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Last Updated : May 24, 2016 11:01 AM IST | Source: Moneycontrol.com

Sensex, Nifty volatile; Jubilant Foodworks, Britannia fall

Jubilant Foodworks lost 8 percent and Britannia fell 1 percent despite companies' denial of using potassium bromate or iodate in bread/flour.


Moneycontrol Bureau

10:55 am Market Update:
Equity benchmarks continued to be volatile. The Sensex rose 5.62 points to 25235.98 and the Nifty gained 2.50 points at 7733.55.

The market breadth was weak as about 1145 shares declined against 792 advancing shares on BSE.

10:50 am Buzzing:
The poor fourth quarter numbers have brought down share prices of Archies by 9.5 percent intraday.

The company's Q4 net profit plunged 83 percent at Rs 40 lakh against Rs 2.4 crore, in the same quarter last fiscal.

The total income was down 6.8 percent at Rs 53.5 crore versus Rs 57.4 crore.

10:30 am Earnings Estimates:
Software services provider Tech Mahindra's fourth quarter profit is seen falling 1 percent sequentially to Rs 751 crore, according to average of estimates of analysts polled by CNBC-TV18.


Rupee revenue is likely to increase 1.9 percent to Rs 6,831 crore but dollar revenue may be flat at USD 1,014 million compared to preceding quarter.


The Pininfarina acquisition is likely be be completed in April/May and hence will not contribute to Q4 revenue.

Close

Earnings before interest and tax (EBIT) are expected to decline 0.7 percent to Rs 955 crore and margin to fall by 35 basis points to 14 percent compared to Q3.

Also read - India a long-term growth story; see greenshoots: Rashesh Shah


10:00 am Market Check


The market continued to be volatile in morning trade with the Nifty hovering around 7740 level despite weak global cues.


The 30-share BSE Sensex rose 29.30 points to 25259.66 and the 50-share NSE Nifty was up 8.20 points at 7739.25. The market breadth was marginally positive as about 866 shares declined against 790 advancing shares on Bombay Stock Exchange.


Gautam Shah of JM Financial feels the level, 7,700, is critical and till the index sustains above it on a closing basis one should buy the dips. On the upside, 7,810-7,880 now turns into resistance, he says.


Shah believes, overall, one should not throw in the towel as yet as the market has not done anything to indicate a breakdown.


Index heavyweights Reliance Industries, HDFC and ITC gained over half a percent. Tata Motors, ICICI Bank, NTPC and Cipla climbed 1-2 percent while Infosys, L&T, TCS, Sun Pharma, ONGC and Bharti Airtel were down 0.5-1 percent.


Jubilant Foodworks lost 8 percent and Britannia fell 1 percent despite companies' denial of using potassium bromate or iodate in bread/flour.


Britannia said all bread products are in compliance with food safety norms while Jubilant said the company uses ingredients that are approved by FSSAI in all preparations and flour used by co is not treated with potassium bromate or potassium iodate.


Yesterday CSE report indicated that bread available in India could be laced with toxic chemicals. Bread may have toxic chemicals that can lead to thyroid disorders and cancer.



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First Published on May 24, 2016 10:00 am
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