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Nov 30, 2016 10:59 AM IST | Source:

Sensex, Nifty open flat; Bajaj Auto, Adani Ports, Sun Pharma up

Bajaj Auto, Adani Ports, Sun Pharma, ICICI Bank and GAIL are top gainers while ONGC, Bharti Airtel and Cipla are losers in the Sensex.

Moneycontrol Bureau

9:45 am Result:
Tata Power reported weak Q2FY17 earnings with income falling 6 percent to Rs 7,208.9 crore against Rs 7,666.3 crore in the year-ago period. EBITDA fell 27.2 percent to Rs 1,461.6 crore against Rs 2,008 crore reported during Q2FY16. Meanwhile, EBITDA margin for the quarter stood at 20.3 percent. Meanwhile, net profit surged to Rs 336.2 crore during the quarter ended September 2016. 

In the light of boardroom battle, investors may not like earnings Tata Power reported. Even though there is no immediate overhang from Tata Sons EGM, market expert Prakash Diwan said he expects dark days for Tata Power going ahead. The stock could be under pressure when the bourses on Wednesday and for long-term investors there are far better stocks available than Tata Power, he said.

9:30 am FII view
: Speaking to CNBC-TV18 Rajat Rajgarhia, MD, Institutional Equities at Motilal Oswal Securities, said markets have shown a resilience. Near-term impact has been severe on corporates, he said, adding that he will be surprised if markets break the recent low made last week. He is constructive on M&M and Maruti Suzuki . NBFCs' growth rate may have come down from a high of 40 percent to about 20-25 percent. Organised financing business get stronger. He mentioned the likes of Bharat Financial and LIC will attract their target audience. “You need to be more selective now.” In the consumer space, he said high-ticket items will see a postponement as people will delay such purchases in the light of demonetisation.

The market has opened flat on Wednesday. The Sensex is up 75.90 points or 0.3 percent at 26469.91 and the Nifty is up 27.70 points or 0.3 percent at 8169.85. About 273 shares have advanced, 64 shares declined, and 22 shares are unchanged.

Bajaj Auto, Adani Ports, Sun Pharma, ICICI Bank and GAIL are top gainers while ONGC, Bharti Airtel and Cipla are losers in the Sensex.

The Indian rupee opened marginally lower at 68.67 per dollar versus 68.65 Tuesday.

The dollar fell as the greenback consolidated its position against most major currencies following a roller-coaster 24 hours which traders say may just be a precursor to three weeks of risk-packed events including the Federal Reserve's December policy meeting.

Asia markets were mixed in morning trade, with energy stocks under pressure following overnight declines in oil prices and as traders eyed a meeting between the world's top oil producers in Vienna.

Japan's Nikkei 225 was up 0.19 percent, while in South Korea, the Kospi gained 0.37 percent. Australia's ASX 200 fell 0.23 percent, with miners leading losses on the index as the materials sector fell 2.34 percent, while the energy sector was down 1.45 percent.

US equities closed higher on Tuesday, led by health care and real estate, as investors digested falling oil prices ahead of a key OPEC meeting, as well as economic data.

The Dow Jones industrial average closed about 25 points higher. The S&P 500 gained 0.1 percent, with health care and real estate rising about 0.7 percent. The Nasdaq composite outperformed, closing 0.2 percent higher and hitting a new intraday high of 5,403.86. The three major indexes traded lower earlier in the session.

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