The broader markets extended losses in noon trade with the BSE Midcap and Smallcap indices falling 2 percent and 2.4 percent, respectively.V Kumaraswamy, CFO, JK Paper expects the operating margins to inch back to 14-15 percent levels over the near to medium-term on back of the new capacity expansion in Odisha which has now begun to stablise. The new unit will also help them maintain costs efficiently, he adds.

Volumes in the last quarter were around 98000 but they intend to do better in the coming quarters but realisation would differ from segment to segment, he says. Volume growth was around 31 percent in Q2 on back of new capacity expansion, says Kumaraswammy.Considering the persistent bullish mood in the market, Rahul Arora, CEO, Nirmal Bang Institutional Equities does not see Nifty breaching 8000 level before December end. According to him, the FIIs are aggressively investing in India and the  sharemarket is still about buying on dips.

Shares of DLF, Power Grid Corporation, NMDC, Tata Steel, IDFC, Hindalco Industries, ICICI Bank, Larsen & Toubro and Axis Bank lost 2-4 percent. However, Zee Entertainment bucked the trend, up 3.71 percent followed by BHEL, Bharti Airtel, HDFC, M&M and Infosys with 0.5-2 percent. In the midcap space, DCM Shriram, Dish TV, JK Lakshmi Cement, Alstom T&D and PS IT Infra gained 2-4 percent whereas India Cements, Vaibhav Global, HCC and Indiabulls Real fell 7-10 percent.

The market remained under pressure on the second day of Winter session in parliament. The Sensex declined 134.98 points to 28364.56 and the Nifty fell 58.95 points to 8471.20. The broader markets extended losses in noon trade with the BSE Midcap and Smallcap indices falling 2 percent and 2.4 percent, respectively.

Coustery : http://www.moneycontrol.com/news/local-markets/nifty-struggles-at-8500-midcap-smallcap-extend-losses_1237010.html

Save