Tuesday, 19 January 2016

Sensex, Nifty bounce back; Reliance & Axis lead, Maruti drags


Axis Bank, ICICI Bank, Reliance Industries, NTPC, Adani Ports, Tata Steel and Bank of Baroda gained more than 1 percent while Cipla, Coal India, TCS, ITC, ONGC, Zee Entertainment, M&M, Cairn India and Grasim were losers.

9:55 am Visa woes: Country's third largest software services firm Wipro said the recent H1B visa fee hike by the US will have a "large impact running into multi-million dollars".

The company is looking to mitigate the impact by hiring more locals in the US. "It is a large impact running into multi-million dollars for Wipro and also I'm sure for similar such organisations, and it will have meaningful impact on our operating margins. Once we start applying for that, we will disclose those numbers," Wipro Chief Financial Officer Jatin Dalal told reporters.

He further said: "...this is certainly that was unexpected and we will have to work through it." The US, under under the 9/11 Health and Compensation Act, has imposed a special fee of USD 4,000 on certain categories of H-1B visas and USD 4,500 on L1 visas.

9:45 am FII view: The magnitude of selling in midcaps is surprising as it suggests that now even domestic money is in a risk-off mode, says Arvind Sanger, managing partner at Geosphere Capital. He is not sure whether the selling is done with for now, though he feels it is more panic-selling since India's macros are rather stable and it is earnings (including Q3) that is not showing enough momentum. In recent times, there have also been many a debates on whether the United States is entering into a recession. But Sanger says US is not the problem here, the economic situation in China is a bigger concern. "It is not about the GDP numbers coming out of China, every economic indicator is suggesting that China is in a serious slowdown mode," he told CNBC-TV18.

9:30 am Earnings: HCL Technologies' second quarter profit beat analysts' expectations on Tuesday while revenue and operational numbers matched estimates. Profit surged 11.2 percent quarter-on-quarter to Rs 1,920 crore and revenue increased 2.4 percent to Rs 10,341 crore during the quarter. Dollar revenue rose 1.39 percent sequentially to USD 1,566 million compared to USD 1,544.5 million in preceding quarter and 2.1 percent in constant currency.

Don't miss: China's economy grew 6.9% in 2015, a 25-year low 

The market bounced back on Tuesday despite mixed Asian cues. The 30-share BSE Sensex rose 106.84 points to 24295.21 and the 50-share NSE Nifty went up 37.70 points to 7388.70.

Axis Bank, ICICI Bank, Reliance Industries, NTPC, Adani Ports, Tata Steel and Bank of Baroda gained more than 1 percent while Cipla, Coal India, TCS, ITC, ONGC, Zee Entertainment, M&M, Cairn India and Grasim were losers.

The Indian rupee has opened flat at 67.67 per dollar today against previous close of 67.68.

Pramit Brahmbhatt of Veracity says in absence of clue from American market, USD to continue its march ahead thus by weakening rupee. INTRADAY FREE TIPS

Yesterday, domestic equity market closed in a red. Benchmark index Nifty lost 87 points to end the day, keeping rupee under pressure.

According to him, rupee will remain under pressure and range for the day will be 67.6 - 68.10 a dollar. Asian markets were trading mixed as China released its fourth quarter GDP data at 6.8 percent, marginally lower than expected, compared to 7.3 percent last year. Shanghai was up 1.6 percent while Nikkei was down about 0.5 percent.
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