Bajaj Auto, Infosys, Sun Pharma, HDFC Bank and HUL are top gainers in the Sensex. Among the losers are Sesa Sterlite, NTPC, Bharti Airtel, Cipla and Hindalco.
The News International Team
The market is still in red as the Sensex is down 26.12 points at 28477.18. The Nifty is down 8.65 points at 8639.10. About 870 shares have advanced, 1405 shares declined, and 163 shares are unchanged.
Bajaj Auto, Infosys, Sun Pharma, HDFC Bank and HUL are top gainers in the Sensex. Among the losers are Sesa Sterlite, NTPC, Bharti Airtel, Cipla and Hindalco. Metal stocks are falling sharply.
DLF is the top gainer on the Nifty reacting to the compulsory convertible preference share of CCPS conversion being postponed by one-year until March 18, 2016. Management says the saving from the reduced dividend coupon rate will be around Rs 175 crore. Macquarie maintains an outperform rating on stock with a target price of Rs 149 saying removal of capital ban a big relief, UBS has raised its target to Rs190 versus Rs 175 earlier saying the sharp cut in coupon rate is a positive.
Meanwhile, growth in China’s fiscal revenue cooled to its slowest in at least a year between January and February as China’s foundering economy dampened tax collection and other key sources of government income.
Fiscal revenue rose 3.2 percent to 2.57 trillion yuan (USD 410.5 billion) in the first two months of the year, data from the Finance Ministry showed on Monday. That was far less than an average 8.6 percent gain in fiscal income seen in 2014, and the slackest pace seen in at least a year.
Indeed, a breakdown of the figures showed taxes collected from the real estate sector fell 1.6 percent to 96.5 billion yuan in the first two months of the year as China’s housing industry stumbled.
The market fell further amid consolidation. The Sensex declined 62.13 points to 28441.17 and the Nifty dropped 21.10 points to 8626.65 led by index heavyweights HDFC, ICICI Bank and Reliance Industries.
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Tata Power, Tata Motors, HDFC Bank, ITC and Dr Reddy’s Labs are top gainers in the Sensex. Among the losers are Hindalco, NTPC, GAIL, Sesa Sterlite and Bharti Airtel.
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