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Sensex ends 105 pts down; SAIL slips 2%, ITC gains 2%


The News International Team

03:30 Market closing

After a day of consolidation, the market ended in red. The Sensex closed down 104.72 points at 28458.10 and the Nifty slipped 26.10 points at 8538.30. About 1364 shares have advanced, 1603 shares declined, and 92 shares are unchanged.

IT, oil and pharma stocks dragged the indices with major losers like Dr Reddy’s Labs, TCS, Sun Pharma, Wipro and Cipla. SAIL closed with 2.4 percent loss. M&M, ITC, Sesa Sterlite, HDFC and Coal India were top gainers in the Sensex.

03:10 pm Revival of Dabhol

Reiterating that revival of the beleaguered Dabhol was on the cards, NTPC today said all possible options are being explored for the same.

“Dabhol will be revived. How can we afford in a country like ours to leave one project to get killed by itself. Many options are being considered and it has to be revived,” NTPC Chairman and Managing Director Arup Roy Choudhury told reporters.

The Dabhol or Ratnagiri Gas and Power Ltd (RGPPL), is currently not generating electricity.

02:55pm HCC in News

Hindustan Construction Company climbed more than 6 percent on selling annuity road project in Andhra Pradesh by its subsidiary HCC Concessions.

HCC Concessions (the infrastructure development arm of the HCC Group), today announced the sale of Nirmal BOT to Highway Concession One Private Limited, an entity majorly held by IDFC Alternatives managed India Infrastructure Fund, said the company in its filing.

HCC Concessions will receive total consideration of Rs 64 crore for the transaction, it added.

Highway Concessions One will acquire 74 percent equity stake upfront, while the balance 26 percent equity stake will be acquired upon receipt of an approval from NHAI. Additionally, Nirmal has also received an arbitration award in its favour for Rs 16.67 crore, which will be payable to HCC, upon receipt.

Nirmal was the first NHAI BOT project of the HCC Group and was completed in July 2009. The project, awarded by NHAI for a concession period of 20 years, has been operational for 5 years now. The project was developed with a total capital cost of Rs 315 crore.

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.


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