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Sensex, Nifty consolidate; FMCG under pressure, Hindalco up

10:00

The News International Team

10:40am Market Expert

The Sensex declined 79.49 points to 27127.25 and the Nifty fell 24.15 points to 8122.15.

Kunj Bansal of Centrum Wealth Management does not expect the market to correct sharply. He says a lot of negatives that could have had an impact on the market have cooled off – inflation is correcting, oil prices globally have fallen and the fear of less-than-needed monsoon has also abated. The three combine can result in WPI and CPI cooling. According to him, maximum there can be a 4-odd-percent correction in indices.

10:25am Realty stocks under pressure

Shares of real estate stocks are under pressure as property prices in Delhi are set to rise.  The Delhi government hiked circle rates- the minimum valuation at which properties have to be registered – by up to 20 percent with an aim to check black money component in sale and purchase transactions. The new rates will come into effect from today.

As per the decision approved by Lt Governor Najeeb Jung, the circle rate has been increased to Rs 7.74 lakh per square metre of land from Rs 6.45 lakh in category A residential colonies like Greater Kailash, Defence Colony, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Golf Links and Hauz Khas.

This means nobody would be allowed to buy land and immovable properties in these colonies for less than Rs 6.45 lakh per sq metre. The circle rates in the city was last revised in November 2012. The rates were then hiked by a whopping 200 percent.

DLF and Unitech were down more than 2 percent.

10:00am Equity benchmarks as well as broader markets continued to consolidate with the Sensex declining 28.63 points to 27178.11 and the Nifty falling 11.90 points to 8134.40.

About 1160 shares have advanced, 991 shares declined, and 108 shares are unchanged.

The Indian market may correct around 2-4 percent but there are plenty of positive triggers in the near-term that must allow it to head in a positive terrain, believes Mehraboon Irani of Nirmal Bang Securities.

According to Irani, Prime Minister Narendra Modi’s US visit, divestment news, achieving fiscal deficit target and state polls will optimism in the market for at least next 2-4 months.

Shares of Larsen and Toubro, ITC, HDFC Bank, Mahindra and Mahindra, HUL, Sesa Sterlite, Dr Reddy’s Labs and Tata Steel lost 0.4-0.9 percent whereas TCS, ICICI Bank, Infosys, Wipro, Tata Motors, Wipro, Maruti Suzuki, Sun Pharma, Hindalco and NTPC gained 0.3-1 percent.

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