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Sensex, Nifty recover; HDFC, ONGC outperform; IT falls

Housing finance company HDFC gained nearly 2 percent after a media report suggested that Standard Life is planning to increase its stake in joint venture HDFC Standard Life Insurance company to 33 percent from 26 percent. HDFC holds 72.4 percent in JV.

10:00

The News International Team

10:15am Reliance Capital in focus

Anil Dhirubhai Ambani Group company Reliance MediaWorks has sold multiplex business to south-based Carnival Cinemas. This transaction will reduce Reliance Capital’s debt by Rs 700 crore.

Real estate owned by company at IMAX Wadala and properties worth Rs 200 crore are not included in the deal.

Reliance Capital will retain option to buy pre-IPO stake in Carnival. The stock gained 0.4 percent.

10:00am Market Check

The market recovered its early losses with the Sensex falling just 19.84 points to 27330.84 and the Nifty getting back above the 8200, down 1.90 points. The Sensex was opened with more than 200 points losses.

The broader markets pared losses too. The BSE Midcap turned positive and Smallcap was flat. About 842 shares have advanced, 1046 shares declined, and 89 shares are unchanged on the Bombay Stock Exchange.

Housing finance company HDFC gained nearly 2 percent after a media report suggested that Standard Life is planning to increase its stake in joint venture HDFC Standard Life Insurance company to 33 percent from 26 percent. HDFC holds 72.4 percent in JV.

Shares of ONGC, State Bank of India, BHEL and Tata Power advanced more than a percent followed by ITC and ICICI Bank with 0.4 percent gains.

However, technology stocks remained under pressure post TCS provided bearish Q3 outlook. The stock fell more than 3 percent as the software services provider says it expects a weak quarter from BFSI and sees negative 220 basis points impact due to cross currency. Infosys slipped nearly a percent and Wipro lost 2 percent.

Shares of Cipla, Dr Reddy’s Labs and Sesa Sterlite declined over a percent followed by Reliance Industries, Bharti Airtel, Maruti Suzuki and HUL with 0.4-0.8 percent losses.

09:04

Nifty breaks 8200, Sensex weak on global cues; TCS falls 3%

TCS is down 3 percent while Infosys, Bharti, GAIL and Sesa Sterlite are among the laggards in the Sensex. NTPC is the only gainer in the Sensex.

Read More »

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