Last Updated : Sep 07, 2016 12:12 PM IST | Source:

Sensex, Nifty in green amid consolidation; IT joins party late

Tata Steel, SBI, ICICI Bank, Maruti Suzuki and Infosys are top gainers while BHEL, Asian Paints, HDFc, NTPC and Bharti Airtel are losers in the Sensex.

Moneycontrol Bureau

11:50 am Corporate interview:
Despite a dismal performance in the first quarter of FY17 where its same store sales growth went into negative territory for the first time in the past seven quarters, Jubilant FoodWorks is confident of an improved show and a positive same-store sales growth in the second quarter. Jubilant FoodWorks, which operates Domino's Pizza and Dunkin' Donuts chains in India, attributed a 31.09 percent fall in standalone net profit at Rs 18.99 crore for the first quarter ended June 30 to weak consumer sentiment. The company had posted a net profit of Rs 27.56 crore in the same period of previous fiscal. Total income from operations went up by 6.69 percent to Rs 608.91 crore during the quarter under review as against Rs 570.68 crore in the year-ago period, Jubilant FoodWorks (JFL) said in a filing to the BSE. The company's same store sales growth declined to -3.2 percent, for the first time in past seven quarters.

11:40 am FII view: Christopher Palmer, Founder, Benson Avenue Capital said that investors have been on the sidelines for many months with regard to risk assets. He added that investors are now ‘pushing into emerging market debt’. Global liquidity and recent positive local macroeconomic data are raising Indian stocks to their highest levels since early 2015. Regarding India, Palmer said that investors can gain some confidence from the country. “The country is at the heart of EM portfolio as it doesn’t have many growth concerns like others.” India stands out among markets because of an organic growth rate, he said.

11:30 am Result poll:
BHEL is expected to post weak June quarter as revenue may remain subdued due to weak execution. According to a CNBC-TV18 poll, the company is likely to net loss at Rs 15 crore in April-June quarter from a profit of Rs 33 crore in corresponding quarter last fiscal. Its Q2 revenue is seen flat at Rs 4630 crore against Rs 4361 crore in year-ago period. Its EBITDA loss in Q1 may narrow to Rs 205 crore versus Rs 210 crore year-on-year. Analysts will keenly watch out its provision and write-offs as per IndAS accounting rules. Order inflows are expected to remain weak. Update on stalled and slow moving projects will also be crucial.

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The market has begun its climb again with the Sensex hitting 29000. The 30-share index is up 32.17 points or 0.1 percent at 29010.19. The Nifty is up 3.55 points at 8946.55. About 1276 shares have advanced, 965 shares declined, and 121 shares are unchanged.

Tata Steel, SBI, ICICI Bank, Maruti Suzuki and Infosys are top gainers while BHEL, Asian Paints, HDFc, NTPC and Bharti Airtel are losers in the Sensex.

Tracking a firm trend overseas, gold traded higher by 0.18 per cent to Rs 31,581 per 10 grams in futures market today as traders enlarged positions.
Analysts attributed the rise in gold futures prices to a firming trend overseas where gold built on its biggest daily increase since June and traded near the highest in almost three weeks as the dollar weakened amid diminishing chances of a US interest-rate rise in September.

First Published on Sep 7, 2016 11:00 am
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