The News International Team
12:30pm Divestment next week
India is likely to sell a 5 percent stake in state-run Power Finance Corporation Ltd next week, a finance ministry source said, as the government scrambles to meet part of a near USD 10 billion share sale target before March 31.
“Five percent shares of PFC could be sold next week,” a senior finance ministry official, who declined to be named as he was not authorised to speak to the media, told Reuters.
He also said that state-run manganese miner MOIL Ltd could be the next in line with a 10 percent stake sale.
12:00pm Market Check
The market maintained its morning gains supported largely by banking & financials, FMCG, auto and metals stocks. The 30-share BSE Sensex surged 211.40 points to 29217.42 and the 50-share NSE Nifty jumped 53.20 points to 8814.60, rising for the seventh consecutive session today amid positive global cues.
The broader markets erased all early gains; the BSE Midcap and Smallcap indices declined 0.3 percent and 0.7 percent, respectively. About two shares declined for every share advancing on the Bombay Stock Exchange.
Asian markets responded positively to the European central Bank’s decision of unleashing 1 trillion euro stimulus package. Hang Seng, Nikkei, Straits Times and Taiwan Weighted gained more than a percent whereas Shanghai came off day’s high, up 0.3 percent as China’s manufacturing activity remained in contraction for a second straight month.
Brent crude oil prices recovered marginally as news of the death of Saudi Arabia’s king Abdullah added to uncertainty in energy markets, up 94 cents to USD 49.46 a barrel.
The rupee traded near 10-week highs as the European Central Bank’s stimulus announcement drives foreign fund flows into equities. The euro, however, continued to hover near 11-year lows, which dipped to 1.13 against the dollar after the ECB decision was announced.
Bharti Airtel topped the buying list on Sensex, up 4 percent followed by HDFC Bank, L&T, Tata Motors, HDFC, M&M, HUL and Sesa Sterlite with 1-3 percent upside. GAIL and BHEL dropped 1-2 percent. TCS, Infosys and Coal India fell 0.3-0.7 percent.
Ipca Labs lost 8 percent in an otherwise strong market, reacting to the USFDA converting its form 483 or observations on the company’s Ratlam facility into an import alert. The management says four APIs have been excluded from the import alert and the comapny has decided to temporarily suspend API shipments from Ratlam.