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Last Updated : Jan 19, 2017 12:16 PM IST | Source: Moneycontrol.com

Sensex, Nifty steady; Reliance, ITC, ONGC gainers

Tata Motors, Reliance, ONGC, ITC and Bharti Airtel are top gainers while HDFC Bank, Axis Bank, M&M and TCS are losers in the Sensex.


Moneycontrol Bureau

11:55 am Poll:
Country's third largest private sector lender Axis Bank 's third quarter profit is expected to fall 63.1 percent year-on-year to Rs 801.6 crore, according to average of estimates of analysts polled by CNBC-TV18. Net interest income, the difference between interest earned and interest expended, may grow 9.8 percent to Rs 4,568.5 crore in the quarter ended December 2016 compared with Rs 4,162.1 crore in same quarter last year. Key things to watch out for would be asset quality and impact on retail & SME business post demonetisation. Brokerage houses Nomura as well as B&K Securities expect slippages for the quarter at around Rs 4,500 crore. In September quarter, slippages from watchlist were at Rs 7288 crore.

11:45 am FII view: 
Ambit Capital is apprehensive about the likelihood of a sharp surge in markets in the near term. The fears come on the back of under-pressure FII flows and impact of demonetisation playing out, according to Saurabh Mukherjea, Chief Executive Officer - Institutional Equities, Ambit Capital. Prevailing conditions aren’t conducive for a big rally in the markets in the short term, Mukherjea told CNBC-TV18. The brokerage house had in November scrapped its FY17 Sensex target of 29500 in view of the government’s demonetisation drive. Ambit Capital’s FY18 Sensex target stands at 29,000. In view of the impact of demonetisation, organised players are gaining market share from the unorganised ones as can be seen from the Q3 earnings of some companies, Mukherjea said, adding, cash-oriented players have been hit hard.

11:30 am Exclusive: With the government considering a proposal to implement fat tax on junk food, sources say the Food Safety & Standard Authority of India (FSSAI) is working on defining the term ‘junk food’. Without a proper definition, tax implementation could become challenging for the government. Sources say FSSAI will consider a definition for High Fat, Sugar & Salt (HFFS) foods. It will also look at international standards and classifications while penning down the definition. This is likely to lead to change in labelling of packaged foods as they will have to mention it on their labels. Some clarity from the food regulator is expected in 1-2 months.

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The market is in green with the Sensex up 72.96 points or 0.3 percent at 27330.60. The Nifty is up 19.55 points or 0.2 percent at 8436.55. About 1309 shares have advanced, 949 shares declined, and 287 shares are unchanged.


Tata Motors, Reliance, ONGC, ITC and Bharti Airtel are top gainers while HDFC Bank, Axis Bank, M&M and TCS are losers in the Sensex.

Close

Gold futures today fell 0.61 percent to Rs 28,615 per 10 grams as participants cut their bets amid a weak global trend. Besides, profit-booking by speculators also weighed on gold prices.


Analysts attributed fall in prices to weak trend overseas as the dollar strengthened, reducing appeal of the precious metal as a safe haven and profit-booking by speculators at prevailing levels.




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First Published on Jan 19, 2017 11:00 am
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