The market ended first day of June series with a bang. The Nifty ended up 114.65 points or 1.4 percent at 8433.65 while the Sensex was up 321.73 points or 1.1 percent at 27828.44. M&M, Bharti Airtel, Coal India, Maruti and ITC were top gainers while Hindalco, GAIL and Dr Reddy's Labs were major laggards.
03:30pm Market close: The market ended first day of June series with a bang. The Nifty ended up 114.65 points or 1.4 percent at 8433.65 while the Sensex was up 321.73 points or 1.1 percent at 27828.44. M&M, Bharti Airtel, Coal India, Maruti and ITC were top gainers while Hindalco, GAIL and Dr Reddy's Labs were major laggards.
02:55pm Market Update: Equity benchmarks extended rally in last hour of trade with the Sensex rising 379.18 points or 1.38 percent to 27885.89 and the Nifty gaining 124.75 points or 1.50 percent at 8443.75.
About 1405 shares have advanced, 1188 shares declined, and 161 shares are unchanged on the BSE.
02:40pm Earnings: Indian Oil Corporation's (IOC) fourth quarter net profit declined 33 percent year-on-year to Rs 6,285.35 crore but sequentially it turned black against loss of Rs 2,636.80 crore in December quarter.
Total income from operations dropped 30.4 percent to Rs 93,832 crore during January-March quarter from Rs 1,34,867.42 crore in the year-ago period.
The bottomline was ahead of expectations while the topline missed estimates. Profit was expected at Rs 4,576.6 crore on revenue of Rs 1,01,515.1 crore for the quarter.
02:20pm GDP forecast: Fiscal year 2014-15 gross domestic product (GDP) growth rate, due at 5.30 pm this evening, may came in slightly lower than the government's advance estimate of 7.4 percent.
Sources have told CNBC-TV18 that economic output took a hit in the fourth quarter from the ongoing agriculture crisis. This may result in fourth quarter GDP coming in at 7.2-7.3 percent.
After clocking growth of 6.5 percent, 8.2 percent and 7.5 percent in the first three quarters, India needs to clock growth of 7.4 percent in the fourth, if it has meet its yearly growth target of 7.4 percent.
Government sources said they had witnessed a stark slowdown in rural consumption, which may reflect in agriculture output, which contributes about 15 percent to India's GDP.
02:00pm Market Check
The market continued to see buying interest in afternoon trade after seeing consolidation for last four sessions. The Sensex climbed 272.72 points to 27779.43 and the Nifty jumped 89.40 points to 8408.40.
About 1374 shares have advanced, 1189 shares declined, and 164 shares are unchanged on the BSE.
Vinay Pandit, Senior VP - Institutional Equities, Centrum Broking is not expecting any major downside in the market from the current levels of around 8300. According to him, the earnings will shape up going forward and the current correction in the market is only short-term earnings disappointment.
Bharti Airtel topped the buying list on the Sensex, up 4.7 percent. Mahindra & Mahindra rallied 4 percent, reacting to Q4 earnings that matched street expectations.The Great Diwali Discount!
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