Results lift market spirits
The Hindu Business Line, July 24, 2009, Page 1
Our Bureau, Chennai
While the market began on a strong note on Thursday thanks to strong Asian markets, better-than-expected results from a host of companies across sectors lifted the spirit further. So far 12 companies out of the Sensex 30 have announced their quarterly numbers, and have beaten Street expectation amidst global recession.
Maruti Suzuki, which came out with strong numbers today, touched an all-time high of Rs 1,305.5. ACC, ITC and Siemens also declared their financial results today apart from ONGC, which released its numbers after the market closed. Reliance Industries is scheduled to announce its Q1 result on Friday.
The BSE Sensex surged 2.6 per cent to 15,231.04 – the highest since June 12. The NSE S&P CNX Nifty jumped 2.8 per cent to 4,523.75. Overseas investors remained net buyers, according to exchanges’ provisional data.
A Citi report (July 22) said: “It’s still early days without enough sector trends, but the first set of results suggests the leaders are financials (47 per cent vs 38 per cent expected – trading gain boosts), and IT services +22 per cent (TCS the big outperformer) — while energy, and pharma bring up the rear. Standout positive surprises so far are TCS, UltraTech and Axis Bank, while JSW Steel and HDFC Bank have lagged expectations.”
The Hindu Business Line, July 24, 2009, Page 1
Our Bureau, Chennai
While the market began on a strong note on Thursday thanks to strong Asian markets, better-than-expected results from a host of companies across sectors lifted the spirit further. So far 12 companies out of the Sensex 30 have announced their quarterly numbers, and have beaten Street expectation amidst global recession.
Maruti Suzuki, which came out with strong numbers today, touched an all-time high of Rs 1,305.5. ACC, ITC and Siemens also declared their financial results today apart from ONGC, which released its numbers after the market closed. Reliance Industries is scheduled to announce its Q1 result on Friday.
The BSE Sensex surged 2.6 per cent to 15,231.04 – the highest since June 12. The NSE S&P CNX Nifty jumped 2.8 per cent to 4,523.75. Overseas investors remained net buyers, according to exchanges’ provisional data.
A Citi report (July 22) said: “It’s still early days without enough sector trends, but the first set of results suggests the leaders are financials (47 per cent vs 38 per cent expected – trading gain boosts), and IT services +22 per cent (TCS the big outperformer) — while energy, and pharma bring up the rear. Standout positive surprises so far are TCS, UltraTech and Axis Bank, while JSW Steel and HDFC Bank have lagged expectations.”
Posts
No comments:
Post a Comment