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Nifty struggles below 8900; JSPL dips, SpiceJet Mastek up

The market remained under pressure in noon trade due to selling in technology, private banking & financials, select auto and oil stocks.

12:00

The News International Team

12:30pm FII View

As a global investor, Geoff Dennis of UBS will be focusing on fiscal deficit and whether it can be reigned within 3.5-4 percent of GDP, structural reforms once again focusing on the fiscal side and significant increases in infrastructure spending.

“What’s important is the trajectory of fiscal deficit and whether it is coming down… As long as it is lower than 4 percent of GDP, the market will not be too worried,” he told CNBC-TV18.

Despite high valuations, Dennis remains overweight on India. He believes valuations should be high as he expects earnings growth to be 15-16 percent in dollar terms in two years. He says earnings growth continues to remain a challenge for many emerging markets, further justifying the high valuations in India.

12:00pm Market Check

The market remained under pressure in noon trade due to selling in technology, private banking & financials, select auto and oil stocks.
 
The Sensex fell 119.14 points to 29343.13 and the Nifty declined 31.55 points to 8863.75. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.3-0.6 percent. Advancing shares outnumbered declining ones by a ratio of 1417 to 1122 on the BSE.
 
Jindal Steel & Power fell 1 percent (losing nearly 7 percent from day’s high and it had rallied 25 percent yesterday on winning Gare Palma IV/2 & 3 mines) as the company did not qualify for Gare Palma IV/1.

Crompton Greaves climbed 3 percent as the board of directors decided to implement a 100 percent demerger of the consumer products business.

SpiceJet shot up 17 percent, reacting to the CCI nod for Ajay Singh’s takeover. Ajay Singh told CNBC-TV18 that the first tranche of money will come in by next week and the final tranche by April-end.

Mastek gained 11 percent as the software services provider says its subsidiary Majesco filed with SEC for listing on NYSE. “We file form S-4 with SEC for merger of arm with Cover-All Tech,” it adds.

Global markets were cautious. Nikkei was at a fresh 15-year high but investors awaited some news from Greece and whether it will apply for an extension of its bailout programme.

11:00

Sensex, Nifty still under pressure; Oil & IT stocks weigh

BHEL, Hindalco, Dr Reddy’s Labs, Tata Steel and SBI are top gainers in the Sensex. Among the losers are Reliance, ICICI Bank, HDFC, Wipro and Tata Power.

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10:00

Sensex, Nifty tumble; Hindalco, BHEL, GAIL gain 1-2%Read More »

Reliance, ICICI Bank, HDFC, Tata Power and Axis Bank are major losers in the Sensex. Among the gainers are Hindalco, BHEL, Tata Steel, GAIL and Sesa Sterlite.

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09:21

Sensex loses over 250 pts; banks, Reliance, Coal India dragRead More »

ICICI Bank, Reliance, HDFC, Coal India and Tata power are major laggards.

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