Moneycontrol
Feb 14, 2017 01:51 PM IST | Source: Moneycontrol.com

Sensex, Nifty volatile ahead of Fed Chair Yellen testimony

The broader markets continued to underperform benchmarks, with the BSE Midcap index falling 0.65 percent as about 1598 shares declined against 1001 advancing shares on the exchange.


Moneycontrol Bureau

1:49 pm Market Update:
Benchmark indices recovered in afternoon trade, with the Sensex rising 1.94 points to 28353.56. The Nifty was trading above 8800 level, down 2.35 points at 8802.70.

About 1644 shares declined against 1039 advancing shares on the BSE.

1:42 pm Earnings:
GVK Power & Infrastructure has narrowed net loss to Rs 0.71 crore in the quarter ended December 2016, from Rs 6.8 crore in corresponding period of last year, driven by other income and lower finance cost.


Total income from operations during the quarter increased 4.4 percent to Rs 7.12 crore compared with Rs 6.83 crore in same quarter previous fiscal.


Other income rose to Rs 11.30 crore from Rs 10.09 crore while finance cost declined to Rs 11.24 crore from Rs 12.49 crore on year-on-year basis.


Meanwhile, according to media reports, GVK that operates the airport in financial capital Mumbai has won a bid to develop the Rs 16,000 crore Navi Mumbai airport.


1:20 pm Stake dilution: Housing finance firm CanFin Homes said its promoter Canara Bank will divest up to 13.45 percent stake in the company by the end of next month.


"Canara Bank has informed the company that they have intimated RBI about their proposal to dilute their stake to 30 percent by March 31, 2017," CanFin Homes Ltd said in a BSE filing.


"The Bank has also informed the company that based on the acceptability of the prospective investors, final decision to divest the promoter's stake up to 13.45 percent to the investors would be taken by their Board in due course," it added.


As per BSE data, the promoter's stake in CanFin Homes stood at 44.10 percent as on December 31, 2016.


Also read - Buy, sell, hold: 11 stocks that analysts are watching out

1:00 pm Market Check


Benchmark indices remained directionless in afternoon trade, with the Nifty hovering around 8800 level as investors awaited semiannual testimony by Federal Reserve chief Janet Yellen to get hint for further rate hike.


The 30-share BSE Sensex was down 8.11 points at 28343.51 and the 50-share NSE Nifty slipped 8.45 points to 8796.60.


The broader markets continued to underperform benchmarks, with the BSE Midcap index falling 0.65 percent as about 1598 shares declined against 1001 advancing shares on the exchange.


Big two companies will announce quarterly earnings today. Tata Motors is likely to post weak numbers in Q3, with likely losses in commercial vehicles business hitting overall earnings. Analysts expect a subdued set from Sun Pharma. Street to watch for commentary on USFDA observations on Halol and Mohali.


GVK Power surged over 10 percent after the company pipped GMR Infra to bag the mega Rs 16,000 crore contract for the Navi Mumbai airport. GMR Infra was down 2.6 percent.


Sun TV Network gained 2.7 percent and Raj Television rallied nearly 10 percent after AIADMK General Secretary VK Sasikala's hopes to become a chief minister of Tamil Nadu dashed by Superme Court verdict.


Supreme Court has convicted Sasikala, who has been engaged in a tussle (with colleague O Panneerselvam) for the Tamil Nadu chief minister’s post over the past fortnight, in the 20-year-old disproportionate asset case and sentenced her to 4 years of imprisonment.

HPCL lost 5 percent post a lacklustre quarter. GRMs rose to USD 6.4 a barrel boosted by inventory gains but CLSA downgraded the stock to sell.

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