Tuesday, 13 October 2015

Sensex, Nifty consolidate; Bharat Forge, DCB Bank plunge -- 14 Oct 2015

Bharat Forge lost over 4 percent after CLSA has downgraded to sell from buy. The brokerage also cut price target by 49 percent to Rs 745 and cut FY16-18 EPS by 7-26 percent.

The Sensex fell 10.64 points to 26835.89 and the Nifty declined 1 point to 8130.70. TCS (-4 percent), Tata Motors (-2 percent), Zee Entertainment (-2 percent) and Cipla (-1 percent) were the big losers in the Nifty. Other laggards in the index were Bank of Baroda (-1 percent), Dr Reddy's Labs (-1 percent), Coal India (-1 percent) and Tech Mahindra (-1 percent). Gainers included Hindalco (4 percent), Vedanta (3 percent), Tata Steel (2 percent) and ACC (1 percent). Second line shares fared better than their large cap counterparts, with the BSE Midcap Index and BSE Small Cap Index up 0.04 percent and 0.5 percent respectively. Natco Pharma (4 percent), GE Shipping (4 percent), NCC (3 percent), Century (3 percent) and SRF (3 percent) were the big winners in the midcap space. Other notable gainers included Vakrangee (2 percent), Indian Hotels (3 percent), Jindal Steel (3 percent), Gujarat Pipavav (3 percent) and Jaiprakash Associates (3 percent). Key Asian markets were mostly lower. Japan’s Nikkei 225 was at the bottom of the heap, trading 377 points or 2.1 percent lower at 17856. Hong Kong’s Hang Seng was down 187 points at 22413, Korea’s Kospi was down 10 points at 2008 and Taiwan’s Taiwan Index was down 32 points at 8535. In gainers, China’s Shanghai was up 1 point at 3295, and Singapore’s Straits Times was up 3 points at 2988.

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