Moneycontrol Bureau10:56 am Market Update: Equity benchmarks erased more than half of gains. The Sensex rose 71.06 points to 26661.65 and the Nifty advanced 12.10 points to 8072.80.About 1338 shares have advanced, 769 shares declined, and 104 shares are unchanged on the BSE.10:40 am Earnings Poll: FMCG major Marico's July-September quarter consolidated profit is expected to rise 27 percent year-on-year to Rs 150 crore and revenue may increase 8.3 percent to Rs 1,550 crore, according to analysts polled by CNBC-TV18.
Operating profit is likely to jump 20 percent to Rs 235 crore and margin may expand 150 basis points to 15.2 percent compared to year-ago period.
Analysts see volume growth at 6-7 percent with 1 percent price/mix led growth and see some pick up in volumes for Safolla & Parachute sequentially.
10:20 am FII View: Mahesh Nandurkar, CLSA says corporate results have been a little below expectations so far, with 45 percent of the companies witnessing earnings downgrades against 32 percent upgrades.
Margin-driven growth is visible in select pockets with 18 companies reporting EBITDA growth in excess of 20 percent, he adds.
Nandurkar says consensus has downgraded FY16 earnings estimates by 1 percent since the beginning of results season and 3.5 percent over past three months. He expects more earnings downgrades ahead. 2HFY16 will likely be much better due to a low base, he feels.
Also read - Earnings key, don't see much improvement in Q3: HSBC Global10:00 am Market Check
The market trimmed some early gains, weighed by TCS, ICICI Bank and Axis Bank. The 30-share BSE Sensex rose 119.23 points to 26709.82 and the 50-share NSE Nifty advanced 26 points to 8086.70.
The broader markets also traded in line with benchmarks; the BSE Midcap was up 0.6 percent and Smallcap gained 0.5 percent. Two shares advanced for every share declining on BSE.
Tata Motors surged more than 5 percent on strong JLR US sales data. October JLR sales in US surged 76.1 percent at 8,187 units from 4,650 Units in year-ago period. Its Land Rover US sales were up 97.6 percent at 7,199 units in October from 3,643 Units year-on-year. However, Jaguar's sales was down 1.9 percent at 988 units from 1,007 units (Y-o-Y).
Eros International gained 6 percent again today. Rajesh Exports, HSIL, Jain Irrigation and Ratnamani Metal were other top midcap gainers, up 3-5 percent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
