03:30 pm Market close
The market snapped 7th day winning streak today
by closing with major loss. The Sensex ended down 230.86 points or 0.8 percent
at 29231.41 and the Nifty slipped 61.70 points or 0.7 percent at 8833.60.
About 1490 shares have advanced, 1436 shares
declined, and 204 shares are unchanged.
BHEL was up 5 percent while ITC, Hindalco,
M&M and Dr Reddy's Labs were big gainers in the Sensex. Reliance lost 3
percent. ICICI Bank, Tata Power, Infosys and Bharti Airtel were major laggards
in the Sensex.
03:00pm Market Update
The Sensex fell 173.66 points to 29288.61 and the
Nifty dropped 45.60 points to 8849.70.
About 1491 shares have advanced, 1375 shares declined, and 194 shares are unchanged.
02:45pm Interview
Bangalore-based Prestige Estates
Projects yesterday pre-launched two projects in Hyderabad, Prestige
Highfields and Prestige Ivy League, that would cumulatively add about Rs 2,700
crore to the company’s top line over the next few years, CMD Irfan Razack in an
interview.
The two projects together have developable area
of 4.7 million square feet and may see average realizations of Rs 5,500 psf
(Highfields) and Rs 7,000 psf (Ivy League), he added.
02:30pm Market Expert
Kamlesh Rao, CEO of Kotak Securities believes the
government will work towards reducing the fiscal deficit, which is a key factor
for any government.
"With the need to increase consumption
demand, there will be a relook at the personal and corporate taxation rates. A
focus on kicking the capex cycle which is the big stimulus required for
sustained economic growth. Inverted tax laws will hopefully find correction to
realize the “Make in India” plan of the government," he says.
"At 8900-9000 certainly one cannot act on
short term view as the markets are going to remain volatile on the back of
internal or external news flow but in the next 12 to 18 months of time we are
expecting steady and positive indications. Down side is limited to 8000 as
per Nifty and 27000 as per Sensex. On the higher side, we are expecting
25 percent to 30 percent returns in next 12 to 18 months of
time," Rao adds.
02:00pm Market Check
The market continued to see selling pressure in
afternoon trade, dragged by index heavyweights like Reliance Industries, ICICI
Bank, HDFC, Infosys and L&T.
The Sensex declined 101.13 points to 29361.14 and
the Nifty slipped 25.55 points to 8869.75. However, the broader markets saw
buying interest as the BSE Midcap and Smallcap indices gained 0.3 percent and
0.6 percent, respectively.
About 1455 shares have advanced, 1299 shares
declined, and 202 shares are unchanged on the Bombay Stock Exchange.
Nirmal Jain, chairman, IIFL said it is unlikely
to see a big rally or crash in market till Budget. He believes the government
is moving in the right direction and all circumstances are conducive for a
‘historic’ Budget.
Jain also said that Budget is not the only
criterion to judge the big-ticket reforms taken by the government as it is
taking lot of efforts to push through the goods and services tax (GST) which is
set to get implemented from 2016 onwards.
Reliance Industries topped the selling list,
falling nearly 3 percent followed by ICICI Bank, HDFC, Infosys, Bharti Airtel,
Tata Power and Wipro with 1-1.7 percent loss. L&T, Maruti and HUL declined
over half a percent.
JSPL continued to be in focus after it failed to
qualify to bid for the Gare Palma IV/1 coal block. The management, however,
told that their strategy for the auction is non-aggressive and they didn't want
to exceed their quoted price for the coal block.
However, BHEL was the biggest gainer on Sensex,
up 4 percent. ITC, Tata Motors, TCS, State Bank of India, M&M, Dr Reddy's
Labs, Tata Steel and Hindalco Industries climbed 0.7-1 percent.
In global data, markets in Europe opened lower by
0.5 percent amidst continued uncertainty over Greece. On data front, German
producer prices showed further fall in January, leading to increased fears that
region is falling into a deflationary spiral.
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