10:59am
Market Expert
Independent
market expert Dhiraj Agarwal sees a high risk of correction post-Budget.
According to him, the Nifty may even break 8000 support, slipping to 7500
level, if the Budget disappoints. However, on the upside he sees the index
breaking 9000 on a satisfactory verdict.
The
market needs public spending at this point, said Agarwal, adding that India
looks solid from a 3-year horizon, but the investment cycle needs to pick up. He
remains bullish on IT.
10:30am
Buzzing Stocks
Power
Grid gained 1.5 percent after reporting strong numbers with total income up
18.2 percent at Rs 4,354 crore, margin up 170 basis points to 85.9 percent
while PAT up 17.9 percent at Rs 1,229 crore.
The
company continues to deliver strong execution and strong commissioning of
assets during last 1 year.
Zee
Entertainment rallied 3.5 percent after a large trade was seen on the NSE in
which 22 lakh shares changed hands in 6 block deals.
India
Cements gained 11 percent after they delivered a good operational performance
with margins expanding 170 basis points to 15.7 percent in Q3. Additionally
they have approved a proposal for reorganisation of Chennai Super Kings Cricket
limited and the ownership of the franchise will be held by shareholders of the
India Cements.
Grasim
Industries rose 0.9 percent and Aditya Birla Chemicals rallied 3.7 percent
after Grasim proposed the acquisition of Aditya Birla Chemicals with a swap
ratio of 1 share of Grasim for every 16 shares of Aditya Birla Chemicals held.
The swap ratio is favouable for AB Chemicals shareholders. Edelweiss says they
are positive on the merger.
Fortis
Healthcare climbed 0.9 percent after Rakesh Jhunjhunwala bought over 34 lakh
shares in the company yesterday while Claris Lifesciences gained 20 percent on
reports of many Indian companies such as Zydus Cadila, Lupin and Cipla along
with global majors such as Pfizer being interested in the company's sterile
injectibles business.
10:00am
Market Check
The
market remained in a consolidation mode ahead of December industrial output and
January CPI data (to be announced later today). The broader markets
outperformed equity benchmarks with the BSE Midcap and Smallcap indices gained
0.8 percent each.
The
Sensex fell 22.71 points to 28511.26 and the Nifty rose 3.35 points to 8630.75.
More than two shares advanced for every share declining on the Bombay Stock
Exchange.
The
January consumer price index (CPI) data will be the first CPI data on a new base.
The government has revised the CPI data base year from 2010 to 2012 couple of
weeks ago due to which there are varied expectations. The CPI data for January
is likely to be in the range of 5.3 to 5.8 percent on the upside against 5
percent reported in December.