09:19
Moneycontrol Bureau The market opened flat with negative bias on Friday. The Sensex fell 26.73 points to 28824.24 and the Nifty declined 2.40 points to 8709.30. About 434 shares have advanced, 225 shares declined, and 149 shares are unchanged.M&M, HDFC Bank, Bharti Airtel, Hero Motocorp, BPCL, Bank of Baroda and DLF were down 0.4-1.8 percent while Cipla, ONGC, Hindalco, Sesa Sterlite, Reliance Industries and Cairn India gained 0.8-2.5 percent.
From the earnings corner, Tata Motors reported disappointing Q3 numbers. Jaguar Land Rover (JLR) margins came in below estimates. The company's standalone business was hit by one off provisions as the management made a one time provision of Rs 310 crores for write offs at Singur plant. The stock lost 5 percent.
Earnings to watch out for today will be Tata Steel and NMDC. According to a CNBC-TV18 poll, Tata Steel's total turnover will fall 4 percent to Rs 35400 crore while profits may plunge 58 percent. Meanwhile, NMDC may see a 4 percent drop in profits.
The Indian rupee opened at 61.69 per dollar on Friday against previous day's closing value of 61.73 a dollar.
Pramit Brahmbhatt of Veracity said, "Reduction in FII inflows coupled with weakness in local equities may pressurize rupee to depreciate. However, gains in Asian equities and some exporters selling may limit losses in the local unit. We see the USD-INR ranged between 61.20-62.20/dollar."
Global cues, meanwhile, are positive with the US markets rallying 1 percent ahead of it's non-farm payrolls report. The data is expected to show creation of 230,000 jobs in January.
Equities ended flat after the European Central Bank (ECB) put more pressure on Greece to come to an agreement with its lenders over the future of its bailout program. Greek markets closed down 3 percent. Asian equities followed Wall Street higher but apprehension about Greece's bailout program may cap gains.
In other asset classes, Nymex crude prices jumped about 4 percent as falling output and rising violence in Libya, along with central bank easing in China, helped crude rebound. Brent crude rose to USD 56 a barrel.
In the currency space, the euro inched up on strong German data, gaining back some of the lost ground. Data showed German industrial orders surged far more than forecast in December, hitting their highest level since April 2008.And precious metal gold dipped marginally to USD 1260 dollars an ounce.
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