Marico slumps on poor show, Citi keeps Sensex target at 18400

1:30 Markets seem to be in a volatile mode as the Sensex seem to have shown a slight recovery as their are off their intra-days low. The Sensex is down 96 points to 17205 (intraday high was 17271) while the Nifty is just above the 5200 level at 5206.

The market breath continues to remain negative with 979 stocks on the decline, 411 advanced and 78 at the same level on the NSE. The recovery in the European markets could be one of the reasons for the slight recovery from their lows in the markets. Autos, Banks, Realty continue to be the biggest loser as they have fallen by more than a percent each.

Marico has fallen by almost 5 percent after it reported a net profit of Rs 69 crore against its CNBC TV poll of Rs 80 crore. Net sales came in at Rs 918 crore against Rs 938 crore polled by CNBC TV-18 .

 Marico slumps on poor show, Citi keeps Sensex target at 18400

Marico net sales came in at Rs 918 crore against Rs 938 crore polled by CNBC TV-18 .

Among the 30-share Sensex pack, 23 stocks are in the red while only 7 are in green. The biggest loser is Hero MotoCorp as the stock has fallen by 7 percent. Analyst have pegged the fall for three reasons - the dividend payout is below 50 percent, growth outlook circumspect and also that rich valuations are very high compared to its peers in the 2-wheeler segment. Wipro (1.6 percent), HUL (1.4 percent) and HDFC Bank (1.13 percent) are some of the top gainers so far.

Pipavav Defence is up 3.6 percent to Rs 82.6 per share after Life Insurance Corporation hiked its stake to 5.63 percent in the company. IRB Infra slumped 15 percent as the director faces polygraph test in murder case. Aviation stocks also came in the news after the govt said that it may not take up the FDI in this session. KFA has fallen by 3.67 percent after aviation minister Ajit Singh said the company is yet to pay its dues.

Meanwhile, Citigroup has maintained an "aggressive" stance in its model portfolio for India, and keeps its target for the BSE Sensex at 18,400 points from current levels at around 17,200.

Citigroup said it retains "overweight" position on banks, autos and capital goods, though it tempers some of its views given strong performance year-to-date and "modest" outlook for interest rate cuts. The bank turned positive on cement, citing improving demand-supply outlook and less competition from rising barriers to entry, among other factors.

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Updated Date: Dec 20, 2014 17:28:51 IST