasonal weakness and RBS's contract cancelation. All eyes are on its full year guidance that had been changed twice from the start of current financial year.

Profit is seen falling 1 percent quarter-on-quarter to Rs 3,569 crore and dollar revenue is also likely to slip 1 percent to USD 2,560 million in the quarter ended December 2016, according to average of estimates of analysts polled by CNBC-TV18.

Analysts will closely watch Infosys' full year revenue guidance as its revenue growth momentum has been lost when it saw the contract cancellation at RBS (that contributed 1.4 percent of revenue).

2:30 pm Iran oil price target:
Iraq is abiding by an agreement among global oil producers to cut production and wants to see an oil price of around USD 65 a barrel, the country's oil minister said in Abu Dhabi.

Iraq is "hoping for a better price", Jabar Ali al-Luaibi told reporters on the sidelines of a conference. "We are looking at USD 65, something like that". Brent crude is now around USD 55 a barrel.

The Iraqi oil ministry said on Tuesday that it had cut its production by 160,000 barrels per day since the beginning of January. By the end of the month, production would be cut by 210,000 bpd, it said.

2:20 pm GDP growth:
India's GDP growth numbers are expected to see a decline of 2 percent in the third and fourth quarters of the current fiscal, as effective currency in circulation has contracted significantly, says an HSBC report.

However, it said, as enough notes are printed, growth is likely to return to the "7 percent ballpark".

According to the global financial services major, the government's decision to abolish old stock of high denomination currency (demonetisation) and issue new notes (remonetisation) could have a mixed impact on the macro economy over a year.

"Using the cash elasticity of GDP, we estimate that growth could be about 2 pp lower in third quarter and fourth quarter of 2016-17 (ending March), given that effective currency in circulation has contracted by 60 percent (as of early-December)," HSBC said in a research note.

Also read - TCS Q3 net seen down 1.5%, currency headwind may impact revenue

2:00 pm Market Check

Benchmark indices were higher amid choppy trade while broader markets continued to underperform in afternoon. TCS and Infosys gained ahead of December quarter earnings.

The 30-share BSE Sensex rose 88.33 points to 27228.74 and the 50-share NSE Nifty gained 21 points at 8401.65. About 1480 shares declined against 1110 advancing shares on the BSE.

Power stocks charged up today with the BSE Power index rising more than 3 percent. NTPC, Torrent Power, Power Grid, Tata Power, Adani Power, JSW Energy and Reliance Power rallied 2-5 percent.

NHPC also surged 10.4 percent. The company announced dividend of Rs 1.7 per share against expectations of Rs 1.4 per share.

Bourses in Europe were lower as investors looked at fresh corporate reports and digested the latest remarks by President-elect Donald Trump. France's CAC, Germany's DAX and Britain's FTSE fell 0.2-0.5 percent.

Gold rose to a 7-week high today on a weaker dollar after US President-elect Donald Trump provided little clarity on future fiscal policies at a press briefing.

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