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Nifty rangebound; oil gas, banks, FMCG stocks lead

13:00

The News International Team

01:30pm Coal India divestment

Coal India divestment process should begin immediately after the Diwali festival on October 23, Manoj Joshi, joint secretary of financial markets in the Finance Ministry, said.

India’s federal government wants to sell a 10 percent stake in the state-owned company this fiscal year ending March 31 as part of many divestments aimed at bolstering its stressed finances, reports Reuters.

01:00pm Market Check

Equity benchmarks remained directionless as technology and healthcare stocks were under pressure while capital goods, oil & gas, FMCG, power and banks supported the market.

The Sensex declined 11.48 points to 26260.49 and the Nifty fell 4.80 points to 7847.60. About 1241 shares have advanced while 1377 shares declined on the Bombay Stock Exchange.

Hans Goetti, Head of Investment – Asia, Banque Internationale À Luxembourg SA doesn’t see the recent softness as an indication that equities are at the start of a bear market. In fact, he recommends market participants to buy the asset class on dips. He sees India as a re-rating candidate in the medium-term.

Speaking about the steep decline seen in global Brent price, which recent hit a 27-month low and is now below USD 91/barrel, he said demand for crude is down on the back of weak macroeconomic trends.

Shares of TCS, Infosys, Sun Pharma, Wipro, Dr Reddy’s Labs and Cipla topped the selling list, down 2-4 percent while L&T, ONGC, Tata Steel and BHEL gained more than 2 percent.

Reliance Industries, ICICI Bank, SBI, Axis Bank, ITC, Tata Motors and HUL advanced around a percent.

In the midcap space, Punj Lloyd, Jindal Saw, BF Utilities, Rashtriya Chemical and Rallis India climbed 4-6 percent whereas Natco Pharma, Hexaware Tech, Trinity Trade, Va Tech Wabag and Bhushan Steel lost 4-5 percent.

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