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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Buying momentum buoys indices 
(Mon, 22 Oct Closing) 
 
Indian equity markets began the day's proceedings on a cautious note and for a few hours in the morning session. However, thereafter buying across index heavyweights intensified pushing the indices into the green. This buoyancy was maintained throughout the ensuing session although trading remained largely rangebound. While the BSE-Sensex today closed higher by 111 points (up 0.6%), the NSE-Nifty today closed higher by 33 points (up 0.6%). The BSE Mid Cap closed flat, while the BSE Small Cap closed marginally into the positive. Gains were largely seen in banking and healthcare stocks.

As regards global markets, Asian indices closed mixed today while European indices have also opened in the green. The rupee was trading at Rs 53.55 to the dollar at the time of writing.

Media stocks closed mixed today. While HT Media and Navneet Publication found favour, Zee Entertainment and Balaji Telefilms closed in the red. Zee Entertainment announced results for the second quarter ended September 2012. The company's revenues grew at a robust pace, registering 33.8% increase as compared to the same quarter last year. For the half year period, revenues grew by 27.3% YoY. Advertising segment continued to do well and recorded 33.7% YoY growth even amidst unfavourable economic scenario. Subscriptions too were up by 35.7% YoY. Zee continues to make investments in content which implied higher programming costs for the media company. Operating expenditure was thus up by 44% YoY and operating profits increased by 7.7% YoY. Depreciation charges went up by 22% YoY during the quarter and interest charges jumped by 135% YoY during the same period. Zee was able to report a net profit growth of 17.5% YoY during the quarter on back of good performance at topline level despite higher costs. However, the net profit margins shrank by 2.7% from 22.4% in same quarter last year to 19.7% at present.

Hindustan Zinc also announced results for the second quarter ended September 2012. Topline increased by 8.7% YoY during the quarter on back of higher volumes of lead and silver. Operating profits of the company remained flat (up 0.2% YoY) on account of high excavation costs and rupee depreciation. Operating margins also declined by 4.2%. Net profits increased by 14.5% YoY on account of higher other income and lower taxes. Net profit margins increased by 2.7%. Other income grew by 32.1% YoY. For the half year ended September 2012, the company posted a 2.4% YoY increase in net sales and 9.9% YoY increase in net profits. The company has declared an interim dividend of 80% i.e. Rs 1.6 per share on equity share of Rs 2 each, as compared to an interim dividend of Rs 1.5 per share last year. The stock closed lower today.

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1 Responses to "Buying momentum buoys indices"

hemant powar

Oct 22, 2012

helloo

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