Feb 09

Daily Market Commentary – 9 Feb 2015

Indian equity market continued its loosing streak for the 7th straight trading session on the back of exit polls showing that AAP would form the government in Delhi. Weak Q3 earnings also weighed on sentiments. NSE’s Nifty plunged 134.70 points, over 1.5% to end the day at 8,526.35 while Sensex fell down by 490 points to end 28,227.39, down by 1.71%.

Tata Steel shares fell  on Monday after the steel major reported a 69% drop in its December quarter profits. Its consolidated net profit fell to Rs 157 crore in the three months through December 31, the lowest since the second quarter of 2013, from Rs 503 crore a year earlier. Its revenues declined 8% to Rs 33,633 crore in the October-December quarter of 2014.

Larsen and Toubro (L&T) third quarter profit fell  14.6% year-on-year to Rs 1,060 crore on standalone basis. Profit was expected at Rs 1,255 crore on revenue of Rs 15,973 crore for the quarter, according to the average of estimates of analysts polled. Net sales grew 4.2% to Rs 14,995 crore during October-December quarter from Rs 14,388 crore in same quarter last year.  Consolidated net profit increased 9% to Rs 867 crore and revenue rose 9.7% to Rs 23,878 crore during the quarter. Analysts had expected profit of Rs 1,075 crore on revenue of Rs 22,850 crore.

The rupee plunged past 62 a dollar due to fresh demand for the dollar from importers, falling 47 paise to end 62.16 a dollar.

Among the NSE’s Sectorial indices, all the indices ended in negative terrain. CNX PSU Bank (-3.48%), CNX Metal (-2.65%) and CNX Realty (-2.55%) were top laggards.

Top 5 Nifty Gainers: Bajaj Auto (2.06%), HCL (2.03%), Dr. Reddy (1.80%), Sun Pharma (1.58%) and ONGC (1.52%)

Top 5 Nifty Losers: L&T (-6.60%), Tata Steel (-5.75%), Sesa Sterlite (-4.65%), Gail (-4.6%) and CIPLA (-3.88%)

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Feb 06

Daily Market Commentary – 6 Feb 2015

Indian equity market fell for 6th straight trading day on friday to end the week in the negative terrain on the back of selling pressure of heavyweights like tatamotors, Dlf, Bhel etc. Nifty fell below the important level of 8,700 to the end the day at 8,661.05 plunged by 50.65 points while Sensex lowered by 133.06 to end at 28,717.91.

Tata Motors shares fell on Friday after the company missed profit estimates in the December quarter. The stock headed towards its biggest daily fall in more than a year. Tata Motor’s net profit fell 25.5% year-on-year to Rs 3,581 crore; analysts had expected, on average, profit of Rs 4,924 crore. Continued weakness in domestic vehicle sales and a dip in Jaguar Land Rover sales dented Tata Motors’ profitability. Tata Motors, India’s biggest automaker by revenue, reported a 8.6% rise in consolidated sales at Rs 69,942 crore.

Meanwhile USDINR pair ended the day at 61.69 down by 3 paisa.

Tracking the momentum most of the NSE’s sectorial indices ended in red, CNX Auto was the top loser to plunged by 2.90%, followed by CNX Pharma (-1.73%) and Bank Nifty (-1.15%). CNX FMCG (0.91%) and CNX IT (0.85%) were only gainers of the day.

Out of the 50 stocks of Nifty 15 ended in positive and 15 ended in 35.

Top 5 Nifty Gainers: CAIRN (3.0%), HDFC (2.92%), NMDC (1.88%), Sesa Sterlite (1.66%) and Infosys (1.56%).

Top 5 Nifty Losers: DLF (-5.25%), Tata Motors (-4.96%), BHEL (-4.70%), Jindal Steel (-3.28%) and Tata Steel (-3.20%).

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