Moneycontrol Bureau10:55 am Market Update: Equity benchmarks extended losses with the Sensex falling 89.75 points to 25399.82 and the Nifty declining 23.40 points to 7791.50.Bank of Baroda (-7 percent), SBI (-3 percent), Bharti Airtel (-3 percent) and GAIL (-2 percent) were the big losers in the Nifty. Other laggards in the index were Axis Bank (-1 percent),BPCL (-1 percent),Hero Motocorp (-1 percent) and Adani Ports (-1 percent).Gainers included Dr Reddys Labs (3 percent), Tech Mahindra (2 percent), Bosch (1 percent) and Zee Entertain (1 percent).
Key Asian markets were mostly higher. Hong Kong’s Hang Seng led gainers, trading 198 points or 1.0 percent higher at 19917. Taiwan’s Taiwan Index was up 23 points at 8076, Japan’s Nikkei 225 was up 26 points at 16438 and China’s Shanghai was up 4 points at 2831. In laggards Singapore’s Straits Times was down 1 points at 2733, and Korea’s KOSPI was down 1 points at 1965.10:49 am Earnings Poll: Petronet LNG's fourth quarter profit is expected to increase 29.8 percent to Rs 231 crore compared to Rs 178 crore in preceding quarter, according to average of estimates of analysts polled by CNBC-TV18.
Total income is seen rising 22 percent to Rs 6,291 crore in January-March quarter compared to Rs 5,146 crore in previous quarter.
Operating profit is likely to jump 44.6 percent sequentially to Rs 457 crore and margin may expand 110 basis points to 7.1 percent in Q4.
The company is likely to benefit from resumption of RasGas long-term volumes.10:30 am Buzzing: Share prices of Piramal Enterprises rose 2 percent intraday as company's consumer products division has acquired four brands of Pfizer."The company has entered into an agreement to acquire four brands which includes Ferradol, Neko, Sloan’s and Waterbury’s Compound from Pfizer for a consideration of Rs 110 crore," as per BSE release."Additionally, the agreement also includes the trademark rights for Ferradol and Waterbury’s Compound in Bangladesh and Sri Lanka," it added. These brands hold a rich legacy and have a high consumer pull and are available in India for the past more than 30 years. These products currently operate in a market which is currently estimated at Rs 7000 crore.10:15 am FII View: Brokerage house HSBC India has upgraded its rating on the Indian market to ‘neutral’ from ‘underweight’, saying valuation premium to Asia has declined and is now approaching a 10-year average premium.“The hype is almost gone,” says the HSBC note, adding, “High-frequency indicators suggests the earnings environment might improve, although earnings expectations remain too optimistic.”Also read - Break below 7700 on Nifty may open door for more weakness: CLSA10:00 am Market Check
The market erased early gains to trade marginally lower. Banking & financials and telecom stocks dragged while pharma, technology and select auto stocks supported the market.
The 30-share BSE Sensex fell 35.86 points to 25453.71 and the 50-share NSE Nifty declined 10.65 points to 7804.25. The market breadth was marginally positive as about 999 shares advanced against 756 declining shares on BSE.Dr Reddy's Labs topped buying list on Sensex, up 3 percent followed by Asian Paints, Tata Motors, Infosys, TCS, Lupin and Maruti Suzuki with 0.3-1 percent upside.SBI, Axis Bank and ICICI Bank fell 1-2 percent after Bank of Baroda posted a loss of Rs 3,230 crore in Q4.
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