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Last Updated : Aug 06, 2015 03:39 PM IST | Source: Moneycontrol.com

Sensex ends 75 higher, Nifty at 8589; L&T, DRL gainers

L&T, Dr Reddy's Labs, Lupin, Tata Motors and SBI were leaders while ITC, Coal India, Vedanta, Reliance and Wipro were losers in the Sensex.


Moneycontrol Bureau

3:30 pm Market close:
After a sluggish day, the market made some gains in the last hour of trade. The Sensex ended up 75.05 points or 0.3 percent at 28298.13 and the Nifty was up 20.70 points or 0.2 percent at 8588.65. About 1402 shares have advanced, 1525 shares declined, and 145 shares were unchanged.


L&T, Dr Reddy's Labs, Lupin, Tata Motors and SBI were leaders while ITC, Coal India, Vedanta, Reliance and Wipro were losers in the Sensex.

02:55 pm Coal India in focus:
In a bid to ramp up coal evacuation capacity, state-owned Coal India is planning to procure wagons with an estimated investment of Rs 555 in the first phase.

"In order to facilitate coal evacuation and add to its evacuation capacity, keeping in view of the envisaged quantum jump in production, Coal India has planned to procure high-capacity wagons with an estimated investment of Rs 555 crore in the first phase," Minister of State for Coal and Power Piyush Goyal said in a written reply to Lok Sabha.

The minister further said that the fleet of wagons are for operation of railways and dedicated only for transport of coal from the specified coal subsidiaries and on specific routes.

02:40 pm Polaris falls post earnings:
Polaris Consulting Services' first quarter consolidated profit grew by 2.7 percent sequentially to Rs 38.1 crore, driven by strong operational performance.


Revenue increased by 6.2 percent to Rs 496 crore and dollar revenue rose by 0.5 percent to USD 76 million compared to March quarter.

Close

“With Q1 revenue and profit growth, we are on track in terms of growth path, " said NM Vaidyanathan, chief financial officer, Polaris. The company has initiated cost optimisation efforts, the benefits of which will be fully realised in Q4 of FY16, he added.


Consolidated operating profit (earnings before interest, tax, depreciation and amortisation) in Q1 jumped 27 percent to Rs 64 crore and margin expanded by 200 basis points to 12.9 percent on sequential basis.


It added 4 new clients in Q1FY16, reflecting client confidence in digital offerings, said Polaris which is looking at growth led by digital transformation capabilities in FY16.


02:20 pm FII View: Emerging markets as a whole is facing some challenges, but India most definitely is outperforming during tougher times, says Arnab Das, managing director, macro-strategy, Trusted Sources. India will also benefit from falling commodity prices, he says, while adding that the country is a lower beta market as compared to the world.


But for India to continue to outperform, the government needs to find a way to break the policy logjam. He says GST will be a game changer for the Indian market.


He also adds that the country is in a much better position to tackle US Federal Reserve rate hike.

02:00 pm Market Check


The market gained strength in afternoon trade after a consolidation. The Sensex rallied 113.84 points to 28336.92 and the Nifty hit 8600 level, up 33.25 points to 8601.20 supported by banking & financials, capital goods and healthcare stocks.


Shares of L&T, Tata Motors, SBI, Lupin, Dr Reddy's Labs, M&M and BHEL gained 1.5-2 percent followed by HDFC Bank, TCS and HDFC with 0.5-1 percent upside.

However, ITC and Coal India topped the selling list on Sensex, down 1.5 percent each followed by Reliance Industries, Wipro, Infosys, Wipro and Maruti with marginal losses.



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First Published on Aug 6, 2015 02:00 pm
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