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Last Updated : Aug 10, 2015 11:03 AM IST | Source: Moneycontrol.com

Sensex, Nifty strong; IT & banks lead, Tata Motors drags

Banking & financials and technology stocks led the market higher. HDFC, TCS, Infosys, ICICI Bank, HDFC Bank, SBI, Axis Bank and Dr Reddy's Labs rose 0.5-1.5 percent.


Moneycontrol Bureau

10:55 am Market Update:
The Sensex gained 129.41 points or 0.46 percent at 28365.80 and the Nifty rose 41.50 points or 0.48 percent to 8606.10.

About 1544 shares have advanced, 834 shares declined, and 144 shares are unchanged on the BSE. 

10:40 am Earnings estimates:
Power Grid Corporation of India's first quarter net profit is seen rising 21.2 percent year-on-year to Rs 1,377 crore and revenue may increase 20.8 percent to Rs 4,761 crore, driven by healthy capitalisation.


Operating profit in June quarter is likely to jump 22.7 percent to Rs 4,139 crore and margin may expand 40 basis points to 86 percent compared to same quarter last fiscal.


Analysts expect the state-run power company to report strong numbers yet again. Revenue and earnings growth may be led by strong pace of capitalisation seen over the past 1 year.

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They expect capitalisation of Rs 6,000 crore, up 22-23 percent Y-o-Y compared to Rs 4,900 crore in Q1FY15.


Healthy capitalisation during the past four quarters (Q2FY15 to Q1FY16e) at Rs 20,880 crore is expected to drive strong earnings growth of over 20 percent Y-o-Y.


10:15 am Buzzing: Divis Labs rallied more than 6 percent as its net profit in Q1 grew by 44.8 percent to Rs 243.2 crore and revenue climbed 25.8 percent to Rs 808.8 crore year-on-year.

10:00 am Market Check


The market gained strength after early consolidation. The Sensex gained 136.16 points at 28372.55 and the Nifty rose 41.35 points to 8605.95. The BSE Midcap outperformed benchmarks, up 0.7 percent.


More than two shares advanced for every share declining on the Bombay Stock Exchange.


Banking & financials and technology stocks led the market higher. HDFC, TCS, Infosys, ICICI Bank, HDFC Bank, SBI, Axis Bank and Dr Reddy's Labs rose 0.5-1.5 percent.


However, Tata Motors topped the selling list on Sensex, down more than a percent after disappointing set of numbers in Q1. Profit plunged nearly 49 percent and JLR's profit dropped 29 percent, impacted by China sales.



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First Published on Aug 10, 2015 10:00 am
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