BSE Sensex flat;JM Financial up 7% as Vikram Pandit buys 3%

BSE Sensex opened flat on the final trading day of this week. JM Financial surged close to 7 percent in the opening bell after the former chief executive officer of Citigroup Inc Vikram Pandit and Hari Aiyar announced to buy 1.5 percent stake each in JM Financial through warrants
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May 17, 2013, 10.11 AM | Source: Moneycontrol.com

BSE Sensex flat;JM Financial up 7% as Vikram Pandit buys 3%

BSE Sensex opened flat on the final trading day of this week. JM Financial surged close to 7 percent in the opening bell after the former chief executive officer of Citigroup Inc Vikram Pandit and Hari Aiyar announced to buy 1.5 percent stake each in JM Financial through warrants

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BSE Sensex flat;JM Financial up 7% as Vikram Pandit buys 3%

BSE Sensex opened flat on the final trading day of this week. JM Financial surged close to 7 percent in the opening bell after the former chief executive officer of Citigroup Inc Vikram Pandit and Hari Aiyar announced to buy 1.5 percent stake each in JM Financial through warrants

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09:15
Moneycontrol Bureau
Live Market Commentary

DB Corp Boardroom: Girish Agarwaal, Director, DB Corp told CNBC-TV18, "The yield improvement has boosted revenue growth. Volumes however continued to remain flat. Also the losses from emerging editions have reduced considerably."

He is optimistic of maintaining margins at the current level.

Reliance Capital Boardroom: Sam Ghosh, CEO at Reliance Capital told CNBC-TV18, "The company's Asset Under Management (AUM) grew by 21 percent while the commercial financial business grew by almost 30 percent to Rs 340 crore."

He expects Net Interest Margins (NIM) to go above 4.5 percent in the short-term. The stock was down 0.5 percent.

Trading Ideas: 6 stocks likely to see lot of action today
Bull's eye: Buy JM Financial, Adani Ports, Sun TV, Emami
Stocks you could BUY today: Mah Satyam, United Spirits, Cairn India

Market Outlook: Andrew Holland of Ambit Investment Advisors told CNBC-TV18, "Liquidity is driving global markets without earnings growth. The central banks across the world are fuelling liquidity into the system."

Commenting on India, he said "Nothing has changed in India to warrant rally. Indian companies need huge money to sort stress. 5500 level is seen as bottom for the Nifty."

Results to be announced today: Watch out for the stocks that will declare thier quarterly results today. ITC, Sun TV, PTC India Finance, Dhanlakshmi Bank, ENIL, Motherson Sumi, NIIT Tech, Onward Tech, Voltamp Trans, Bharat Bijlee.

Cigarette major ITC was trading at Rs 340.55 up 1.11% ahead of its results.

09:37 am Currency, Gold Check: The Indian rupee opened at 54.85 per dollar versus 54.77 yesterday. COMEX Gols recovered in trade today. MCX Gold will open for trade at 10.00 am.
Indian Rupee opens lower at 54.85 per dollar
Gold edges up, headed for worst week in a month

09:35 am Top gainers in the BSE Midcap (TTK Prestige Rs 3,583.00, 3.93%), State Bank of Travancore (Rs 568.00, 3.29%), Jaypee Infra (Rs 42.45, 3.03%), State Bank of Mysore (Rs 590.00, 2.44%) and HT Media (Rs 101.90, 2.21%)

MUST READ  Ex-Citi boss Vikram Pandit to lead JM Fin banking foray
Stocks in news: ITC, JM Financial, ICICI Bank, HT Media

Key equity benchmarks opened flat on the final trading day of this week. JM Financial surged close to 7 percent after the former chief executive officer of Citigroup Inc Vikram Pandit and Hari Aiyar announced to buy 1.5 percent stake each in JM Financial through warrants.

Nimesh Kampani-promoted JM Financial Thursday sought to strengthen its case for a banking license by roping in former Citigroup CEO Vikram Pandit.

At 09.19 hrs IST, the Sensex is up 24.20 points or 0.12% at 20271.53, and the Nifty up 4.50 points or 0.07% at 6174.40. About 477 shares have advanced, 200 shares declined, and 40 shares are unchanged.

Key gainers in the Nifty were Jaiprakash Associates (Rs 81.75, 2.12%), Cairn India (Rs 301.90, 1.62%), UltraTech Cement (Rs 2,030.05, 1.36%), Ambuja Cements (Rs 188.90, 1.23%) and Infosys (Rs 2,357.55, 1.07%)

Laggards included (Dr Reddys Labs, Rs 2,086.20  1.55%), HDFC Bank (Rs 712.00, 1.49%), Lupin (Rs 796.95, 1.23%), HDFC (Rs 900.60, 0.85%) and Cipla (Rs 418.65, 0.82%)

The most active shares on NSE were Jaiprakash Associates (Rs 81.75, 3,571,692), SBI (Rs 2,398.55, 115,126), JM Financial (Rs 25.50, 10,573,917), ICICI Bank (Rs 1,210.05, 196,376) and United Spirits (Rs 2,343.55, 69,511)

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BSE Sensex flat;JM Financial up 7% as Vikram Pandit buys 3%

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