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Sensex erases gains, Nifty below 8800; HDFC Bank, LT slip

14:00

The News International Team

02:30pm South Indian Bank in focus: The Reserve Bank of India on Tuesday notified that the aggregate share holdings in the bank by non-resident Indians (NRI)/persons of Indian Origin (PIO)/foreign institutional investors (FII)/registered foreign portfolios investors (RFPIs) and through global depository receipts (GDR)/American depository receipts (ADR)/foreign direct investment (FDI) in the primary/secondary markets have gone below the prescribed threshold ban limit stipulated under the extant FDI policy.

Hence, the restrictions placed on the purchase of shares of the above bank are withdrawn with immediate effect, it adds.

02:00pm Market Check

The market erased its morning gains as the Nifty came off its highs, trading below 8800 while midcap traded in the red giving up its gains. The market breadth was weak with more stocks on declining end.

The Sensex advanced 27.63 points to 29032.29 and the Nifty rose 5.45 points to 8767.55. The BSE Midcap and Smallcap indices fell marginally.

Michael Kurtz, chief Asia equity strategist at Nomura expects a very strong Budget with a focus on reforms, infrastucture spending may be hiked to 2.5 percent of GDP and India remains largest overweight in the Asia basket.

Shares of HDFC Bank, TCS, L&T, Sun Pharma, HUL, ICICI Bank, Hero Motocorp and Tata Steel declined 0.3-1.4 percent. Reliance Industries also came off its high, up 0.3 percent. However, HDFC, Infosys, Tata Motors, ONGC, Bharti Airtel, M&M and Wipro gained 1-2 percent.

The rupee appreciated today, trading at 62.05 a dollar against a close of 62.19 in previous session due to weak dollar on back of heavy capital inflows.

Globally it is a mixed day. In Asia, while China and Japan closed in the red, Korea and Taiwan ended with gains. European markets are mixed as Greece fears subsided. This after the list of reforms presented by Greece met the approval of creditors and euro zone neighbours.

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