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Sensex, Nifty hold early gains; sugar stocks rally 4-6%

12:00

The News International Team

12:45pm Market Check

The market halved gains in afternoon trade with the Sensex rising 47.14 points to 26407.25 and the Nifty advancing 9.85 points to 7900.95 as investors are waiting for the outcome of two-day meeting of central bankers at Jackson Hole.

About 1357 shares have advanced, 1366 shares declined, and 106 shares are unchanged.

12:25pm Gammon Infra on buyers’ radar

Shares of Gammon Infrastructure Projects are locked at 5 percent upper circuit after the promoter decided to sell entire stake in the company to its other subsidiary.

Gammon India, the promoter company, said the board of directors of the company has approved sale of 5,28,000,000 equity shares (representing 71.93 percent stake) held by the company in its subsidiary Gammon Infrastructure Projects to its another subsidiary Gammon Power. The transaction is subject to all the necessary approvals.

The board of Gammon India also approved convening of an extra ordinary general meeting of the members of the company on September 20, 2014 to transact the same business.

12:00pm Equity benchmarks maintained early gains with the Sensex rising 119.93 points to 26480.04 and the Nifty advancing 32.35 points to 7923.45 aided by banks and technology stocks.

About 1386 shares have advanced, 1216 shares declined, and 109 shares are unchanged.

Top lender State Bank of India and aluminium major Hindalco Industries rallied 2.5-3 percent followed by Infosys, HDFC Bank, TCS, Tata Motors, Larsen and Toubro, Axis Bank, Sesa Sterlite and GAIL India with 1 percent.

However, HDFC, ITC, Sun Pharma, Dr Reddy’s Labs, Bharti Airtel, Coal India, HUL, Bajaj Auto, BHEL and Hero Motocorp fell 0.4-1.5 percent.
 
Bajaj Hindusthan, Balrampur Chini, Dwarikesh Sugar, Dhampur Sugar, Shree Renuka Sugars, Simbhaoli Sugar and Triveni Engineering rallied 4-6 percent after the government raised sugar import duty to 25 percent from 15 percent.

ISMA said import duty hike will lead to lower losses for producers. Domestic ex-mill price will see some correction in Near-term, it added.

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