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Sensex, Nifty erase gains; Hindalco, JSPL, ICICI Bank fall

14:00

The News International Team

02:50pm Market Check

The market erased more than half of gains in last hour of trade due to sharp fall in metals and banks stocks. The Sensex rose 51.47 points to 26471.02 and the Nifty advanced 6.25 points to 7919.45.

About 1387 shares have advanced, 1548 shares declined, and 89 shares are unchanged.

Hindalco Industries crashed 8 percent and Jindal Steel plunged 11 percent. Tata Steel and Sesa Sterlite lost around 4 percent while in the banking space, ICICI Bank, HDFC Bank and Axis Bank fell 0.7-1.5 percent.

02:30pm Interview

Orient Paper, MD, ML Pachisia says that the paper industry remains under stress and the volumes across the industry will continue to be sluggish.

He, however, expects a pick up in demand for paper business. He expects paper division to do better in the second half of the fiscal.

The company, which is a major player in paper space, makes writing, printing, industrial and specialty paper. Its new division of electrical goods including fan and lightning business continues to do extremely well.

Orient Paper’s debt currently stands at Rs 220 crore but is declining slowly and gradually, adds Pachisia.

02:00pm The market remained strong on positive European cues. The Sensex rose 145.69 points to 26565.24 and the Nifty climbed 30.65 points to 7943.85. About 1590 shares have advanced, 1288 shares declined, and 79 shares are unchanged.

Shares of TCS, HDFC, ITC, State Bank of India, ONGC, Maruti Suzuki, Dr Reddy’s Labs, HUL, BHEL, Bharti Airtel, Cipla and Hero Motocorp rallied 1-3 percent.

However, Jindal Steel and Hindalco Industries lost 6 percent and 5 percent, respectively after Supreme Court order saying blocks awarded via screening panel since 1993 were illegal and no objective criteria was followed in allocations. The court will decide consequences of illegality on September 1.

European markets like France’s CAC, Germany’s DAX and Britain’s FTSE gained 0.7-1 percent following a key speech by Mario Draghi, the president of the European Central Bank (ECB), who delivered a dovish tone on Friday in Jackson Hole meeting, and stressed that more stimulus could be announced soon.

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