Nifty Turns Flat After Rising to 8,100; L&T, ITC Weigh

NDTV.com

03 Nov 2015, 01:08 PM IST

Nifty Turns Flat After Rising to 8,100; L&T, ITC Weigh

BSE Sensex and Nifty were off day's highs in afternoon trade. The Sensex gained nearly 175 points in early trade while Nifty reclaimed 8,100 levels, before paring some gains. At 12:54 p.m., Sensex was up 60 points at 26,618 while Nifty edged higher to 8,065, up 15 points.

Here are top 10 developments:

1) IT, metal, banking and healthcare stocks led the gains today. Vedanta, Hindalco, Infosys and PNB were up 1 per cent to be among major Nifty gainers.

2) Power sector stocks also perked up with NTPC rising nearly 3 per cent to be the biggest Nifty gainer. Power Grid also gained over 1.5 per cent. Adani Power also gained over 1 per cent.

3) Some selling pressure was seen in realty, consumer durable and capital goods stocks.

4) L&T continued its losing streak to the 11th day, with the stock trading over 1 per cent lower today. The engineering and capital goods major last week cut its revenue and order book guidance for the year while its Q2 earnings were below the Street's estimates. Brokerage Nomura said it expects near-term weakness in the stock given the weak outlook. Market heavyweight ITC was also down nearly 1 per cent.

5) Earnings impact: United Spirits gained over 5 per cent on strong margin expansion in the September.

6) Tech Mahindra and DLF edged higher ahead of their earnings announcement later in the day.

7) Analysts remain cautious on the near-term outlook for Nifty, saying that it would take direction from the outcome of the Bihar elections.

8) Analysts would be closely tracking the activity from foreign institutional investors after the US Fed last week signaled the possibility of a rate hike in December. FIIs sold Indian shares worth Rs 272 crore (net) on Monday in the cash market.

9) However, domestic institutional investors bought shares worth Rs 145 crore on Monday, providing some support for the markets.

10) Asian share markets were mostly higher today following an overnight rally on the Wall Street. The Nasdaq rose 1.45 per cent to its highest close since 2000.