Monday 26 October 2015

Sensex, Nifty see profit booking; Asian Paints plunges 4.5% -- 26 Oct 2015

Asian Paints plunged 4.5 percent after its results missed street expectations. Jeferries downgraded stock to hold from buy and slashed price target to Rs 823 per share from Rs 843 and also cut FY16-18 EPS by 5-8 percent.

                     
The market saw some profit booking despite strong global cues. The 30-share BSE Sensex fell 29.55 points to 27441.26 and the 50-share NSE Nifty declined 17.85 points to 8277.60 after rising nearly half a percent in early trade. The broader markets also fell in line with benchmarks; the BSE Midcap and Smallcap indices declined 0.4 percent each. The market breadth was negative as about 1508 shares declined against 856 advancing shares on the BSE. Globally, Asian stocks extended rally after another rate cut in China fueled risk appetite but the markets came off day's high. Jamie Dimon of JP Morgan feels that it is unrealistic to expect China to grow at high single digits for so long while Mark Mobius of Templeton EM Group says that a 6 percent GDP growth in China is still enormous. Asian Paints plunged 4.5 percent after its results missed street expectations. Jeferries downgraded stock to hold from buy and slashed price target to Rs 823 per share from Rs 843 and also cut FY16-18 EPS by 5-8 percent. Bharti Airtel lost 2 percent lower as consolidated numbers are largely in line with street estimates. Africa was slightly better than estimates while India business was impacted by seasonality. Street is concerned by the voice and data realisation decline and slower growth in data volumes.

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1 comment:

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