Sensex, Nifty volatile ahead of Fed Chair Yellen testimony

Epic Update GVK Power

Epic Update GVK Power

Benchmark indices recovered in afternoon trade, with the Sensex rising 1.94 points to 28353.56. The Nifty was trading above 8800 level, down 2.35 points at 8802.70.

About 1644 shares declined against 1039 advancing shares on the BSE.

The broader markets continued to underperform benchmarks, with the BSE Midcap index falling 0.65 percent as about 1598 shares declined against 1001 advancing shares on the exchange.

Big two companies will announce quarterly earnings today. Tata Motors is likely to post weak numbers in Q3, with likely losses in commercial vehicles business hitting overall earnings. Analysts expect a subdued set from Sun Pharma. Street to watch for commentary on USFDA observations on Halol and Mohali.

GVK Power surged over 10 percent after the company pipped GMR Infra to bag the mega Rs 16,000 crore contract for the Navi Mumbai airport. GMR Infra was down 2.6 percent.

Sun TV Network gained 2.7 percent and Raj Television rallied nearly 10 percent after AIADMK General Secretary VK Sasikala’s hopes to become a chief minister of Tamil Nadu dashed by Superme Court verdict.

Supreme Court has convicted Sasikala, who has been engaged in a tussle (with colleague O Panneerselvam) for the Tamil Nadu chief minister’s post over the past fortnight, in the 20-year-old disproportionate asset case and sentenced her to 4 years of imprisonment.

HPCL lost 5 percent post a lacklustre quarter. GRMs rose to USD 6.4 a barrel boosted by inventory gains but CLSA downgraded the stock to sell.

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