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MM, Sesa Sterlite top gainers; Sensex, Nifty rangebound

Dec 05, 2014, 02.31 PM IST | Source: Moneycontrol.com

Sesa Sterlite topped the buying list, up 2.66 percent followed by Mahindra and Mahindra, and ITC climbed nearly 2 percent. L&T, HDFC, HDFC Bank, ICICI Bank and Axis Bank advanced 0.2-0.8 percent.

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M&M, Sesa Sterlite top gainers; Sensex, Nifty rangebound

Sesa Sterlite topped the buying list, up 2.66 percent followed by Mahindra and Mahindra, and ITC climbed nearly 2 percent. L&T, HDFC, HDFC Bank, ICICI Bank and Axis Bank advanced 0.2-0.8 percent.

14:00

The News International Team

02:30pm SAIL OFS

State-run SAIL’s offer for sale issue fully subscribed today. The issue received bids for 27.09 crore shares, which was 1.3 times over the total issue size of 20.6 crore shares.

Indicative price came in at Rs 83.49 a share as against floor price of Rs 83 apiece decided by the company yesterday.

The government will divest its 5 percent stake in SAIL. It means the shareholding of the government will be reduced to 75 percent from current 80 percent. Through this, the government hopes to rake in Rs 1500-1700 crore.

Retail investors will get shares at a discount of 5 percent.

The stock fell nearly 2 percent to Rs 83.85 on the Bombay Stock Exchange.

02:00pm Market Check

The market remained flat as the 50-share NSE Nifty hovered around the 8550 mark while midcaps exhibited mild outperformance. Meanwhile for the week the benchmark indices are likely to be flat and the NSE Midcap Index is headed to close with 3 percent gains.

The Sensex declined 4.33 points to 28558.49 and the Nifty rose 1.10 points to 8565.50. About 1498 shares have advanced, 1292 shares declined, and 107 shares are unchanged.

Nirmal Jain of IIFL told CNBC-TV18 that the Budget is expected to be a good one and the underlying trend for this market is strong. He does not expect to see any correction atleast until the Budget in February.

Sesa Sterlite topped the buying list in the Sensex, up 2.66 percent followed by Mahindra and Mahindra, and ITC climbed nearly 2 percent. L&T, HDFC, HDFC Bank, ICICI Bank and Axis Bank advanced 0.2-0.8 percent. However, shares of TCS, Infosys, Dr Reddy’s Labs, Sun Pharma, ONGC and Wipro declined 1-2 percent.

In important stock action, India’s largest lender SBI cut interest rates of three retail term deposits by 25 basis points. The management told CNBC-TV18 that the bank expects a positive impact on margins, liquidity in the system is adequate and that base rates will be cut in CY15.

The rupee recovered marginally to 61.86 a dollar compared to a close of 61.92 in previous session on increased selling of the dollar by exporters and banks amid persistent foreign capital flows.

Global markets remained upbeat with consistent outperformance from the Shanghai index. For the week, Shanghai rallied 10 percent. For today, European markets also traded in the green with a gain of 0.5 percent.

13:00

Sensex, Nifty slip into red; IT, oil & pharma laggards

IT stocks TCS, Infosys and Wipro are down 1-2 percent each. Among other losers include Dr Reddy’s Labs and ONGC. Sesa Sterlite, M&M, ITC, Tata Power and L&T are top gainers in the Sensex.

Read More »

12:00

Sensex hovers around 28500; ITC gains further, DLF gains 3%Read More »

TCS, Wipro, ONGC, Dr Reddy’s Labs, Infosys, Tech Mahindra and BPCL topped the selling list, falling 1-2 percent whereas Sesa Sterlite, ITC, Bharti Airtel, Larsen & Toubro, Mahindra & Mahindra, DLF, Ambuja Cements and ACC gained 1-2 percent.

Read More »

11:00

Nifty holds above 8550; IT stocks down, SpiceJet tanks 11%Read More »

SpiceJet loses almost 11 percent in trade after the Airports Authority of India withdrew credit facility for the company for all airports in the country. Sesa Sterlite, Bharti Airtel, ITC, M&M and GAIL are top gainers in the Sensex. Among the losers are TCS, Wipro, Infosys, Dr Reddy’s Labs and HUL.

Read More »

10:00

Sensex, Nifty consolidate; midcap, smallcap outperformRead More »

Shares of ITC, Larsen & Toubro, HDFC, ICICI Bank, Reliance Industries, Mahindra & Mahindra, Axis Bank and Bharti Airtel were top contributors to the Sensex down 0.4-1 percent.

Read More »

09:15

Sensex, Nifty flat; SAIL down 1%, Mangalore Chem up 11%Read More »

Bharti, Sesa Sterlite, GAIL, ITC and Coal India are top gainers in the Sensex while losers include Tata Motors, Cipla, SBI, HUL and HDFC Bank. SAIL is under pressure as its offer-for-sale opens today. Mangalore Chemicals is up 11 percent as Adventz Group makes fresh open offer for the company.

Read More »

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