Tata Motors (up 0.4 percent), BHEL (flat) and Mahindra & Mahindra (up 0.6 percent) will remain in focus today ahead of their June quarter earnings. Tata Motors is expected to report dismal performance on JLR weakness.
10:59 am Market Update: The Sensex gained 5.02 points at 28303.15, and the Nifty fell 3.15 points to 8585.50. About 1412 shares have advanced, 916 shares declined, and 128 shares are unchanged on the BSE.
10:40 am Earnings estimates: Kalpataru Power's first quarter standalone net profit is expected to be flat at Rs 41.9 crore year-on-year, according to a CNBC-TV18 poll. Profit may be dented by lower revenue and operating income but may be supported by margin expansion.
Revenue in June quarter is seen falling 5.2 percent to Rs 1,008 crore on subdued order book and lower order inflows seen in H1FY15. The base in Q1FY15 was high.
Operating profit may decline 0.4 percent to Rs 105.9 crore compared to same quarter last year. However, margin may expand 50 basis points to 10.5 percent due to lower losses in infra business.
Order inflow is expected to be closely watched as the company may have managed to bag orders worth Rs 1,800 crore in Q1FY16.
10:20 am Market Expert: Nifty won't go down in a hurry as there are plethora of supports, says VK Sharma of HDFC Securities. He does not think 8450 will be broken at all. However, he adds that 8650 is a good resistance.
Also, according to him, if the non-farm payrolls coming in a tad weak, US Federal Reserve rate hike will happen only in December.
As far as Bank Nifty is concerned, he sees strong resistance at 19100. If it goes beyond that, buy Bank Nifty.
10:00 am Market Check
The market continued to see consolidation in morning trade due to lack of triggers. The Sensex fell 8.32 points to 28289.81 and the Nifty declined 0.90 points to 8587.75.
However, the broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.3-0.5 percent. About 1245 shares have advanced, 757 shares declined, and 107 shares are unchanged on the Bombay Stock Exchange.
Tata Motors (up 0.4 percent), BHEL (flat) and Mahindra & Mahindra (up 0.6 percent) will remain in focus today ahead of their June quarter earnings. Tata Motors is expected to report dismal performance on JLR weakness. Mahindra & Mahindra numbers too are likely to be weak on yearly basis but sequential performance may be good while BHEL’s reported performance is likely to remain constrained, impacted by muted execution.The Great Diwali Discount!
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