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Market Live: Sensex, Nifty extend losses; Wipro, Bank of Baroda, L&T top losers

TCS, Reliance Industries, ICICI Bank, Tata Motors, Infosys and L&T were leading contributors to Sensex’ fall while Mahindra & Mahindra gained a percent.
10.08 am Market Check: Equity benchmarks extended losses in morning trade, weighed by technology, banking & financial, FMCG and select auto stocks. bonaz capital
The 30-share BSE Sensex was down 157.17 points at 31,104.89 and the 50-share NSE Nifty fell 49.55 points to 9,618.70.
The broader markets were also under pressure, falling over 0.3 percent on weak breadth. About 1175 shares declined against 831 advancing shares on the BSE.
Wipro, Adani Ports, L&T, TCS, SBI, Bank of Baroda and Tata Motors (DVR) were top losers while Sun Pharma, M&M, GAIL, Tata Steel, ONGC, Vedanta and Aurobindo Pharma were gainers.
9:45 am Buzzing: Shares of Amtek Auto slipped over 2 percent in the early trade as it has reported loss in the quarter ended March 2017 (Q4FY17).bonaz capital
The company has posted a net loss of Rs 307.57 crore in March quarter against loss of Rs 563 crore in the same quarter last fiscal.
The company had registered a loss of Rs 241.56 crore in the quarter ended December 2016.
Revenue of the company was down 32 percent at Rs 442 crore versus Rs 648 crore, while the finance cost stood at Rs 333 crore.
Earnings before interest, tax, depreciation and amortization (EBITDA) was down 23 percent at Rs 83 crore and EBITDA margin was at 18.8 percent.
9:30 am FII View: Abhay Laijawala of Deutsche Bank says he believes the trend in public investments will get complemented with a gradual pick up in private sector capex.
Management commentary in the latest quarterly earnings reports shows early signs of revival in select steel, cement, defence and urban infrastructure companies, he believes.
He expects a conducive regulatory environment, low interest costs and supportive financial market conditions to catalyse the long elusive recovery in private sector capex cycle over next two years.
Also read – Top 20 multibagger stocks which rose over up to 700% and doubled PAT in 1 year
9:15 am Market Check: Equity benchmarks started off the week on a negative note Monday, with the Sensex falling more than 100 points, dragged by weak global cues. Technology, FMCG and banking & financial stocks were under pressure.
The 30-share BSE Sensex was down 113.90 points at 31,148.16 and the 50-share NSE Nifty fell 36.75 points to 9,631.50.
TCS, Reliance Industries, ICICI Bank, Tata Motors, Infosys and L&T were leading contributors to Sensex’ fall while Mahindra & Mahindra gained a percent.
The Indian rupee slipped 6 paise in opening trade, to 64.30 per dollar from Friday’s close of 64.24.
Pramit Brahmbhatt of Veracity said weakness in gold and crude prices will help rupee to breach hurdle of 64.20/dollar. Trading range for the spot USD-INR pair will be 64 to 64.50, he feels.
Asian shares traded in negative territory as markets turned cautious, following the hung parliament result from the UK election last Friday and as markets await the results of the first round of France’s parliamentary elections. The Nikkei 225 was down by 0.63 percent and South Korea’s benchmark Kospi index fell 0.97 percent.