Sensex, Nifty continue to rise; Bharti, Reliance major losers

Moneycontrol Bureau11:30 am Result poll: Maruti has been fairly resilient to demonetisation as it posted 4 percent annual volume growth in December quarter. According to CNBC-TV18 poll, its net profit may rise 74 percent to Rs 1776 crore in October-December from Rs 1019 crore in corresponding quarter last fiscal. During the period, revenue is likely to grow 10.3 percent at Rs 16638 crore against Rs 15081 crore year-on-year. In Q3 EBITDA is seen gaining 18.8 percent at Rs 2578 crore against Rs 2169.1 crore while operating profit margin may stand at 15.5 percent versus 14.3 percent YoY. Total volumes increased 4 percent to 3.87 lakh versus 3.74 lakh units (YoY). However volume growth moderated to 4 percent against 18 percen in Q2 due to mini and compact segment getting hit due to demonetisation. Realisations are expected to rise 6.3 percent at 4.28 lakh Rs/unit, increase led by higher exports and success of high priced models Brezza and Baleno.Don't miss: Buy, sell, hold: 4 key stocks to watch out post Q3 results

The market is still holding firm with the Nifty above 8500. The 50-share is up 46.45 points or 0.5 percent at 8522.25 and the Sensex is up 134.81 points or 0.5 percent at 27510.39. About 1401 shares have advanced, 902 shares declined, and 278 shares are unchanged.

HDFC, Axis Bank, Tata Steel, L&T and Hero MotoCorp are top gainers while Bharti, Reliance, M&M, Wipro and Dr Reddy's Labs are losers in the Sensex.

Gold prices drifted lower by 0.50 percent to Rs 28,580 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels amid a weak trend overseas.

Analysts attributed the fall in gold futures to profit-booking by participants at existing levels and a weak trend overseas as higher dollar reduced the precious metal's appeal as a safe-haven.