Moneycontrol
Feb 15, 2017 11:49 AM IST | Source: Moneycontrol.com

Sensex, Nifty, Midcap under pressure; JSPL top midcap gainer

The broader markets also lost ground, with the BSE Midcap and Smallcap indices falling 0.4 percent and 0.6 percent, respectively. More than two shares declined for every share rising on the exchange.


Moneycontrol Bureau

11:30 am Technical outlook:
Technical analyst, Ashwani Gujaral says it is a very sad market currently. Weak breadth market indicates selling in the entire market.

He feels in case 8750 level breaks on the Nifty, then people who are holding long positions may start cutting their positions. He sees stronger deeper correction. Unable to hold 8800 level means the market is going to fall, he says.

11:23 am Buyback:
Public sector NLC India (Neyveli Lignite Corporation) launched its buyback offer for over 15 crore shares worth Rs 1,491 crore.


In the draft letter of offer, the company said: "Cash offer for buyback of not exceeding 15.06 crore fully paid-up equity shares...representing 8.98 percent of the total number of equity shares in the issued, subscribed and paid-up equity share capital of the company...from all the existing shareholders... through the 'tender offer' process."

The buyback will happen "at a price of Rs 99 per equity share payable in cash for an aggregate consideration not exceeding Rs 1,491 crore," the filing said.


The buyback offer size is not exceeding 10 percent of the aggregate of the company's fully paid-up equity share capital and free reserves, as per the audited accounts of the company for the financial year ended March 31, 2016.

Also read - Buy, sell, hold: How to trade 6 key stocks post Q3 results?

11:00 am Market check: The market remained under pressure amid choppy trade in morning, dragged by Tata Motors that lost 8 percent as brokerage houses slashed their target price sharply on the stock after disappointing earnings on domestic business and JLR front.


The 30-share BSE Sensex was down 59.18 points at 28280.13 and the 50-share NSE Nifty fell 15.50 points to 8776.80.


The broader markets also lost ground, with the BSE Midcap and Smallcap indices falling 0.4 percent and 0.6 percent, respectively. More than two shares declined for every share rising on the exchange.


Jindal Steel was the top midcap gainer, up more than 4 percent after better-than-expected earnings in Q3. Consolidated loss of the company narrowed to Rs 407.4 crore during the quarter, from Rs 869.7 crore in corresponding period of last fiscal on strong operational performance. Operating profit margin expanded sharply by 1110 basis points to 23.6 percent.


Sun Pharma cut some losses to 2.7 percent from 3.6 percent in early trade. Earnings missed analysts' expectations.


ICICI Bank, Infosys, HDFC, Hero Motocorp, Adani Ports and Dr Reddy's Labs were down 0.2-1 percent while HDFC Bank, ITC, Reliance Industries and L&T continued to support the market, up over half a percent.

Oil prices dipped over concerns that producer club OPEC would not be able to maintain its high compliance so far with output cuts aimed at reining in a global fuel supply overhang. Brent crude futures were trading at USD 55.61 per barrel, down 0.64 percent from their last close.

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