Sensex pares losses, Nifty tests 8,450, NIIT Tech surges 9% on Q1 earnings
The S&P BSE Sensex pared losses after falling over 100 points in intraday trade, tracking muted trend in other Asian markets.
By ET Online |
NEW DELHI: The S&P BSE Sensex cut losses after falling over 100 points in a lacklustre trade on Tuesday.
The 50-share Nifty index also fell and was testing its crucial psychological level of 8,450. Data showing a fall in wholesale price inflation failed to lift sentiment as the markets largely followed muted global trend.
During the day, stocks of Aban Offshore surged as much as 15 per cent in trade after Iran and six world powers reached a nuclear deal. OMC stocks rallied up to 3 per cent in trade following the deal. Crude oil prices tumbled over 2 per cent and were trading below $57 a barrel levels. Nonetheless, the event could not spur buying.
Five out of 10 stocks BSE stocks were trading in the green.
NIIT Technologies was in news. The scrip surged nearly 9 per cent after the company clocked better-than-expected numbers for the June quarter. The consolidated PAT stood at Rs 58.5 crore, up 35.5 per cent, the company said in a filing to BSE.
Asian markets were trading mixed. Japan's Nikkei closed the session 1.47 per cent, or 295.56 points up at 20,385.33. Hang Seng was down nearly 1 per cent, trading just above the 25,000-level. Shanghai Composite was down over 1 per cent, trading below the 4,000-mark.
The June WPI inflation stood at -2.4 per cent as compared to the -2.25 per cent released by an ET poll. Meanwhile, the WPI food inflation stood at 2.88 per cent against the 3.8 per cent recorded in May.
Markets @ 1:35
Sensex: 27,950, down 11 points; Nifty: 8,457 down 2 points
Top Gainers
COAL INDIA (1.8%), CIPLA (1.6%), HERO MOTOCORP (1.3%), LUPIN LTD (1.3%), BHEL (1.2%)
Top Losers
TATA MOTORS (-2.2%), HINDALCO (-1.7%), SBI (-1.3%), VEDANTA LTD (-1.3%), ITC LTD (-1.2%)
GOL Offshore rallied over 13 per cent in intraday trade.
ABAN Offshore gained over 15 per cent in intraday trade.
OMC stocks rose after Iran reached a crucial nuclear deal with six other countries. HPCL added nearly 4 per cent, IOC added 2 per cent and BPCL over 2 per cent in intraday trade.
IIFL zoomed 20 per cent as Fairfax India is likely to acquire 26 per cent stake in the company for Rs 1,1621 crore.
Ramco Systems surged 13 per cent intraday as company signed multi-million dollar deal with Cobham Aviation Services.
Take Solutions spiked over 8 per cent in intraday trade.
Fortis Healthcare rose over 3 per cent in intraday trade.
Edelweiss Financial Services rallied nearly 7 per cent in intraday trade.
MTNL rallied over 7 per cent in intraday trade.
Ashiana Housing gained over 5 per cent in intraday trade.
WHAT TOP EXPERTS SAY
Consumer market in India will continue to remain attractive: Hiren Ved, Alchemy Capital
See some value emerging in Asian markets: Hartmut Issel, UBS Wealth Management
Nifty likely to climb to 8,550-8,630 levels in short term: Mitesh Thacker, Technical Analyst, miteshthacker.com. Read here
Institutional buying necessary for markets to move higher; focus on smallcap stocks: Ashwani Gujral, Fund Manager, Ashwanigujral.com. Read here
Market concerned over slowing topline growth: Hemindra Hazari, Market expert on IT basket. Read here
Motherson Sumi, Cox & Kings may outperform markets in short term: Ashwani Gujral, Fund Manager, Ashwanigujral.com. Read here
Domestic cyclicals likely to see severe contraction in sales; prefer pharma, FMCG stocks: Hemindra Hazari, Market expert. Read here
ET Now spoke to various experts and here's what they have to recommend for today's trade:
Ashwani Gujral of ashwanigujral.com
Eros International Ltd is a 'BUY' call with a target of Rs 560 and a stop loss of Rs 536
Havells India Ltd is a 'BUY' call with a target of Rs 313 and a stop loss of Rs 295
Jain Irrigation Ltd is a 'BUY' call with a target of Rs 82 and a stop loss of Rs 70
Dabur India Ltd is a 'BUY' call with a target of Rs 304 and a stop loss of Rs 286
Mitesh Thacker of miteshthacker.com
UBL Ltd is a 'BUY' call with a target of Rs 1050 and a stop loss of Rs 989
BEL Ltd is a 'BUY' call with a target of Rs 3580 and a stop loss of Rs 3448
Glenmark Pharma Ltd is a 'BUY' call with a target of Rs 1100 and a stop loss of Rs 1030
Sandeep Wagle, Founder & CEO, Power My Wealth
Glenmark Pharma Ltd is a 'BUY' call with a target of Rs 1075 and a stop loss of Rs 1041
Indiabulls Housing Finance Ltd is a 'BUY' call with a target of Rs 675 and a stop loss of Rs 636
CEAT Tyres Ltd is a 'BUY' call with a target of Rs 765 and a stop loss of Rs 707
Prakash Gaba, CFT, prakashgaba.com
Coal India Ltd is a 'BUY' call with a target of Rs 437 and a stop loss of Rs 420
Godrej Industries Ltd is a 'BUY' call with a target of Rs 387 and a stop loss of Rs 376
Hero MotoCorp Ltd is a 'BUY' call with a target of Rs 2665 and a stop loss of Rs 2600
Ashish Chaturmohta, Head Technical & Derivatives Desk Research
Lupin Ltd is a 'BUY' call with a target of Rs 1995 and a stop loss of Rs 1875
IDFC Ltd is a 'BUY' call with a target of Rs 162 and a stop loss of Rs 150
Canara Bank is a 'BUY' call with a target of Rs 320 and a stop loss of Rs 294
AB Nuvo Ltd is a 'BUY' call with a target of Rs 2025 and a stop loss of Rs 1900
K Subramanyam, Co Head, Equity Advisory, Altamount Capital
Camlin Fine Ltd is a 'BUY' call with a target of Rs 118 and a stop loss of Rs 104
Orchid Chemicals Ltd is a 'BUY' call with a target of Rs 69 and a stop loss of Rs 59
Fineotex Chemicals Ltd is a 'BUY' call with a target of Rs 46 and a stop loss of Rs 36
(Views and recommendations expressed in this section are the analysts' own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)
MARKETS THROUGH THE DAY
Markets @ 12:00
Sensex: 27,916, down 44 points; Nifty: 8,445 down 13 points
Top Gainers
HERO MOTOCORP (1.9%), COAL INDIA (1.8%) LUPIN LTD (1.3%), BHEL (1.1%), CIPLA (0.9%),
Top Losers
TATA MOTORS (-2.2%), HINDALCO (-1.0%), M&M (-1.0%), SBI (-1.0%), VEDANTA LTD (-0.8%)
Markets @ 11:00
Sensex: 27,876, down 84 points; Nifty: 8,433 down 26 points
Top Gainers
COAL INDIA (2.0%), HERO MOTOCORP (1.2%), DR. REDDYS LAB (1.0%), BHEL (0.9%), LUPIN LTD (0.8%)
Top Losers
TATA MOTORS (-2.0%), HINDALCO (-1.0%), SUN PHARMA (-0.6%), HDFC (-0.6%), SBI (-0.6%).
Markets @ 10:00
Sensex: 27,928, down 33 points; Nifty: 8,449 down 10 points
Top Gainers
COAL INDIA (1.8%), DR. REDDYS LAB (1.5%), BHEL (1.3%), CIPLA (1.1%), HERO MOTOCORP (0.8%)
Top Losers
TATA MOTORS (-1.9%), HDFC (-0.9%), HINDALCO (-0.8%), ONGC (-0.8%), SUN PHARMA (-0.6%)
Markets @ 9:20
The 30-share index was trading at 27917, down 43 points or 0.16 per cent. It touched a high of 27,995.04 and a low of 27,915.01 in trade today.
The Nifty was at 8,445 down 15 points or 0.17 per cent. It touched a high of 8470.60 and a low of 8442.20 in trade today.
The 50-share Nifty index also fell and was testing its crucial psychological level of 8,450. Data showing a fall in wholesale price inflation failed to lift sentiment as the markets largely followed muted global trend.
During the day, stocks of Aban Offshore surged as much as 15 per cent in trade after Iran and six world powers reached a nuclear deal. OMC stocks rallied up to 3 per cent in trade following the deal. Crude oil prices tumbled over 2 per cent and were trading below $57 a barrel levels. Nonetheless, the event could not spur buying.
Five out of 10 stocks BSE stocks were trading in the green.
NIIT Technologies was in news. The scrip surged nearly 9 per cent after the company clocked better-than-expected numbers for the June quarter. The consolidated PAT stood at Rs 58.5 crore, up 35.5 per cent, the company said in a filing to BSE.
Asian markets were trading mixed. Japan's Nikkei closed the session 1.47 per cent, or 295.56 points up at 20,385.33. Hang Seng was down nearly 1 per cent, trading just above the 25,000-level. Shanghai Composite was down over 1 per cent, trading below the 4,000-mark.
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The June WPI inflation stood at -2.4 per cent as compared to the -2.25 per cent released by an ET poll. Meanwhile, the WPI food inflation stood at 2.88 per cent against the 3.8 per cent recorded in May.
Markets @ 1:35
Sensex: 27,950, down 11 points; Nifty: 8,457 down 2 points
Top Gainers
ADVERTISEMENT
COAL INDIA (1.8%), CIPLA (1.6%), HERO MOTOCORP (1.3%), LUPIN LTD (1.3%), BHEL (1.2%)
Top Losers
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TATA MOTORS (-2.2%), HINDALCO (-1.7%), SBI (-1.3%), VEDANTA LTD (-1.3%), ITC LTD (-1.2%)
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BUZZING STOCKS
India Cements recovered after falling 5 per cent in intraday trade as Lodha Panel found Gurunath Meiyappan guilty of betting in IPL, banning him for life from cricket.GOL Offshore rallied over 13 per cent in intraday trade.
ABAN Offshore gained over 15 per cent in intraday trade.
OMC stocks rose after Iran reached a crucial nuclear deal with six other countries. HPCL added nearly 4 per cent, IOC added 2 per cent and BPCL over 2 per cent in intraday trade.
IIFL zoomed 20 per cent as Fairfax India is likely to acquire 26 per cent stake in the company for Rs 1,1621 crore.
Ramco Systems surged 13 per cent intraday as company signed multi-million dollar deal with Cobham Aviation Services.
Take Solutions spiked over 8 per cent in intraday trade.
Fortis Healthcare rose over 3 per cent in intraday trade.
Edelweiss Financial Services rallied nearly 7 per cent in intraday trade.
MTNL rallied over 7 per cent in intraday trade.
Ashiana Housing gained over 5 per cent in intraday trade.
WHAT TOP EXPERTS SAY
Consumer market in India will continue to remain attractive: Hiren Ved, Alchemy Capital
See some value emerging in Asian markets: Hartmut Issel, UBS Wealth Management
Nifty likely to climb to 8,550-8,630 levels in short term: Mitesh Thacker, Technical Analyst, miteshthacker.com. Read here
Institutional buying necessary for markets to move higher; focus on smallcap stocks: Ashwani Gujral, Fund Manager, Ashwanigujral.com. Read here
Market concerned over slowing topline growth: Hemindra Hazari, Market expert on IT basket. Read here
Motherson Sumi, Cox & Kings may outperform markets in short term: Ashwani Gujral, Fund Manager, Ashwanigujral.com. Read here
Domestic cyclicals likely to see severe contraction in sales; prefer pharma, FMCG stocks: Hemindra Hazari, Market expert. Read here
ET Now spoke to various experts and here's what they have to recommend for today's trade:
Ashwani Gujral of ashwanigujral.com
Eros International Ltd is a 'BUY' call with a target of Rs 560 and a stop loss of Rs 536
Havells India Ltd is a 'BUY' call with a target of Rs 313 and a stop loss of Rs 295
Jain Irrigation Ltd is a 'BUY' call with a target of Rs 82 and a stop loss of Rs 70
Dabur India Ltd is a 'BUY' call with a target of Rs 304 and a stop loss of Rs 286
Mitesh Thacker of miteshthacker.com
UBL Ltd is a 'BUY' call with a target of Rs 1050 and a stop loss of Rs 989
BEL Ltd is a 'BUY' call with a target of Rs 3580 and a stop loss of Rs 3448
Glenmark Pharma Ltd is a 'BUY' call with a target of Rs 1100 and a stop loss of Rs 1030
Sandeep Wagle, Founder & CEO, Power My Wealth
Glenmark Pharma Ltd is a 'BUY' call with a target of Rs 1075 and a stop loss of Rs 1041
Indiabulls Housing Finance Ltd is a 'BUY' call with a target of Rs 675 and a stop loss of Rs 636
CEAT Tyres Ltd is a 'BUY' call with a target of Rs 765 and a stop loss of Rs 707
Prakash Gaba, CFT, prakashgaba.com
Coal India Ltd is a 'BUY' call with a target of Rs 437 and a stop loss of Rs 420
Godrej Industries Ltd is a 'BUY' call with a target of Rs 387 and a stop loss of Rs 376
Hero MotoCorp Ltd is a 'BUY' call with a target of Rs 2665 and a stop loss of Rs 2600
Ashish Chaturmohta, Head Technical & Derivatives Desk Research
Lupin Ltd is a 'BUY' call with a target of Rs 1995 and a stop loss of Rs 1875
IDFC Ltd is a 'BUY' call with a target of Rs 162 and a stop loss of Rs 150
Canara Bank is a 'BUY' call with a target of Rs 320 and a stop loss of Rs 294
AB Nuvo Ltd is a 'BUY' call with a target of Rs 2025 and a stop loss of Rs 1900
K Subramanyam, Co Head, Equity Advisory, Altamount Capital
Camlin Fine Ltd is a 'BUY' call with a target of Rs 118 and a stop loss of Rs 104
Orchid Chemicals Ltd is a 'BUY' call with a target of Rs 69 and a stop loss of Rs 59
Fineotex Chemicals Ltd is a 'BUY' call with a target of Rs 46 and a stop loss of Rs 36
(Views and recommendations expressed in this section are the analysts' own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)
MARKETS THROUGH THE DAY
Markets @ 12:00
Sensex: 27,916, down 44 points; Nifty: 8,445 down 13 points
Top Gainers
HERO MOTOCORP (1.9%), COAL INDIA (1.8%) LUPIN LTD (1.3%), BHEL (1.1%), CIPLA (0.9%),
Top Losers
TATA MOTORS (-2.2%), HINDALCO (-1.0%), M&M (-1.0%), SBI (-1.0%), VEDANTA LTD (-0.8%)
Markets @ 11:00
Sensex: 27,876, down 84 points; Nifty: 8,433 down 26 points
Top Gainers
COAL INDIA (2.0%), HERO MOTOCORP (1.2%), DR. REDDYS LAB (1.0%), BHEL (0.9%), LUPIN LTD (0.8%)
Top Losers
TATA MOTORS (-2.0%), HINDALCO (-1.0%), SUN PHARMA (-0.6%), HDFC (-0.6%), SBI (-0.6%).
Markets @ 10:00
Sensex: 27,928, down 33 points; Nifty: 8,449 down 10 points
Top Gainers
COAL INDIA (1.8%), DR. REDDYS LAB (1.5%), BHEL (1.3%), CIPLA (1.1%), HERO MOTOCORP (0.8%)
Top Losers
TATA MOTORS (-1.9%), HDFC (-0.9%), HINDALCO (-0.8%), ONGC (-0.8%), SUN PHARMA (-0.6%)
Markets @ 9:20
The 30-share index was trading at 27917, down 43 points or 0.16 per cent. It touched a high of 27,995.04 and a low of 27,915.01 in trade today.
The Nifty was at 8,445 down 15 points or 0.17 per cent. It touched a high of 8470.60 and a low of 8442.20 in trade today.
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