Thursday, 19 May 2016

Sensex, Nifty fall; Midcap outperforms, Parag Milk jumps 13%

The market breadth was marginally positive as about 889 shares advanced against 712 declining shares on Bombay Stock Exchange.

10:20 am Earnings downgrades likely?: Mahesh Nandurkar of CLSA says among the 54 companies under coverage that reported earnings for the March 2016 quarter so far, he reduced FY17 earnings estimates for 24 companies and raised estimates for 17 companies.

Overall, he said he lowered FY17 earnings estimates by 4 percent and consensus by 2 percent during the results season.

According to him, FY17 earnings growth estimate is now 17 percent as against 24 percent for consensus. "Although a low base would help earnings growth reach double digits from September 2017, risk of further downgrades to consensus earnings estimates remains high, Nandurkar says.

Also read - IDBI stake sale could be fast-tracked; IFC, TPG likely investors

10:00 am Market Check

Equity benchmarks continued to see selling pressure as assembly elections counting started showing results. BJP is likely to get majority in Assam while Congress is seen losing in all five states.

The 30-share BSE Sensex fell 103.70 points to 25600.91 and the 50-share NSE Nifty declined 31.45 points to 7838.70. The market breadth was marginally positive as about 889 shares advanced against 712 declining shares on Bombay Stock Exchange. STOCK TIPS

Parag Milk Foods debuted on the bourses at Rs 217.50, up over 1 percent from its issue price of Rs 215 per share. However, the stock quickly climbed within minutes of listing, gaining over 13 percent touching intraday high of Rs 242.70 per share.

ITC, HDFC, HDFC Bank, Asian Paints, Axis Bank, ICICI Bank, SBI and TCS were down 0.3-1.6 percent while Tata Motors, Lupin and Tata Steel gained 1-2 percent.
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Anamika Rai said...

Great News.Thanks for sharing. Equity benchmarks opended off week on a lukewarm sign with the Nifty closing beneath 7750 amid unpredictability, follwing downside in worldwide peers, due to selling in technology, oil, pharma and select banking & fiscal shares. The market stayed jerky after improving 180 points on the Sensex in early trade.

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MCX rallies as RBI allows overseas investors to buy stake
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