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Sensex hovers around 28400; Ranbaxy, Bajaj Finserv gain

11:00

The News International Team

11:55am Interview

The Anti-Corruption Bureau has filed an FIR against real estate major HDIL in connection with Slum Rehabilitation Authority (SRA) project in Mumbai over alleged irregularities.

However, Sarang Wadhawan, vice-chairman and managing director of HDIL says the charges are not serious in nature and there is malafide intent behind it. “We have all the documentation to prove our innocence,” he told CNBC-TV18.

Moving on to the mood in the real estate sector, he says that the overall sentiment among investors has improved. Wadhawan says volumes of residential projects is seeing improvement.

The company’s current debt on a consolidated basis stands at Rs 3,400 crore.

11:25am Retail participation increasing

The retail participation in the market has definitely gone up over the past 20 years and today there are close to 2 crore retail investors, says , Chitra Ramkrishna, MD & CEO, NSE, adding that it is still a very small proportion of the “total savours in the market.”

In an interview to CNBC-TV18, Ramkrishna said that disinvestment in large navratna PSUs are good pegs around which one can see the retail money coming in, which in turn helps in building a good momentum around retail participation.

11:00am Market Check

Equity benchmarks as well as broader markets remained lacklustre in trade. The 30-share BSE Sensex declined 74.09 points to 28384.01 and the 50-share NSE Nifty slipped 21.25 points to 8517.05.

About 1228 shares have advanced, 1063 shares declined, and 102 shares are unchanged on the Bombay Stock Exchange.

Market experts remained bullish on India. Technical analyst Atul Suri says it’s a buy on dips market. Samir Arora of Helios Capital welcomed the lower crude prices while Ramesh Damani, Member BSE says it’s time to bet on interest rate cyclicals.

Infosys was the loser today. A 3.3 crore equity shares were traded in multiple blocks this morning in the price range of Rs 1988 to Rs 2014. Reports indicated that the founders were to offload stake worth USD 1.1 billion worth of stock in the company. The promoters were selling stake for personal, philanthropy reasons.

SpiceJet continued its losses from Friday, down 6 percent today. The company issued clarifications over the weekend indicating its international flying rights are not in jeopardy. Its payables to suppliers is significantly less than the Rs 1,600 crore and the DGCS has asked for a payment plan to be shared with them by December 15.

Ranbaxy and Sun Pharma gained 1.5-2 percent as US court has ruled in favour of Astrazeneca and Ranbaxy, and the agreement between the two companies on Nexium generic was not anti-competitive.

Insurance companies such as Bajaj Finserv gained 7 percent. The coal and power minister Piyush Goyal has said the insurance bill is likely to be passed in this session.

The 10-year bond extended gains to trade at a record high on lower oil prices. The Indian rupee was weaker in line with Asian currencies reacting to the stronger than anticipated non-farm payrolls from the US.

Asian markets traded choppy. However, Shanghai rose to a fresh 3-year high extending gains into a fifth straight session. The trade surplus for November was at record high in China but exports disappointed as they slowed to a growth of only 4.7 percent versus estimates of over 8 percent.

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