Sensex, Nifty strong; Mid & Smallcap underperform, Hindalco up


12:20 pm Earnings: ABB India , the power and automation technologies leader has reported a massive 53.6 percent year-on-year growth in profit Rs 129 crore for October-December quarter. Bottomline growth was driven by strong operational performance in power systems, power products and process automation businesses. “Efforts towards increased localisation coupled with strong focus on cost savings and project execution helped improve profitability,” the company reasoned for earnings growth. Employee cost as well as raw material cost for the quarter remained flat at Rs 195.5 crore and Rs 1298.8 crore on yearly basis. Revenue increased 8.3 percent to Rs 2,425 crore in quarter ended December 2015 compared to Rs 2,238.4 crore in year-ago period, aided by base orders. Also read – Tata Steel may post Rs 1000cr Q3 loss on low metal prices 12:00 pm Market Check The market gained strength in noon trade with the Sensex rising 182.07 points to 24405.39 and the Nifty climbing 62.95 points to 7424.75. The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices up 0.4-0.7 percent. The market breadth was positive as about 1345 shares advanced against 933 declining shares on the BSE. Hindalco Industries topped the buying list on Sensex, up 5 percent followed by Infosys, L&T, Tata Motors, ONGC and Adani Ports with 2-3 percent upside. Lupin fell 3 percent ahead of third quarter earnings due on Friday, which are expected to be hit by US business. Cipla, NTPC and GAIL were down 1-2 percent. 11:00 Sensex, Nifty maintain uptrend; Tata Motors, Hindalco, L&T gain Hindalco, L&T, ONGC, Adani Ports and Tata Motors are top gainers while Lupin, Cipla, NTPC, Tata Steel and Sun Pharma are down.