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Market Update

Sensex in 7-Day Rally; Asian Paints, HDFC Bank, Just Dial Net Surge

Author: Mukesh Buch
Last Update: 2:28 AM ET January 29 2015

6:00 PM Mumbai Asian Paints said net rose 15%. Alstom net and revenue declined. HDFC Bank net advanced 11%. Just Dial net increased 8% on 21% increase in revenues. Pidilite net soared 28%.

Stocks in Mumbai powered ahead for the seventh day in a row on positive earnings and stable rupee.

Market indexes struggled in the morning hours but staged a late recovery after release of earnings from Asian Paints, HDFC Bank, Pidilite and Just Dial.

Investors also took a note of positive tone of the statement released by the U.S. Federal Reserve after a two-day meeting.

Fed issued the most optimistic outlook for the economy in several months and said job market is improving and inflationary forces have weakened largely on the account of a sharp fall in oil prices.

However, Fed held out for a possible rate increase at its June meeting and the central bank is scheduled to meet two more times in the next five months.

U.S. Federal Reserve has pumped nearly $4 trillion to stabilize the economy after the financial and housing market crisis wiped out nearly 15 million jobs between 2008 and 2011.

Indian rupee closed at 61.86 against one dollar.

The Sensex Index advanced 122.59 or 0.4% to close at 29,681.77. The CNX Nifty gained 38.05 or 0.4% to 8,952.35.

Gainers & Losers

Asian Paints Limited declined 3.2% to ₹881.05 after the paint maker said net in the third-quarter jumped 14.83% to ₹353.07 crore.

Total revenues rose 6.4% to ₹3,062.17 crore.

Alstom T&D India Limited tumbled 9.4% to ₹490.35 after the power generation company said net in the third-quarter plummeted 86.4% to ₹2.58 crore.

Revenues declined 9.9% to ₹762.72 crore.

Coal India Limited dropped 2.3% to ₹375.15 after the central government is set to sell its 10% stake tomorrow.

HDFC Bank Limited jumped 3.4% to ₹1,094.30 after the mortgage and industrial finance company said net in the third-quarter climbed 11.57% to ₹1,425.49 crore.

Net revenues soared 14% to ₹6,870.95 crore.

Just Dial Limited slipped 1.6% to ₹1,538.35 after the online search service provider reported net in the third-quarter advanced 8.03% to ₹32.14 crore.

Net revenues jumped 20.57% to ₹157.88 crore.

Pidilite Industries Limited added 0.6% to ₹577.40 after the adhesive and paint maker reported net in the third-quarter climbed 27.88% to ₹124.36 crore.

Net revenues advanced 12.31% to ₹1,208.33 crore.

Tata Power Company Limited rose 0.3% to ₹88 after the largest integrated power company signed an agreement to buy defense business from Nelco for ₹8.3 crore.

Zomato Media Pvt. Ltd, the online restaurant review and rating service provider agreed to acquire Turkey-based Mekanist for an undisclosed sum.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc