Wednesday, 27 January 2016

Sensex, Nifty consolidate; Midcap, Smallcap outperform


Equity benchmarks continued to consolidate from early trade while the broader markets outperformed. Healthcare, technology and auto stocks supported market while infra stocks lost ground.

Housing Development Finance Corporation 's (HDFC) October-December quarter earnings are likely to be subdued. Profit is seen rising 10 percent year-on-year to Rs 1,567.7 crore and net interest income may increase 8.3 percent to Rs 2,183.8 crore, according to average of estimates of analysts polled by CNBC-TV18.

NII growth (up 6.8 percent) in Q2 was slowest in last 6 years that may continue in Q3 as well, feel analysts. They expect profit to be impacted by overall slowdown in growth and lower profit on sale of investments.

Loan growth is also likely to continue being subdued. Analysts estimating it around 12.5-13 percent year-on-year growth net of sell downs. In Q2, Loan growth was at 12 percent net of sell downs.

Also read - Global growth strong; expect dovish Fed statement: JP Morgan 

10:00 am Market Check

Equity benchmarks continued to consolidate from early trade while the broader markets outperformed. Healthcare, technology and auto stocks supported market while infra stocks lost ground.

The 30-share BSE Sensex rose 44.11 points to 24530.06 and the 50-share NSE Nifty advanced 6.55 points to 7442.70. The BSE Midcap and Smallcap indices gained 0.2-0.4 percent, respectively.

The market breadth was positive as about 1093 shares advanced against 707 declining shares on the BSE.

Asia markets were mostly higher today after Wall Street surged overnight on a bounce in oil prices and positive earnings news, shrugging off the recent global rout, at least temporarily. But China shares took another leg lower.

The Shanghai Composite tumbled 2.82 percent by midday. The index had its worst day on Tuesday since the suspension of the circuit breaker rule in early January, closing down 6.4 percent, hitting its lowest level since December 2014. The Shenzhen Composite dropped 4.40 percent.

Amid concerns about slowing economic growth and depreciation of the yuan, shares on the mainland got an additional bit of bad news Wednesday: China's industrial profits fell 4.7 percent on-year in December, declining for a seventh month.
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1 comment:

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