18:05
Moneycontrol BureauThe market on Wednesday closed at its highest level in 2014, continuing upmove for the third consecutive session. Late trade upside was led by healthcare, oil & gas and metals stocks.
The Sensex rose 86.55 points to 21,337.67, and the Nifty advanced 25.15 points to 6,338.95. Overall it was a volatile session for the market as investors remained cautious ahead of RBI policy due on January 28.
Whether Reserve Bank of India continues to pause in policy rates or prefers raising rates holds key for the market now. Experts believe RBI will look for more inflation numbers at least for next two months before going for policy rates cut. Till then the market may be sideways, experts feel.
"It is a bit early in the earnings season, but my sense is that some more of this sideways movement is what could be expected till about next two-three months. Then come March-April we go into the election fever and then maybe RBI policy of those months will also be quite critical because they would have two-three months of benign inflation," Dipan Mehta, Member, BSE & NSE said.
According to him, trigger for the market is two fold - one is a good election result and second is a cut in interest rates by RBI.
Oil and gas, healthcare and metals stocks helped the market extend gains in late trade.
Sun Pharma was biggest loser in the Sensex, rising nearly 3 percent followed by Tata Steel and Hindalco Industries with a 2 percent upmove.
Shares of Bharti Airtel gained 1.5 percent as sources say the company is looking to sell its Africa tower business on a country-by-country basis, with a valuation of USD 1.8 billion.
Major frontliners like Reliance Industries and ICICI Bank climbed over 0.7 percent.
Housing finance company HDFC gained 0.6 percent post its Q3 earnings. Net profit rose 12 percent year-on-year to Rs 1,278 crore and net interest income saw growth of 13.7 percent at Rs 1,678 crore.
However, Larsen and Toubro announced its quarterly earnings after market hours. Country's largest engineering and construction company is expected to end the current financial year with a 15 percent growth in order inflows, instead of the 20 percent it had projected earlier.
It posted 11 percent growth in reported profit after tax and adjusted (for hydrocarbon business demerger) profit growth was 22 percent in the December quarter year-on-year. The stock fell 0.65 percent.
BHEL , ITC , State Bank of India, TCS , Hero Motocorp and Coal India declined between 0.3-0.7 percent.
In the broader space, Dabur India lost 4 percent after the company disappointed on bottomline and margin front. Profit grew 15 percent Y-o-Y to Rs 243 crore as against expectations of Rs 250 crore and margin fell 120 basis points to 15.6 percent. However, its consolidated revenues grew 16.7 percent, higher-than-expected, to Rs 1,909 crore, driven by strong growth in international business.
Mahindra and Mahindra Financial Services lost 5 percent as company's net profit dropped 18 percent year-on-year to Rs 164 crore in the quarter gone by.
Zee Entertainment Enterprises' third quarter revenues rose 26.6 percent year-on-year to Rs 1188 crore, driven by a strong growth in advertisement revenues and a healthy increase in subscription revenues. However, a 32.5 percent rise in expenditure squeezed margins and limited Y-o-Y growth in net profit to 10.5 percent to Rs 213.6 crore. Operating margins for the quarter fell to 24.5 percent from 27.8 percent. The stock gained 1 percent.
Suven Life Sciences gained 5 percent as the company received USFDA approval for its Pashamylaram unit.
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