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Nifty closes flat ahead of RBI policy; Sun Pharma up 3%

Sep 29, 2014, 05.21 PM IST | Source: Moneycontrol.com

The Sensex was down 29.21 points at 26597.11 and the Nifty slipped 9.95 points at 7958.90. About 1857 shares have advanced, 1087 shares declined and 101 shares were unchanged.

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Nifty closes flat ahead of RBI policy; Sun Pharma up 3%

The Sensex was down 29.21 points at 26597.11 and the Nifty slipped 9.95 points at 7958.90. About 1857 shares have advanced, 1087 shares declined and 101 shares were unchanged.

16:59

The News International Team

It was a tepid start to the truncated week on Dalal Street with major indices ending with marginal losses but midcaps continued to rally. Traders were cautious ahead of the Reserve Bank of India credit policy review tomorrow.

Market watchers expect the RBI to leave key rates unchanged in the credit policy tomorrow, according to CNBC-TV18 poll. Majority also expect the governor Raghuram Rajan to retain his hawkish tone.

The Sensex was down 29.21 points at 26597.11 and the Nifty slipped 9.95 points at 7958.90. About 1857 shares have advanced, 1087 shares declined and 101 shares were unchanged.

IT and pharma stocks lend support. Sun Pharma was up 3 percent as it is targeting the dermatology business after the Ranbaxy merger. Sources say the company is eyeing nearly 40 percent of its revenues in the US to come from this segment by FY18.

Strides Acrolab gained 9 percent as the board approved the merger with Shasun Pharma. Shareholders will get five shares of Strides for every 16 shares of Shasun Pharma.

TCS, GAIL, Infosys and Hindalco were other gainers in the BSE. Among the laggards were Tata Steel, SesaSterlite, Coal India, ICICI Bank and ITC.

After a rousing speech at the Madison Square Garden, the prime minister is all set to get down to business. The PM is all set to meet with top CEOs of corporate America including the heads of Google, Citigroup, Pepsi, General Electric and Merck among others.

FIIs turn bullish on India as PM Modi wows audiences in New York. Rajeev Bhaman of Oppenheim believes Indian stock market can double over the next five years if government provides policy support. He maintains that India is the best among emerging markets.

 

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Sensex, Nifty end down; Strides Arcolab up 6%, IT gains

Defensives like pharma and IT lend support while select metal and FMCG stocks correct and midcaps outperform.

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Sensex, Nifty flat as traders cautious; ITC drags 1%Read More »

Sun Pharma, TCS, BHEL, Infosys and GAIL are top gainers while Hindalco, ITC, HUL, Tata Steel and Bajaj Auto are laggards.

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Midcaps, IT, pharma surge; Sensex, Nifty remain sluggishRead More »

Sun Pharma, TCS, BHEL, Infosys and Cipla are top gainers while Hindalco, HUL, Tata Power, Coal India and ITC are among the laggards in the Sensex.

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Sensex, Nifty in consolidation mode; banks & metals dragRead More »

Sun Pharma, TCS, BHEL, Cipla and Infosys are top gainers in the Sensex. On the losing side are Hindalco, M&M, Tata Power, Coal India and Bharti Airtel.

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Nifty struggles below 8000; Sun Pharma, TCS gain 3%Read More »

Both Sun Pharma and TCS are up 3 percent each. BHEL, Wipro and Infosys are top gainers in the Sensex. Among the losers are Hindalco, Tata Power, Bharti Airtel and Coal India.

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Sensex, Nifty flat; Reliance & Infosys up, HUL fallsRead More »

Tata Steel, Wipro, Axis Bank, Reliance and Infosys are top gainers in the gainers while HUL, Coal India, ITC, Tata Motors and Bharti Airtel are major laggards in the Sensex.

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