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Sensex, Nifty end lower; HDFC, Hero, BHEL major losers

14:00

The News International Team

03:30 Market close

The market has once against ended lower. The Sensex was down 70.51 points at 27015.42 and the Nifty slipped 11.85 points at 8084.10. About 1689 shares have advanced, 1280 shares declined, and 118 shares are unchanged.

Hero MotoCorp, HDFC, Coal India, BHEL and ICICI bank are top losers in the Sensex. Among the gainers are L&T, Bajaj Auto, SBI, Cipla and ONGC.

03:00pm Info Edge QIP

The QIP committee of the company on Thursday has approved the preliminary placement document in connection with the QIP and decided to open the QIP issue on September 04.

“Accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed in under SEBI regulations, is Rs 766.89 per equity share,” said the company in its filing. The stock gained more than 4.5 percent.

02:45pm JSW Steel in News

Shares of JSW Steel gained more than 2 percent on strong improvement in steel production in the month gone by. OP Jindal Group company has reported a 13 percent growth in crude steel production at 11.16 lakh tonnes, increased from 9.85 lakh tonnes in the year-ago period.

“Flat steel products grew by 7 percent to 8.8 lakh tonnes from 8.24 million tonnes and long steel products’ growth was a whopping 53 percent in August at 1.96 lakh tonnes compared to 1.28 lakh tonnes in corresponding month of last year,” said the company in its filing.

02:25pm Jaypee-RPower exclusivity pact likely to be extended

The exclusivity period of the pact for Reliance Power’s proposed acquisition of Jaiprakash Associates’ hydro power portfolio in a Rs 12,000 crore deal is likely to be extended by 60 days.

In one of the biggest deals in the power space, Anil Ambani Group firm Reliance Power in July announced that it had signed an initial agreement to acquire all the three hydroelectric power plants of Jaiprakash Associates Ltd. The deal would be worth about Rs 12,000 crore.

Investment banking sources said the exclusivity period of the agreed Memorandum of Understanding (MoU) for the proposed deal is likely to be extended by 60 days.

The MoU between RPower and Jaypee Group was signed on July 27 and the exclusivity period was to end on September 25, reports PTI.

02:00pm Equity benchmarks remained under selling pressure amid consolidation in afternoon trade weighed down by private banks and auto stocks. The Sensex declined 47.40 points to 27038.53 and the Nifty fell 9.15 points to 8086.80.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent and 1.1 percent, respectively. Advancing shares beat declining ones by a ratio of 1597 to 1239 on the BSE.

Sachin Shah, Fund Manager at Emkay Investment Managers believes the undertone for the market continues to remain buoyant on the back of good foreign insitutional investor (FII) flows and net buying from domestic mutuals funds.

There have been some positive signs on the macro front too like oil remaining subdued, some good quarterly results and government making right noises, which would keep up the buoyancy, says Shah.

State-run iron ore miner NMDC and realty major DLF topped the buying list in Nifty 50, up more than 4 percent followed by Jindal Steel, Asian Paints, ONGC, L&T and Bajaj Auto with 1-3 percent.

However, United Spirits dropped over 3 percent as Credit Suisse reduced its target price on the stock to Rs 2200 from Rs 2700 earlier and lowerd FY15-16 earnins per share estimates by 30-50 percent.

Shares of HDFC, Coal India, BHEL, NTPC, ICICI Bank, Tata Motors, Sun Pharma, Bharti Airtel, Hero Motocorp and Tata Power declined 1-2 percent.

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