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Home » News » Business » BSE Sensex flat : Wipro, TCS, ICICI Bank gainers

BSE Sensex flat : Wipro, TCS, ICICI Bank gainers

10:00 am Results poll: Private sector lender ICICI Bank will announce its second quarter earnings today. According to a CNBC-TV18 poll, its asset quality will be the key focus this time because the management had earlier cautioned that its asset quality could be under pressure. In the June quarter, the bank managed to maintained its asset quality. Its gross non-performing advances (NPAs) rose 4 percent sequentially and net NPAs climbed 10 percent Q-o-Q, but slippages came in higher Q-o-Q to Rs 1,116 crore from Rs 780 crore. Fresh addition to restructuring was Rs 800 crore as against Rs 753 crore Q-o-Q. 9:50 am Buzzer: Idea Cellular is down over 1 percent on the BSE. The telecom operator’s second quarter (July-September) consolidated net profit fell 3.3 percent lower-than-expected sequentially (up 86.5 percent year-on-year) to Rs 447.6 crore, dented by fall in revenues. “With increasing proportion of rural subscribers, the seasonal slowdown in the second quarter has become more pronounced resulting in sharp contraction in the voice of minutes of use by 5.8 percent,” the company said in its filing. Total voice minutes of use dropped 5.8 percent Q-o-Q to 138.8 billion minutes from 147.3 billion minutes, far lower than analysts’ expectations of 141.5 billion minutes. 9:40 am Budget: Finance Minister P Chidambaram is finding it harder and harder to meet the government’s budget promises and may sweep as much as USD 15 billion in subsidy costs into next year’s accounts to ensure he hits fiscal targets ahead of national elections, ministry officials say. Chidambaram insists that the fiscal deficit target of 4.8 percent of GDP for the year to March 31, 2014, is a red line that will not be breached. The worst economic downturn since 1991 and a fall in the rupee to a record low have undermined budget assumptions for some months. 9:30 am FII View: Abhay Laijawala of Deutsche Equities has raised Sensex target to 22,000 from 21,000 in December. “We believe expectations of a troughing macro economy, likely withdrawal of liquidity tightening measures by RBI, synchronized global growth recovery and a Fed that is expected to stay ‘looser for longer’ should offset near-term concerns,” he says. Hi top picks include Axis Bank , Bharti, Bharat Forge , Coal India , Godrej Consumer , ITC & IndusInd Bank . Don’t miss Why is the market not enthused with Cairn India? After a spectacular rally which cooled off a bit towards the end on Thursday, the market opened on a soft note today. The Sensex is down 31.26 points at 20694.17, and the Nifty down 17.55 points at 6146.80. About 129 shares have advanced, 173 shares declined, and 15 shares are unchanged. Sesa Sterlite, Wipro , TCS , ICICI Bank and Dr Reddy’s Lab are top gainers in the Sensex. GAIL , M&M, Bajaj Auto , Jindal Steel and BHEL are amogn the losers in the Sensex. The Indian rupee flat in early trade against the dollar. It opened at 61.50 per dollar against 61.47 Thursday. The euro is steady against the dollar this morning after disappointing euro zone data pulled it away from a two-year high struck earlier in the session. The dollar is a little weak near nine-month lows on rising expectations the Federal Reserve will delay reducing its bond-buying program until into next year. Asia is lower on the back of a stronger currency and tepid economic data, core consumer price index (CPI) climbed 0.7 percent in September (Y-o-Y); in line with expectations. China’s short-term money market rates continued to spook investors after spiking to their highest level since June. The US markets recovered the previous day’s losses to close higher with the Dow closing above 15,500 and the S&P 500 regaining its footing above 1,750 aiding sentiment was a handful of upbeat earnings and encouraging economic data from china. Both are on track for their third-straight winning week. European markets closed higher thanks to strong corporate results and encouraging data from China, and despite fresh data showing that euro zone business growth had been hit by falling demand. In commodities, Nymex futures recoup losses in choppy trade this morning while Brent prices slip as traders bet that an abrupt slump earlier this week in the hotly traded Brent-WTI spread had gone too far. From precious metals space, gold prices hover near a one-month peak and look set to end higher for a second straight week on hopes that weak US. Data would deter the federal reserve from scaling back its stimulus measures this year.

Source : http://www.moneycontrol.com/news/local-markets/bse-sensex-flat-wipro-tcs-icici-bank-gainers_976569.html

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