Market Live: Banks lift benchmark indices to record high; | The GRS Solution

Market Live: Banks lift benchmark indices to record high; | The GRS Solution :-

 Nifty above 10,300, Sensex up 500 pts

9:33 am Earnings: Software firm HCL Technologies said the second quarter (July-September) consolidated profit grew 0.8 percent sequentially to Rs 2,188 crore and has raised its full year dollar revenue guidance but retained constant currency revenue guidance.

Consolidated rupee revenue and dollar revenue during the quarter increased 2.3 percent each quarter-on-quarter to Rs 12,434 crore and USD 1,928 million.The IT services provider has maintained its full year constant currency revenue growth guidance at 10.5-12.5 percent and EBIT margin guidance at 19.5-20.5 percent, but has raised full year dollar revenue guidance to 12.1-14.1 percent from 11.3-13.3 percent earlier.EBIT (earnings before interest and tax) grew by 0.3 percent to Rs 2,451 crore but margin contracted 40 basis points to 19.7 percent compared with previous quarter.Earnings barring bottomline missed analysts’ expectations. Profit was estimated at Rs 2,143 crore on revenue at Rs 12,572 crore and dollar revenue was expected at USD 1,951 million while EBIT was estimated at Rs 2,489.3 crore with margin at 19.8 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.9:20 am Market Outlook: Nirmal Jain, Chairman of IIFL said PSU banks recapitalisation was very positive move."Till now, the amount of recap was never adequate. Government has provided for almost all of the requirement. Although we don’t know the coupon rate for the bonds and tenure as well, but it looks like it was much needed and this will better balance sheets," Jain said in an interview to CNBC-TV18.But what is needed also is the autonomy and consolidation of banks from longer term point of view. Along with this, the infra spend of Rs 7 lakh crore could help economy revive and come back on growth path, he added.9:15 am Market Check: Equity benchmarks hit historic highs in opening trade on Wednesday, driven by banks after the government announced Rs 2.11 lakh crore recapitalisation for PSU banks on asset quality worries.The 30-share BSE Sensex was up 456.55 points or 1.40 percent at 33,063.89 and the 50-share NSE Nifty rose 104.80 points or 1.03 percent to 10,312.50.HCL Technologies, Infosys, HDFC Bank, Kotak Mahindra Bank and Asian Paints were under pressure in early trade.Can Fin Homes, M&M Financial, L&T Finance and Bharat Financial were down 1-2 percent.UCO Bank, Bank of Baroda, Bank of India, Corporation Bank, Bank of Maharashtra and Union Bank rallied 15-20 percent.Shipping Corporation, KNR Construction, J Kumar Infra, Ashoka Buildcon, Sadbhav Engineering and Electrosteel Steels rallied up to 8 percent.The Indian rupee has drifted lower in early trade. It has opened at 65.14 against the US dollar, down 7 paise compared with 65.0675 level in previous session.