WERE TODAY'S GAINERS
SENSEX 17025.09 -57.60
NIFTY 5118.25 -14.05
USD/INR 0048.93 -00.09
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UPDATEDTIME 09.28 PM 17 OCTOBER 2011
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The 50-share
National Stock Exchange benchmark Nifty ended a tepid session in the negative
territory as investors shied away from taking fresh long positions near higher
levels. According to dealers, the market is likely to consolidate for next few
sessions and stock specific action would be seen based on corporate earnings.
The benchmarks had opened with a gap-up in line with Asian peers but failed to hold on to gains following profit booking in index heavy weight Reliance Industries.
The oil&gas major reported standalone net profit of Rs 5703 crore for quarter ended September 2011 against Rs 4923 crore in the same quarter a year ago. Net sales were at Rs 78569 crore as compared to Rs 57479 crore.
For Q2FY12, Reliance Industries' EBITDA and PBT were broadly in line with our expectations. EBITDA, during the quarter, registered a growth of 4.8% YoY on the back of strong refining margins and stood at Rs 98.4bn against our expectation of Rs 97.2bn," said Prabhudas Lilladher report.
"On the valuation front, given the recent strong outperform over the last couple of weeks, we believe stock offers limited upside potential from the current levels. We maintain 'Accumulate' rating on the stock, with a target price of Rs 952/share.
The National Stock Exchange's Nifty closed at 5118.25, down 14.05 points or 0.27 per cent. The broader index touched a high of 5160.20 and low of 5084.50 in trade today.
The Bombay Stock Exchange's Sensex ended at 17025.09, down 57.60 points or 0.34 per cent. The 30-share index touched intraday low of 16928.38 and high of 17188.55.
BSE Midcap Index was down 0.01 per cent and BSE Smallcap Index gained 0.22 per cent.
Experts are of the view that valuation wise many stocks from banking, metals and infrastructure sectors are available at good bargains.
With investment cycle slowing and interest rates going up, the infrastructure space has also been under significant pressure and valuations have now come down significantly.
So, on a stock specific basis, there are lots of opportunities that are available from deep opportunities and valuations which we will look at. As and when we get into these opportunities, we would look at entering the market.
Amongst the sectoral indices, BSE Oil&gas Index was down 2.29 per cent, BSE Capital Goods Index declined 1.37 per cent and BSE Power Index slipped 1.18 per cent. BSE Auto Index was up 1.58 per cent, BSE Bankex moved 0.60 per cent higher and BSE Realty Index advanced 0.52 per cent.
Reliance Industries (-3.90%), BPCL (-2.97%), SAIL (-2.96%), NTPC (-2.89%) and BHEL (-2.43%) were amongst the major Nifty losers.
Tata Motors (4.42%), Cairn India (3.73%), Ambuja Cements (2.65%), Maruti Suzuki (2.38%) and DLF (2.12%) were amongst the major gainers.
Market breadth was negative on the NSE with 775 declines against 692 advances
The benchmarks had opened with a gap-up in line with Asian peers but failed to hold on to gains following profit booking in index heavy weight Reliance Industries.
The oil&gas major reported standalone net profit of Rs 5703 crore for quarter ended September 2011 against Rs 4923 crore in the same quarter a year ago. Net sales were at Rs 78569 crore as compared to Rs 57479 crore.
For Q2FY12, Reliance Industries' EBITDA and PBT were broadly in line with our expectations. EBITDA, during the quarter, registered a growth of 4.8% YoY on the back of strong refining margins and stood at Rs 98.4bn against our expectation of Rs 97.2bn," said Prabhudas Lilladher report.
"On the valuation front, given the recent strong outperform over the last couple of weeks, we believe stock offers limited upside potential from the current levels. We maintain 'Accumulate' rating on the stock, with a target price of Rs 952/share.
The National Stock Exchange's Nifty closed at 5118.25, down 14.05 points or 0.27 per cent. The broader index touched a high of 5160.20 and low of 5084.50 in trade today.
The Bombay Stock Exchange's Sensex ended at 17025.09, down 57.60 points or 0.34 per cent. The 30-share index touched intraday low of 16928.38 and high of 17188.55.
BSE Midcap Index was down 0.01 per cent and BSE Smallcap Index gained 0.22 per cent.
Experts are of the view that valuation wise many stocks from banking, metals and infrastructure sectors are available at good bargains.
With investment cycle slowing and interest rates going up, the infrastructure space has also been under significant pressure and valuations have now come down significantly.
So, on a stock specific basis, there are lots of opportunities that are available from deep opportunities and valuations which we will look at. As and when we get into these opportunities, we would look at entering the market.
Amongst the sectoral indices, BSE Oil&gas Index was down 2.29 per cent, BSE Capital Goods Index declined 1.37 per cent and BSE Power Index slipped 1.18 per cent. BSE Auto Index was up 1.58 per cent, BSE Bankex moved 0.60 per cent higher and BSE Realty Index advanced 0.52 per cent.
Reliance Industries (-3.90%), BPCL (-2.97%), SAIL (-2.96%), NTPC (-2.89%) and BHEL (-2.43%) were amongst the major Nifty losers.
Tata Motors (4.42%), Cairn India (3.73%), Ambuja Cements (2.65%), Maruti Suzuki (2.38%) and DLF (2.12%) were amongst the major gainers.
Market breadth was negative on the NSE with 775 declines against 692 advances
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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