Oct 19, 2016 03:54 PM IST | Source:

Nifty ends at 8659, Sensex falls 66 pts; BHEL, Wipro up 3%

Fertiliser stocks gained momentum with Chambal Fertilisers, Deepak Fertilisers, FACT, GNFC, Madras Fertilisers, NFL, Zuari Agro and Zuari Global rising 6-13 percent.

Moneycontrol Bureau

3:30 pm Market closing:
The Sensex ended down 66.51 points or 0.2 percent at 27984.37 while the Nifty slipped 18.80 points or 0.2 percent at 8659.10. About 1633 shares have advanced, 1184 shares declined, and 203 shares are unchanged. 

2:59 pm Market Update:
Benchmark indices remained volatile after yesterday's rally.

The Sensex was down 61.84 points at 27989.04 and the Nifty down 19.20 points at 8658.70 but the market breadth remained positive.

About 1600 shares advanced against 1137 declining shares on the BSE.

2:50 pm Earnings:
Mangalore Chemicals and Fertilisers turned profitable in July-September quarter on strong operational performance despite revenue degrowth. Profit for the quarter stood at Rs 15.4 crore against loss of Rs 19.4 crore in year-ago period.

Total income from operations fell 5.6 percent to Rs 848.4 crore in the quarter ended September 2016 compared with Rs 898.3 crore in same period last year.

EBITDA (earnings before interest, tax, depreciation and amortisation) stood at Rs 61.2 crore during the quarter against EBITDA loss of Rs 0.5 crore in corresponding period of last fiscal.

The scrip of Mangalore Chemicals was locked at 20 percent upper circuit at Rs 63.35 amid high volumes on the BSE.

2:36 pm New products from Hind Zinc soon:
Hindustan Zinc (HZL) will come out with its specialised product -- zinc die casting alloy -- through which it looks to meet requirements of auto, household appliances and defence sectors.

Hindustan Zinc die casting alloy (HZDA) is produced using primary zinc and pure aluminium and will cater to the need of the die-casting sector for applications in automobile components, household appliances, sanitary-ware and defence, the firm said.

It is expected to replace the imported zinc alloys.

The company will also be starting production of the Toning Alloy series for consumption in steel galvanising sector for precise control of aluminium in galvanising bath, it added.

The product will be launched by Steel Minister Chaudhary Birendra Singh at the two-day International Galvanising

2:20 pm Outlook:
Earnings are going to be a major driver for the market. The Sensex could touch 30,000 soon if earnings continue to pick up, says Sashi Krishnan, Chief Information Officer, Birla Sun Life Insurance.

He is postive on the market in the long-term as he sees a lot of overseas flows continue into India. But there could be a positive effect if the US Federal Reserve raises rates faster than expectation.

The second quarter results may be under pressure for corporate banks, says Krishnan.

Also read -
BHEL up 5%; CLSA upgrades to buy on legal win for Ennore project

2:00 pm Market Check

Equity benchmarks recouped losses with the Sensex reclaiming 28000 level, aided by oil, pharma and select technology stocks. However, the profit booking in ITC, ICICI Bank, HDFC and SBI limited gains.

The 30-share BSE Sensex was up 6.13 points at 28057.01 and the 50-share NSE Nifty rose 3.20 points to 8681.10. The broader markets continued to outperform benchmarks with the BSE Midcap rising 0.1 percent and Smallcap 0.66 percent on positive breadth.

About 1601 shares advanced against 1103 declining shares on the BSE.

Fertiliser stocks gained momentum with Chambal Fertilisers, Deepak Fertilisers, FACT, GNFC, Madras Fertilisers, NFL, Zuari Agro and Zuari Global rising 6-13 percent.

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