Sensex & Midcap extend gains, Nifty above 8450; BHEL surges 3% : 18 Jan 2017

bullish-bearish

10:34 am Earnings estimates: Pune-based IT firm KPIT Technologies is likely to report moderate growth in bottomline on account of strong operational performance but topline growth may be muted.

Profit is seen rising 2.3 percent sequentially to Rs 57.5 crore in the quarter ended December 2016, according to average of estimates of analysts polled by CNBC-TV18.

Revenue in rupee terms is likely to increase 0.5 percent quarter-on-quarter to Rs 835 crore and dollar revenue may rose to USD 123.5 million from USD 123.43 million.

EBITDA (operating profit) may jump 9.4 percent to Rs 100 crore and margin may expand 100 basis points to 12 percent compared with previous quarter.

Overall third quarter is expected to be soft mainly due to seasonal lower billing days and furloughs but Q4 is expected to be better than Q3.

10:19 am Market Expert: Strong domestic flows are helping to hold up the market but Budget could be the next big trigger, says Vikas Khemani, President and CEO at Edelweiss Securities.

Foreign outflows, though a cause for concern, are more technical than fundamental, Khemani says. Since India was on top of most emerging market portfolios so far, it was natural to take the first hit in case of any global uncertainties, he noted, adding, a favourable Budget can reverse the trend.

Khemani does not see any major disappointment from corporate earnings yet. The market is keenly watching changes in corporate and long term capital gains taxation in the Budget and will certainly cheer if these are constructive, he says.

10:00 am Market Check Benchmark indices as well as broader markets extended gains in morning with the Nifty reclaiming 8450 level, supported by banking & financials, FMCG, auto, oil and infra stocks. The market digested speech by the UK Prime Minister Theresa May on Brexit plans.

The 30-share BSE Sensex was up 165.80 points at 27401.46 and the 50-share NSE Nifty gained 56.20 points at 8454.20. The BSE Midcap and Smallcap indices, too, rose 0.6 percent each on strong breadth.

About 1374 shares advanced against 523 declining shares on the BSE.

BHEL, HUL and Tata Steel were biggest gainers among Sensex stocks, up 2-3 percent followed by HDFC Bank, HDFC, L&T, SBI and ONGC with around a percent upside. Bharti Airtel and Dr Reddy’s Labs fell 0.6 percent each.

Globally investors awaited Federal Reserve Chair Janet Yellen’s speech later today, to the Commonwealth Club in San Francisco, which could offer clues about the direction of monetary policy.

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