Nov 12, 2013 02:00 PM IST | Source: Moneycontrol.com

Sensex weak; Canara Bank up 6% on Q2 nos, Tata Steel slips

Both Tata Motors and Sesa Sterlite are down around 3 percent while ONGC, Tata Steel and Coal India are other laggards in the Sensex. Among the top gainers in the Sensex are Hindalco, Maruti Suzuki, Wipro, ITC and Sun Pharma.

Sensex weak; Canara Bank up 6% on Q2 nos, Tata Steel slips

Moneycontrol Bureau
Live Market Commentary

2:00 pm Exclusive: SpiceJet, which has been struggling at the back of high aviation turbine fuel (ATF) prices and competition from players like Indigo, has been on the lookout for potential investors.

The promoters of SpiceJet are not looking at divesting any stake directly from the company, say sources. The Promoters of SpiceJet, Sun Group, currently hold 52 percent stake in the company, of which a majority share is held by Kalanithi Maran.

1:50 pm Macro outlook: Exuding confidence about India's potential, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the economy will get back on the targeted growth trajectory of 8 percent after two years, reports PTI.

"I think we can hit what we thought was our trajectory two years later because of the slowdown that we have,"Ahluwalia told reporters at the 34th SKOCH Summit here.

The economy expanded at a decade-low rate of 5 percent in the first year of the 12th Plan (2012-17) period, during which the government has targeted an annual average growth rate of 8 percent.

In the April-June quarter of the current financial year, economic growth slowed to 4.4 percent, compared with 4.8 percent during January-March. Growth was 5.4 percent in the April-June period of the previous financial year.

1:40 pm Brokerage report: Kotak Institutional Equities cuts MCX India from 'add' to 'reduce' with fair value of Rs 500.

Increased oversight from the commodity market regulator Forward Markets Commission, removal of additional margin requirements, reduced Financial Technologies India Ltd.'s involvement in MCX functioning (FTIL directors resigned from the board) are positive but factored into estimates and valuations, it says.

1:30 pm Buzzer: Public sector lender Canara Bank's second quarter (July-September) net profit fell 5.3 percent year-on-year to Rs 625 crore, but asset quality improves on sequential basis.

Net interest income rose 12 percent on a yearly basis to Rs 2,191 crore in three-month period ended September 2013.

Asset quality as well as provisions declined during the quarter compared a previous quarter. Gross non-performing advances (NPAs) slipped 27 basis points quarter-on-quarter (up 6 bps year-on-year) to 2.64 percent while net NPAs dropped 18 bps Q-o-Q (up 18 bps Y-o-Y) to 2.30 percent in the quarter gone by. The stock is up 6 percent on the BSE.

Don't miss: Domestic car sales dip 4%, bikes up 18% in Oct

The market loses ground for the sixth straight trading session. Both the Nifty and Sensex are trading with negative bias. The Sensex is down 65.70 points at 20425.26, and the Nifty is down 15.65 points or 0.26% at 6063.15.

About 1046 shares have advanced, 1075 shares declined, and 130 shares are unchanged.

Both Tata Motors and Sesa Sterlite are down around 3 percent while ONGC, Tata Steel and Coal India are other laggards in the Sensex. Among the top gainers in the Sensex are Hindalco, Maruti Suzuki, Wipro, ITC and Sun Pharma.

Important macro data is expected today. October CPI is likely to stay elevated and consensus sees it touching double digits at 10 percent vs the 3-month high of 9.85 percentlast month. Sharp growth in the core sector is likely to boost September IIP to 3.5 percent.

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