Market Live: Nifty holds 10,550; FMCG index up 2%, Bharti Group stocks gain

Market Live: Nifty holds 10,550; FMCG index up 2%, Bharti Group stocks gain

We are looking at Sensex earnings. In Q4, earnings will grow in the range of 13-14 percent, which will be double digit growth after a long time. Partially, this will be due to low base of Q4 last year and the other due to better earnings of global commodity companies, be it energy or metals. That will aid overall growth.

Bharti Airtel gained nearly 2 percent and Bharti Infratel was up 0.6 percent.Sources told CNBC-TV18 that Bharti Infratel and Indus Towers merger is in final stages and the announcement is likely soon.

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Bharti Airtel and Vodafone are likely to be joint promoters of the merged company while Idea Cellular is likely to exit by selling its 11.15 percent stake in Indus for over USD 1 billion.

Godrej Consumer has derisked its business model with 50 per cent of revenue coming from India and the rest from the international business. Godrej Consumer’s domestic business is expected to maintain its strong growth momentum in the coming quarters with expected recovery in rural demand and new product launches getting good response in near term. 

The recent announcements by the US and China to impose import tariffs against each other is more of a "phony" trade war at this point, the IMF said but cautioned that the world would be impacted if it turns into a cycle of widespread actions and counteractions.

ITC was the top gainer among Nifty50 stocks, rising 3 percent and helping FMCG index rise over 1.5 percent while Zee Entertainment was up over 2 percent, taking Media index higher by 1.5 percent.

The 30-share BSE Sensex was up 86.33 points at 34,481.39 and the 50-share NSE Nifty rose 21.90 points to 10,570.60.

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