Stock Market

Nifty reclaims 8800, Sensex gains over 100 pts; Bharti up 3%


Chillicious Bureau

3:25 pm Interview:

Mahanagar Gas reported good first quarter numbers with profit rising 19.1 percent to Rs 92.7 crore year-on-year (YoY). The revenue, however, dipped 5.5 percent to Rs 534.1 crore as against Rs 565.1 crore in same period year-ago.

Speaking to CNBC-TV18, Rajeev Mathur, MD of the company said the volume growth has been 7.5 percent quarter-on-quarter. He guided for a 7-8 percent rise in quarter ahead.

Mahanagar plans to increase number of customers as well as presence in new areas. More customer acquisitions are expected in both CNG & PNG.

Mathur expects lower gas prices going forward.

3:15 pm Crude gains: Crude prices rose after losses of more than 3 percent a day earlier, with investors treading cautiously ahead of key US employment data that will help gauge the health of the world’s largest economy and oil consumer.

Brent crude had climbed 0.86 percent to USD 45.84 a barrel, while US West Texas Intermediate crude futures were up 0.76 percent at USD 43.49 a barrel, buoyed by a weaker dollar.

Though rising in this session, Brent and WTI are on track for their biggest weekly losses since mid-January, hit by oil inventory builds and weak US manufacturing data.

3:00 pm US job data expectation: US employment growth likely moderated in August after two straight months of hefty gains, but was probably still strong enough to push the Federal Reserve to raise interest rates later this year.

Nonfarm payrolls likely increased by 180,000 jobs last month, according to a Reuters survey of economists, around this year’s monthly average job growth. The unemployment rate is forecast falling one-tenth of a percentage point to 4.8 percent.

The Labor Department will release its closely watched employment report on Friday and readings in line with expectations would reinforce views that the economy has regained speed after almost stalling in the first half of the year.

2:50 pm FM says: Union Finance Minister Arun Jaitley today said India is protected from all the political and economic challenges that the world is facing and it provides immense opportunity for the country to grow further.

“The political and economic challenges that world is facing, India is protected and will continue to be protected,” Jaitley said.

He said there is an opportunity for the country to uplift the sections of society which are economically backward and illiterate.

On the political challenges, he said many countries are facing political unrest and seeing this it is difficult to say where the world is heading towards.

2:40 pm Market check: The market scaled new one-year high. The Sensex is up 148.10 points or 0.5 percent at 28571.58, and the Nifty is up 42.55 points or 0.5 percent at 8817.20. About 1497 shares have advanced, 1123 shares declined, and 169 shares are unchanged. 

Adani Ports, Bharti Airtel, Maruti Suzuki, Lupin and Sun Pharma are gainers while Coal India, Reliance, HUL,m L&T and Infosys are losers in the Sensex.

2:30 pm New RBI governor’s policy? Under new Governor Urjit Patel, RBI is expected to institutionalise policy changes initiated to crub inflation and clean up the balance sheets of banks, Fitch said today.

Low inflation will positively impact India’s credit rating by improving investment climate, the global agency said.

It added however that the inflation target range under the monetary policy framework agreement is “broad”, in the sense that 2 per cent seems quite low and 6 per cent quite high for an emerging economy like India.

“But it seems to make sense to have a rather broad range around the 4 per cent mid-point, as food and oil price movements can have a large impact on headline inflation,” Fitch Director, Asia-Pacific Sovereigns Group, Thomas Rookmaaker said in a statement.

Don’t miss: Investment tips: Should you buy Bharti, Idea or Reliance?

Consolidation with a positive bias continued in afternoon trade as the Nifty has been in a 40 points range for the second consecutive day.

The 30-share BSE Sensex was up 58.60 points at 28482.08 and the 50-share NSE Nifty rose 15.50 points to 8790.15. The broader markets maintained outperformance, rising 0.4 percent each.

About 1414 shares advanced against 1138 declining shares on the Bombay Stock Exchange.

Banking & financials, auto and pharma stocks gained while Reliance Industries, L&T, Infosys, HUL and Coal India were under pressure.

European stocks were trading higher ahead of crucial US jobs data that could influence when the US Federal Reserve next hikes interest rates. The pan-European STOXX 600 index was trading 0.2 percent higher shortly after markets opened with food and beverages, healthcare and utility stocks leading the index higher.