In an interview CNBC-TV18, Sumit Malhotra, MD of Baja Corp said that the first quarter was disappointing in terms of volume growth as poor rural growth led to less consumption.
Sun Pharma is up 1.5 percent while Dr Reddy's Labs, SBI, Axis Bank and Bajaj Auto are top gainers. Dragged by weak earnings, Wipro is down 4 percent. Among other laggards are Hindalco, GAIL, Bharti Airtel and Sesa Sterlite.
HDFC, Tata Steel, Hindalco, Sesa Sterlite and Axis Bank are top gainers while GAIL, HUL, M&M, Bajaj Auto and Hero are among the laggards.
Sesa Sterlite is up 4.5 percent while Hindalco, Tata Steel, Tata Motors and Coal India are top gainers in the Sensex.
Sesa Sterlite, M&M, BHEL, Coal India and Hero MotoCorp are top gainers. Bharti Airtel, HUL, GAIL, ITC and Bajaj Auto are major losers in the Sensex.
Shares of ONGC, Sesa Sterlite, Tata Steel, M&M, DLF and Zee Entertainment slipped 1.6-2.6 pecent while Sun Pharma, Bharti Airtel, Maruti Suzuki, Infosys, Cipla, NMDC, Lupin and Ambuja Cements gained 1-2 percent.
Metal stocks are up with Sesa, Hindalco and Tata Steel as major gainers. Infosys and Tata Motors are other gainers. Bajaj Auto, ITC, NTPC, HUL and Dr Reddy's Labs are among the losers.
Axis Bank, Dr Reddy's Labs, Cipla, HUL and Tata Motors are top gainers in the Sensex. Among the losers are HDFC Bank, Hero MotoCorp, M&M, GAIL and Sesa Sterlite.
Rupee is going steady as expectations of corporate dollar inflows restricts rupee keeps rupee supported. Gilts trade lower as market participants refrain from building fresh positions amid lack of supportive cues.
The rupee weakened marginally in early trade. It opened lower by 18 paise at 62.38 per dollar as against Tuesday's closing of 62.20 a dollar.
Ranbaxy tanks on USFDA blow. The US FDA bans Ranbaxy's Toansa API plant and added it to consent decree.
The market has opened the January series on positive note. The Sensex is up 61.14 points at 21135.73, and the Nifty is up 13.90 points at 6292.80. About 319 shares have advanced, 69 shares declined, and 11 shares are unchanged.
Sharmila Joshi of Peerless Securities advises buying Sintex Industries for a target price of Rs 31.30 and VIP Industries for a target price of Rs 61.
The rupee is marginally higher on some inflows. Bond prices continue to rise on the back of a fall in US treasury yields and some strength in the rupee.
The Sensex is up 363.23 points or 1.78 percent at 20778.74, and the Nifty is up 108.65 points or 1.80 percent at 6154.50.
Motilal Oswal has come out with its report on metal sector. The research firm has reiterate buy on Sesa, Sterlite and Hindalco, maintain sell on Tata Steel, SAIL and JSW Steel.
Allaying concerns that Vedanta Resources is transferring huge debt to Sesa Sterlite,group Chairman Anil Agarwal today said the new entity with "amazing assets" will generate annual profit of USD 7-8 billion and be able to repay loans within three years.
Bhavesh Chauhan, metal analyst of Angel Broking says, the Sesa-Sterlite merger is negative for the minority shareholders of Sesa and Sterlite. “We are neutral on both the stocks,” he adds.