Nifty holds 8750; Tata Motors in focus, Pipavav climbs 9%

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The 50-share NSE Nifty managed to maintain 8750 level amid consolidation today, supported by banking & financials and technology stocks. However, healthcare and select metals stocks were under pressure.

The Sensex rose 95.31 points to 28978.42 and the Nifty advanced 29.70 points to 8753.40. About 1223 shares have advanced, 1265 shares declined, and 216 shares are unchanged on the Bombay Stock Exchange.

Bharti Airtel traded a percent lower after the company delivered a tepid set of Q3 numbers as Africa performance continued to drag. CLSA downgraded Africa’s FY15-18 EBITDA by 11-13 percent.

In key earnings, Tata Motors traded marginally higher ahead of its third quarter earnings today. A CNBC-TV18 poll expects revenues to come in 3.5 percent higher while profits are likely to remain flat at Rs 4,846 crore on a consolidated basis. PTC India, Financial Technologies, Hindustan Copper, CEAT, SJVN, Petronet LNG, IRB Infra, IOB, UCO Bank, Jubilant Foodworks and Allahabad Bank are other companies that will also announce its quarterly earnings today.

HDFC Bank gained 1.2 percent as it kicked off a Rs 10,000 crore share sale, with a Rs 1,500 crore QIP book launched last night. Sources say the QIP book saw very strong response, was subscribed over 7 times. The bank is also looking to raise Rs 7,500-8,000 crore via ADR issue.

TCS, Infosys and Wipro climbed 0.8-1.5 percent after Cognizant positively surprised the street with a revenue growth of 6.2 percent Q-o-Q and provided an encouraging guidance of 19 percent for this year. CLSA says guidance should improve investor confidence on CY15 demand health for Indian IT companies.

Pipavav Defence gained 9 percent as reports suggest that Mahindra & Mahindra, the Hero group and a French shipbuilder have started separate discussions with the promoters to purchase a 19 percent stake.
 
 
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