Market Live: Sensex erases opening gains, Nifty hovers around 9650; IT stocks drag
10:59 CLSA achieved its target at Tata Steel: CLSA maintains its optimum position at Tata Steel and significantly increased its target price to Rs 710 (implying a potential increase of 45 percent), citing better India prices and risk prone To spend in Europe.
“We see the possibility that Tata’s multiple valuation develop by improving India’s industry prices and prospects of supply and demand, and the high visibility of a significant withdrawal in Corus Group (TSE),” said the brokerage While maintaining a purchase call on the shares.
He believes the global prospects of the steel industry are also better than before, thanks to supply reforms in China.
10:45 Gold Update: Gold fell on Thursday lower as investors awaited signals on the direction of the market amid a series of geopolitical events later on the day it could increase the security of demand for the metal.
The ballot boxes will be opened later in national elections in the UK, while the European Central Bank (ECB) could discuss the adoption of additional stimulus pledges at a later session and the former US operations director. James Comey testify before the United States Congress of his interactions with President Donald Trump late in the day.
“A lot of things happen at the same time … There could be some impact that could push volatility instead of the direction of price movements,” said Mark A, head of research at Ala Fung Financial Group in Hong Kong.
10:30 Spoken management: Spending on Bajaj Electricals advertising during the current year to increase by almost a third with the company should expand its online promotion, according to the financial director of the company Anant Purandhare. He attributed the deployment of its new distribution model of consumer products that have reached the company’s presence.
The company could spend Rs 100 crore in advertising and sales promotion, 31.6 percent more than the Rs 76 crore it spent in the same last fiscal year, Purandhare said.
“Our focus on advertising will be on BTL spending (below the line) .We will have to spend more for BTL as we do the secondary and tertiary distribution.Here we have to do many BTL activities like setting up panels In stores, giving discounts to store their products.This will increase the visibility of our products in the market, “Mr. Purandhare told Moneycontrol.
10:10 Reduced price: The Indian market, which has risen nearly 18 percent for new records this week eased some analysts with a global investment bank, UBS.
The brokerage firm downgraded India’s rating to “neutral” from “portfolio growth,” which began in early February, citing a sharp rise in valuations that offers limited risk to reward share of current levels.
In mid-February, UBS raised its rating on overweight India after the demonetization of the trends that are beginning to improve, and estimates of benefits that seem to tear down. The assessments were also lower, compared to Asia ex-Japan, since PM Modi was elected in 2014.
09:57 am Stock market update benchmarks erase profits from the opening due to the continued sale of technology stocks, oil and selected banks. Investors are cautious ahead of the UK election and Comey’s testimony.
The BSE Sensex 30 shares fell 31.13 points 31.24 million and the NSE Nifty 50 shares rose 12.30 points to 9,651.60.