Monday, 8 August 2016

Sensex, Nifty continue to gain on Asian cues; L&T, Bharti down

Reliance Industries, HDFC, Infosys, HDFC Bank, Lupin and Tata Motors were top contributors to Sensex's gains. Reliance Industries, HDFC, Infosys, HDFC Bank, Lupin and Tata Motors were top contributors to Sensex's gains. 

10:35 am Poll: FMCG major Colgate Palmolive's first quarter (April-June) profit is seen rising 24.2 percent year-on-year to Rs 142 crore and revenue may increase 8.5 percent to Rs 1,095 crore, according to average of estimates of analysts polled by CNBC-TV18.

Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) is likely to jump 12 percent to Rs 226 crore and margin may expand 60 basis points to 20.6 percent on yearly basis.

10:15 am Gold Update: Gold hovered near one-week lows, after falling about 2 percent in the previous session, as a stronger-than-expected US jobs report likely increased the possibility of a rate hike this year by the Federal Reserve. STOCK TIPS 

US employment rose more than expected for the second month in a row in July and wages picked up, bolstering expectations of faster economic growth, and raising the probability of an interest rate increase this year.

Spot gold was nearly flat at USD 1,335.40 an ounce. It earlier touched its lowest since July 29 at 1,331.36.

US gold edged down 0.2 percent to USD 1,341.50 an ounce.

Also read - Hero Moto Q1 net seen up 16%, margins may improve on price hike 

10:00 am Market Check 

Equity benchmarks continued to consolidate with a positive bias after hitting a fresh 52-week high on the Nifty. The broader markets also traded in line with benchmarks, up 0.4 percent.

The 30-share BSE Sensex was up 122.11 points at 28200.46 and the 50-share NSE Nifty gained 31.80 points at 8714.95. The market breadth remained positive as about two shares declined for every share falling on the Bombay Stock Exchange.

Reliance Industries, HDFC, Infosys, HDFC Bank, Lupin and Tata Motors were top contributors to Sensex's gains.

L&T, Bharti Airtel, Asian Paints, NTPC and Sun Pharma were losers in early trade.
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