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Last Updated : Nov 07, 2016 01:09 PM IST | Source: Moneycontrol.com

Nifty holds 8500, Sensex strong; Midcap, Smallcap outperform

Equity benchmarks continued to remain higher in noon trade with the Nifty holding 8500 level, supported by ITC, Lupin, ICICI Bank and SBI.


Moneycontrol Bureau

12:59 pm Market remains strong:
The Sensex gained 239.80 points at 27513.95 and the Nifty rose 83.35 points to 8517.10. About 2006 shares advanced against 672 declining shares on the BSE.

12:46 pm Oil Update:
Oil futures rose, with traders citing opportunistic buying following sharp declines in the previous week that brought prices to their lowest since early August because of ongoing weak fundamentals.


International Brent crude oil futures were trading at USD 46.26 per barrel, up 1.49  percent, from their previous close. US West Texas Intermediate (WTI) crude futures were up 1.61 percent, at USD 44.78 a barrel.

12:38 pm Earnings:
Home and personal care company Godrej Consumer Products' second quarter consolidated profit increased a whopping 43.7 percent year-on-year to Rs 318.1 crore, partly driven by low base. In Q2FY16, profit was impacted by exceptional item of Rs 77.51 crore.


Revenue on consolidated basis grew by 11 percent to Rs 2,439.3 crore in the quarter ended September 2016 from Rs 2,197.3 crore in same period last fiscal.

Close

India business reported a volume growth at 9 percent with household insecticides segment (which contributed 50 percent to domestic business) showing a 18 percent growth but soaps segment disappointed, registering a 10 percent degrowth. Hair colours business reported a flat growth.


EBITDA (earnings before interest, tax, depreciation and amortisation) rose 13.7 percent year-on-year to Rs 465.8 crore and margin expanded by 50 basis points to 19.1 percent in July-September quarter.

12:15 pm Buzzing:
Heritage Foods shares gained more than 7 percent after sources told CNBC-TV18 that Future Group may announce acquisition of retail outlets from the company today.

Also read - Buy, sell, hold: Kickstart your week with these 10 stocks

12:00 pm Market Check


Equity benchmarks continued to remain higher in noon trade with the Nifty holding 8500 level, supported by ITC, Lupin, ICICI Bank and SBI.


The 30-share BSE Sensex gained 209.14 points at 27483.29 and the 50-share NSE Nifty rose 76 points to 8509.75 while the BSE Midcap and Smallcap continued to outperform benchmarks, rising over a percent on strong market breadth.


About 1985 shares advanced against 576 declining shares on the exchange.


Lupin retained its top position in the buying list, up more than 7 percent after getting clean chit from the USFDA for Goa facility. Sun Pharma and Dr Reddy's Labs rebounded 1.7 percent each after Friday's sell-off.


ICICI Bank rose 1.8 percent ahead of quarterly earnings later today. A CNBC-TV18 poll expects profit in Q2 to fall 18 percent on yearly basis and net interest margin to grow 0.4 percent.


ITC, SBI, Infosys, BHEL, Tata Steel and Axis Bank gained 1-3 percent while TCS and HUL fell over a percent.



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First Published on Nov 7, 2016 12:00 pm
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