Stock Market

Nifty hovers around 7500; banks, metals, infra stocks drag


Chillicious Team

12:35 pm Interview:

With the expected induction of 21 new A320 Neos aircrafts in its fleet over the next 13 months, InterGlobe Aviation ’s IndiGo Airlines is likely to meet an over 20 percent passenger growth target in a cost-effective manner, says Aditya Ghosh, the company’s President.

Ghosh says the new aircrafts are believed to burn 10-15 percent less fuel and this benefit will directly trickle down to the bottomline.  

On competitive pressures from new airlines, Ghosh points out that no other company is adding as much capacity and that will work in their favour.  

Referring to investor concerns caused after the delay in disclosure of the company’s second quarter results, Ghosh says, the delay was once in a life time issue ahead of stock listing. Transparency will improve from here on, he adds.

12:20 pm Market Expert: Market has gained good amount since the return of foreign institutional inflows (FIIs) in the past week, says Dilip Bhat, joint MD at Prabhudas Lilladhar. FIIs are a big swing factor for the market, he adds.

Bhat says one could see a 100-150 points upmove on Nifty in the near-term. However, in long-term, market volatility will persist, which could drag market downwards once again, he says.

“One needs to watch out for economic growth numbers in sectors that support the market,” Bhat adds. 

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12:00 pm Market Check

The market continued to consolidate after erasing all its gains in late morning trade. The Sensex rose 31.54 points to 24654.88 and the Nifty advanced 0.25 points to 7486.40.

The broader markets also lost shine as the market breadth was weak. About 1297 shares declined against 947 advancing shares on the BSE.

Banks, metals and infra stocks were under pressure while FMCG and IT stocks continued to gain.

Asia markets reversed early losses to trade mostly higher today, as traders digested fresh easing from the European Central Bank (ECB) overnight.

The Japanese benchmark Nikkei 225 erased losses to close up 86.52 points, or 0.51 percent, at 16,938.87. The index slipped 0.44 percent for the week.

Across the Korean Strait, the Kospi ended higher by 2.08 points, or 0.11 percent, at 1,971.41. Hong Kong’s Hang Seng index was up 0.65 percent in afternoon trade.