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Last Updated : Aug 13, 2015 10:17 AM IST | Source:

Sensex gains over 200pts, Nifty scales 8400; SBI, Bharti up

Bharti Airtel, Cipla, ICICI Bank, Tata Steel and ONGC are top gainers in the Sensex. Among the losers are TCS, ITC and GAIL.

Moneycontrol Bureau

9:55 am Results:
State-run National Aluminium Company (Nalco) reported a 40 percent decline in its net profit at Rs 163.44 crore for the quarter ended June 30, 2015.

The company had posted a net profit of Rs 270.99 crore in the year-ago period, it said in a BSE filing.

Total income of the aluminium producer fell by 16 percent to Rs 1,491.27 crore in April-June quarter of this fiscal against Rs 1,680.04 crore in the same quarter of 2014-15.


Total expenses of the company fell to Rs 1,366.55 crore from Rs 1,499.06 crore in the reported quarter. Net sales the Bhubaneswar-based firm from aluminium fell to 1,042.26 crore in the June quarter of 2015-16 from Rs 1,042.62 crore in the same quarter in 2014-15.

9:35 am Divestment:  The government is aiming to sell a 10 percent stake valued at around USD 3.7 billion in top coal miner Coal India through a stock market auction, as part of the government's drive to raise money from reducing its holdings in companies.

The government, which owns 78.65 percent of Coal India, has sought bids from banks by September 2 to manage the share offering, according to a notice issued by the Department of Disinvestment, which oversees stake sales in state companies.

Five banks will be selected for the offering, it said. The notice did not mention the timetable for the share sale. The government is seeking to raise as much as USD 11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 percent of gross domestic product in 2015-16.

9:25 am Market check:
Supported by surge in banks, the market is holding its early gains. The Sensex is up 233.43 points or 0.8 percent at 27745.69 and the Nifty is up 62.60 points or 0.7 percent at 8412.05. About 1193 shares have advanced, 340 shares declined, and 65 shares are unchanged.

Bharti  and SBI are up 2-3 percent while ICICI Bank, Vedanta and Hindalco are other top gainers.

Don't miss: States bypass stalled reform, go it alone to woo investment

After severe cut yesterday, the market has opened higher Thursday on strong macro data. The Sensex is up 204.94 points or 0.7 percent at 27717.20, and the Nifty is up 58.50 points or 0.7 percent at 8407.95. About 654 shares have advanced, 205 shares declined, and 71 shares are unchanged.

Bharti Airtel, Cipla, ICICI Bank, Tata Steel and ONGC are top gainers in the Sensex. Among the losers are TCS, ITC and GAIL.

Consumer price index (CPI) for the month of July came in at 3.78 percent, helped by the base effect and a major slump in food prices. There was another set of good news as industial output rose to a four-month high of 3.8 percent, compared to 2.7 percent in the previous month, and an expectation of 2.93 percent.

With industrial production hitting a 4-month high of 3.8 percent in June, India Inc on Wednesday said it indicates revival in industrial activity on the back of improved performance of manufacturing, and should motivate the RBI to slash interest rates. Terming the the outcomes of the recent RBI policy review as "slightly disappointing", Assocham said the central bank should have reduced the rates a bit to provide a fillip to the industrial growth.

The rupee opened marginally higher at 64.72 per dollar against 64.77 Wednesday.

Mohan Shenoi of Kotak Mahindra Bank said, "The devaluation of yuan on the back of weak exports from China has resulted in unwinding of yuan carry trades in particular against the euro. Asian currencies have come under pressure due to yuan depreciation."

Global markets are mixed with the US market seeing a sharp recovery led by rising energy shares. The Nasdaq Composite turned positive, ending mildly higher after earlier falling 1.5 percent. 

Asian markets are trading with a mild positive bias. Nikkei has bounced off two- week lows; the index though is still down more than 1 percent for the week. The German DAX and French CAC both faced heavy selling tumbling over 3 percent, while London's FTSE ended around 1.4 percent lower.

In other asset classes, crude prices saw modest recovery following a weaker dollar and lower US crude stockpiles.

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First Published on Aug 13, 2015 09:15 am
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