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Nifty holds 8800, Sensex ends flat; ITC up 3%, banks fall

Feb 16, 2015, 04.41 PM IST | Source: Moneycontrol.com

Oil stocks were down as Finance Minister Arun Jaitley may look at re-imposing 5 percent customs duty on crude oil imports to shore up revenues by USD 3 billion and create a level-playing field for domestic producers.

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Nifty holds 8800, Sensex ends flat; ITC up 3%, banks fall

Oil stocks were down as Finance Minister Arun Jaitley may look at re-imposing 5 percent customs duty on crude oil imports to shore up revenues by USD 3 billion and create a level-playing field for domestic producers.

16:41

The News International Team

It was green on Dalal Street for the fifth straight session but most of the gains were pared in the last few minutes due to some selling pressure in banks, oil & gas and pharma stocks. The Sensex was up 40.95 points at 29135.88 and the Nifty gained 3.85 points at 8809.35.

Now that third quarter corporate earnings are over, market investors are keenly watching the upcoming Budget. Saurabh Mukherjea, CEO, Institutional Equities, Ambit Capital says investors should avoid positioning their portfolio around events like the Budget, because “there is enough money to be made” from stocks and sectors by taking a longer term view. He also adds that there will be some degree of optimism in the market ahead of the Union Budget.

Meanwhile, India’s wholesale inflation enters the deflation zone. The wholesale price index in January contracted by 0.39 percent, giving a fillip to the chorus for more rate cuts from the RBI. 

On the global markets front, Asian markets turned higher with Japanese shares charging up to an 8-year high, shrugging off weaker-than-expected GDP data.

Buzzers

Banks, oil & gas and pharma stocks succumbed to selling pressure in the last few hours of trade.

Oil stocks were down as Finance Minister Arun Jaitley may look at re-imposing 5 percent customs duty on crude oil imports to shore up revenues by USD 3 billion and create a level-playing field for domestic producers. Presently, the government does not levy any import or customs duty on crude oil imports. On the other hand, domestically produced crude oil attracts two percent central sales tax, something which imported oil is exempted from.

Reliance, Oil India and HPCL were major laggards in the sector. ICICI Bank, Hindalco, Hero and Axis Bank were major losers in the Sensex.

Sun Pharma slipped 3 percent intraday after its December quarter profit declined.However, Credit Suisse maintains outperform rating on the stock but lowered FY15 EPS by 4 percent due to Q3FY15 miss.

Among the gainers ITC pocketed 3 percent gain while HUL was up 2 percent. FMCG index was up 1.7 percent from previous close. TCS, Bharti and HDFC were other top gainers in the Sensex.

Star stock of the day was Suzlon which surged almost 20 percent at close, despite increasing loss in December quarter. What drove the stock was a deal with Sun Pharmaceutical founder Dilip Shanghvi. Shanghvi has agreed to buy a 23 percent stake in Indian wind turbine maker Suzlon Energy for about USD 290 million. Both the Midcap and Smallcap indices ended flat.

14:00

Sensex, Nifty end flat; bank, oil & pharma stocks drag

ITC gained 3 percent while TCS, Bharti, HUL and HDFC were top gainers in the Sensex. Among the losers were Sun Pharma, ICICI Bank, Hindalco, Hero and Axis Bank.

Read More »

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Sensex, Nifty flat; Hero, ICICI Bank, Infosys drag 1-2%Read More »

M&M, Bharti Airtel, ITC, HUL and Tata Steel are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ICICI Bank, Axis Bank and Infosys.

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12:11

Nifty below 8850, Jan WPI inflation at -0.39%; ITC up 2%Read More »

HUL, Bharti, Tata Motors, ITC and Dr Reddy’s Labs are top gainers while Sun Pharma, Hero, Axis Bank and ICICI Bank are losers.

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11:00

Sensex, Nifty extend gains; auto, bank, FMCG lend supportRead More »

HUL, Tata Motors, Bharti Airtel, Sesa Sterlite and Dr Reddy’s Labs are top gainers in the Sensex. Among the losers are Sun Pharma, BHEL, Hero Motocorp, L&T and GAIL.

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10:00

Sensex gains over 200 pts; HUL, Tata Motors jump 2-3%Read More »

Tata Motors, Bharti Airtel, Sesa Sterlite, HUL and Coal India are top gainers in the Senssex. Among the losers are Sun Pharma, BHEL, L&T, NTPC and Infosys.

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09:15

Nifty hits 8850; Hindalco & SBI gain, Sun Pharma falls 2%Read More »

Hindalco is up 3 percent while Sesa Sterlite, HDFC Bank, SBI and ICICI Bank are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ONGC, Bharti Airtel and HUL.

Read More »

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