Tata Steel,
Hindalco, Vedanta, Tata Motors and L&T are major laggards while
Maruti, Sun Pharma, NTPC, HUL and ITC are top gainers in the Sensex.
The market continues
to struggle as capital goods, metals and auto stocks are down. The
Sensex is down 63.88 points at 25792.82. The Nifty is down 27.80
points at 7844.45. About 967 shares have advanced, 1011 shares
declined, and 95 shares are unchanged.
Buzzing:
Shares of Bharat
Forge slipped 5 percent intraday. Bank of America Merill Lynch has
slashed target price by 16 percent to Rs 900 per share as weaker
demand drives de-rating. The brokerage has also cut FY17 earnings per
share (EPS) by 6 percent stating weaker exports and non-auto will
hurt mix and margin. BoAML says weaker non-auto demand led by oil &
gas sector and cyclical slowdown in the US heavy truck market in 2016
are key concerns for the company. In 1QFY16, non-auto declined 15
percent Q-o-Q and grew only 4 percent Y-o-Y, substantially lower than
the 52 percent growth in FY15.
Gold edged down to
just above a one-month low, as European stocks rose ahead of a
Federal Reserve policy meeting that will be scrutinized for clarity
on when the US central bank will raise interest rates.
Read More - Nifty Tips
No comments:
Post a Comment