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Nifty hovers around 8250; IT pharma gain, metals down

10:12

The News International Team

Nifty hovers around 8250; IT & pharma gain, metals down

Equity benchmarks remained in a consolidation mode due to lack of volumes at institutional desk. The Sensex rose 3.28 points to 27399.01 and the Nifty advanced 1.65 points to 8247.95. Technology and healthcare stocks gained while metals, oil & gas and select banks stocks were under pressure.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.5 percent each. About 1018 shares have advanced, 686 shares declined, and 57 shares are unchanged on the Bombay Stock Exchange.

Larsen and Toubro gained 1 percent as the government approved ordinance to amend the Land Acquisition Act to remove barriers in a range of sectors like power, housing, defense to kick start stalled projects, there by making the procedure to acquire land faster. Subsidiary L&T Construction bagged orders worth Rs 2,521 crore in December.

Container Corporation is expected to be a big beneficiary of Land Acquisition Amendment, as the implementation of Dedicated Freight Corridor/Industrial Corridor would get a boost. Company is planning to develop several multimodal logistics parks/private freight terminals (PFT) across India and along the DFC. The stock gained 0.6 percent.

Tata Steel fell 0.6 percent as reports suggest that the company has warned of a hit to its profitability in the third quarter of the current fiscal year because of the closure of its captive iron-ore mines in Jharkhand and Odisha, which forced the company to operate below capacity for more than a month during the quarter.

Jindal Stainless climbed 3.6 percent as company will demerge business into three verticals namely ferro-alloys, coke oven & stainless steel businesses via slump sale route. Shareholders of Jindal Stainless will get shares by the resulting de-merged company, Jindal Stainless (Hisar), under the ratio of 1:1.

IDBI Bank surged 2 percent. The bank told CNBC-TV18 that the timing seems right to monetise stake in CARE, and will look to monetise a part of or whole stake in CARE. The bank believes it could receive between Rs 600-700 crore for entire shareholding at current market price. It also indicated it is looking to sell stake in NSE at right price with right buyer.

Blue Star jumped 3 percent as the company forayed into in-built water purifier segment by collaborating with Eureka forbes. Rohit Ferro-Tech surged 19 percent as the board approved proposal to sell, transfer Jaipur manufacturing unit.

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