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Sensex erases early gains; FMCG drags, banks cap goods up

Shares of ITC, Tata Motors, Hindustan Unilever, Wipro, Sesa Sterlite and GAIL declined 1 percent each while Infosys, State Bank of India, Axis Bank, HDFC Bank, L&T, ICICI Bank, Sun Pharma, Coal India, Tata Power and BHEL gained 0.2-1 percent.

10:15

Sensex erases early gains; FMCG drags, banks & cap goods up

Sensex erases early gains; FMCG drags, banks & cap goods up

The News International Team

Equity benchmarks erased early gains with the Sensex falling 38.04 points to 27170.57 and the Nifty declining 2.70 points to 8171.40 weighed by FMCG, metals, oil & gas and select technology stocks. However, banks and capital goods stocks remained firm.

About 870 shares have advanced, 873 shares declined, and 68 shares are unchanged on the Bombay Stock Exchange.

Sandip Sabharwal of asksandipsabharwal.com is very skeptical of the market for the first few months of 2015. According to him the market is likely to enter a difficult phase. The upcoming earnings season could be one of the worst in past several years and some of the global headwinds with regards to liquidity also remain, feels Sabharwal.

Shares of ITC, Tata Motors, Hindustan Unilever, Wipro, Sesa Sterlite and GAIL declined 1 percent each while Infosys, State Bank of India, Axis Bank, HDFC Bank, L&T, ICICI Bank, Sun Pharma, Coal India, Tata Power and BHEL gained 0.2-1 percent.

Power Grid gained 2 percent as reports suggest that power ministry invoked provision of “compressed time schedule” to award 8 new transmission projects to the company. The estimated cost for these 8 projects is seen at Rs 36,000 crore.

SpiceJet surged 9 percent ahead of the company providing a revival plan to government today. Reports suggest that JPM Chase and Ajay Singh could invest USD 200 million and the deal is likely to be finalised in next 6 weeks. Kalanithi Maran is keen to exit the airline completely.

09:16

Nifty above 8200, Sensex firm; Coal India, SBI, HDFC gain

Coal India, SBI, HDFC, ICICI Bank and Tata Power are top gainers in the Sensex. Among the losers are GAIL, ITC, Maruti, Dr Reddy’s and Hindalco.

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