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Nifty holds 7950 amid consolidation; FMCG, oil, banks down

14:00

The News International Team

02:30pm IVRCL in News

IVRCL shares rallied 8 percent as a media report suggested that the company is going to sell Rs 4,000 crore worth of assets.

While clarifying the assets sale, the company said as part of strategic business plan to monetize BOT assets, it proposed to divest its stake in certain road projects and water projects. The same has been mentioned in press release dated April 01, 2013 under copy to stock exchanges. Therefore, the news is already in public domain.

Further, as per the CDR package, the company is required to monetize certain assets and the above point has been clarified to the shareholder in the AGM held on September 26, 2014 to his query, it added.

02:00pm Market Check

The market remained directionless with the Nifty holding 7950. Oil & gas, FMCG, banking and financials, and metals stocks declined while technology and auto stocks gained.

The 30-share BSE Sensex slipped 12.27 points to 26618.24 and the Nifty dropped 3.30 points to 7961.50. About 1259 shares have advanced, 1485 shares declined, and 114 shares are unchanged.

Individual stocks have been correcting of late but Nifty has not witnessed appropriate correction due to extended support by the defensives. Deven Choksey, Managing Director of KR Choksey Shares and Securities feels this could be a strategy to bring a much-needed headroom into some stocks.

If Nifty remains in an adjustment band of 7900-8200, he is confident of investors buying into corrected stocks from a long-term perspective.

Shares of ITC, Reliance Industries, ONGC, Maruti Suzuki, HUL, Tata Steel, Gail India and Tata Power were down 1-2.5 percent while Infosys, TCS, Wipro, Hero Motocorp and Coal India gained 1-3 percent.

In the midcap space, Relaxo Footwear, Berger Paints, Cyient, Bata India and Kaveri Seed shot up 5-9 percent while Trinity Trade, PTC India, Rajesh Exports, BF Utilities and Manappuram Finance lost 3-5 percent.

Among smallcaps, Visagar Polytex, Oscar Investment, Balrampur Chini, Minda Industries and Can Fin Homes surged 7-10 percent whereas KGN Enterprises, Wim Plast, Swadeshi Industries, KDJ Holidayscap and JMT Auto slipped 5-8 percent.

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