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Last Updated : Nov 10, 2016 11:27 AM IST | Source: Moneycontrol.com

Sensex up 400 pts, Midcap shines; Realty, Metal, PSU Bank lead

Equity benchmarks continued to rally in morning trade with the Sensex surging 350 points, driven by banks, infra, metals and pharma stocks. Short covering and global cues drove the market higher.


Moneycontrol Bureau

10:51 am Interview:
Deepak Khetrapal, MD & CEO of Orient Cement said at the EBITDA level it has been a poor performance this last quarter.

Orient Cement reported a standalone net loss of Rs 29.4 crore for the quarter ended September 30, 2016, against a net profit of Rs 28 crore in the year-ago period.

“Our markets and plants underwent some difficulty because of monsoon rains. It led to operational challenges,” he said.

He said that the thermal power plant that sends fly ash to be blended with clinker wasn’t producing power. That also hurt our volumes, he said.

10:45 am Vishal Sikka to employees:
According to a media report, Infosys CEO Vishal Sikka, in an e-mail to employees, has said the company's Zero Distance programme has helped improve customer satifaction to a ten-year high. Competitiors, inspired by Infosys' succes, have followed suit, Sikka adds.

Zero Distance is an Infosys initiative to boost innovation and promote improvements in the company's ongoing projects.

In the mail, Sikka also says the company is rapidly progressing towards automation and innovations in the entire service industry.

10:30 am Poll: Garments manufacturer Page Industries is expected to report profit at Rs 73.76 crore for July-September quarter, up 22 percent compared with Rs 60.3 crore in year-ago period, according to average of estimates of analysts polled by CNBC-TV18.


Revenue is seen rising 21 percent year-on-year to Rs 559.7 crore while EBIDTA (earnings before interest, tax, depreciation and amortisation) may grow 17 percent to Rs 118.6 crore but margin may contract 100 basis points to 21 percent in Q2.


Volume growth may be around 17 percent. Analysts expect menswear/sportswear to sustain revenue growth momentum of 26 percent and expects womenswear segment to report a healthy 21 percent growth led by 17 percent volume growth.

Close

Operating leverage and improved mix are expected to drive EBITDA margin but higher cotton prices may impact margin YoY.

10:20 am
Nifty Bank hit 20000 for the first time since September 23, up 2.5 percent on value buying.

10:15 am FII View:
Mahesh Nandurkar of CLSA says two unexpected big macro events - US elections and Indian currency scrappage - warrant some changes in model portfolio and top picks.


He expects disruptions caused by demonetisation to hit the property sector the most and housing finance will also be impacted. He removed HDFC from model portfolio as a result.


He says Donald Trump's win in US elections is a relief for Indian pharma companies and he added Sun Pharma back to top buys while the expected US infra spending boost should improve the outlook for commodities and he added Hindalco to the model portfolio.


He also added HUL to the portfolio, taking advantage of the recent correction and on the expectations of a good harvest driving demand improvement.

Also read - No case yet for P/E re-rating; earnings growth key: ICICI Pru MF

10:00 am Market Check


Equity benchmarks continued to rally in morning trade with the Sensex surging 350 points, driven by banks, infra, metals and pharma stocks. Short covering and global cues drove the market higher.


The 30-share BSE Sensex was up 349.62 points or 1.28 percent at 27602.15 and the 50-share NSE Nifty gained 116.50 points or 1.38 percent at 8548.50 while the broader markets outperformed.


The BSE Midcap and Smallcap indices rallied 2 percent each on strong breadth. About 8 shares advanced for every share declining on the exchange.


Nifty Realty index surged 4.5 percent after losing more than 10 percent on black money crackdown. PSU Bank index gained further, up 5 percent while Metal surged 5.5 percent.



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First Published on Nov 10, 2016 10:17 am
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