Hindalco Industries topped the selling list on Sensex, down 4 percent as Kumar Mangalam Birla is named in the coal allocation scam case.
The News International Team
The market remained in a consolidation mode. The 30-share BSE Sensex fell 50.12 points to 28659.75 and the 50-share NSE Nifty declined 13.80 points to 8698.25.
The broader markets too fell marginally. About 1052 shares have advanced, 1387 shares declined, and 188 shares are unchanged on the Bombay Stock Exchange.
The Indian rupee slipped to a fresh 2-month low following a steep rise in the dollar. The greenback surged to 12-year highs holding strong above 98.7 level.
Hindalco Industries topped the selling list on Sensex, down 4 percent as Kumar Mangalam Birla is named in the coal allocation scam case. A Special Court has summoned him along with former PM Manmohan Singh & former coal secretary PC Parakh. They will have to appear in the court on April 8.
Telecom stocks continued to be in focus as the spectrum auction entered day 7. Experts say the auctions are likely to end in a day or two. However, industry body, COAI sees a significant hit on telecom companies’ balancesheet due to aggressive bidding. Bharti Airtel, Idea Cellular and Reliance Communications rallied 2-4 percent.
CESC climbed 2 percent as the West Bengal Electricity Regulatory Commission approved a multi-year tariff plan of Rs 6.98 per unit. This new tariff order gave more visibility to the company’s earnings over next 2 years. JP Morgan maintains an overweight stance with price target of Rs 815.
Finance Minister Arun Jaitley holds a quarterly performance review meeting with the chief executive officers of public sector banks and financial institutions. the finance minister is expected to focus on two key areas of pain – credit growth and NPA concerns.
IT stocks led by Wipro and Infosys are top gainers in the Sensex. NTPC, HUL and M&M are other gainers in the Sensex. Among the losers are Hindalco, Sesa Sterlite, Cipla, Tata Motors and Sun Pharma.
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HUL, HDFC, GAIL, M&M and Wipro are major gainers while Sun Pharma, Cipla, Coal India, ONGC and Dr Reddy’s Labs are losers in the Sensex.
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The market rebounded with marginal gains after falling in previous two sessions. The Sensex rose 38.63 points to 28748.50 and the Nifty climbed 13.95 points to 8726.
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