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Sensex, Nifty sluggish; Sun Pharma, Bharti, Wipro gainers


The News International Team

10:50 am The Delhi High Court on Thursday ordered de-registration of six aircraft leased to SpiceJet after its lessors filed a suit alleging non-payment of dues.

In an interview with CNBC-TV18, the carrier’s chief operating officer, Sanjiv Kapoor, termed the issue a legacy of the crisis that took place prior to a takeover by new management.

“We will take whatever actions that are required to protect ourselves in terms of appeals, etc,” he said. “In the meantime, we have been in discussion with these lessors. We are eminently closed to announcing a settlement with one of them already and we are in very advanced discussions with the other.”

10:30 am Market outlook: The US Federal Reserve event has only been postponed by 2-3 months and the dollar strength is here to stay, is the word coming in from Harendra Kumar, head of institutional broking and global economy at Elara Capital. He believes if the market continues to stay higher, long-term investors and traders will look to book profits and the market will go into a consolidation phase. According to Kumar, the market will once again become a buy once the Nifty hits 8400-odd levels. He recommends investors to sell on every rally. Inflows into India can remain flattish, he says and hence is worried on financials in the interim. Kumar says the resumption of mining activity is a big positive for the Indian economy. He is bullish on Sesa Sterlite due to resumption on mining in Goa.

Don’t miss: Macquarie retains underperform on BHEL, wary of order flow

The Sensex is down 85.40 points at 28384.27, and the Nifty down 37.85 points at 8596.80. About 689 shares have advanced, 1215 shares declined, and 123 shares are unchanged.

Sun Pharma, Bharti Airtel, Wipro, Dr Reddy’s Labs and Infosys are top gainers in the Sensex. NTPC, GAIL, BHEL, Tata Motors, Axis Bank are among losers in the Sensex.

Brent prices rebounded towards USD 55 a barrel as the dollar weakened slightly, but gains were limited by supply concerns after Kuwait said OPEC had no choice but to maintain output levels.

High inventory in the United States, the world’s largest oil consumer, also dragged on prices.

Brent crude for May delivery had risen 28 cents to USD 54.71 a barrel. The contract is flat for the week, after dropping in the two previous weeks. US crude for April delivery fell 6 cents to USD 43.90 a barrel, headed for its fifth weekly loss. The contract expires on Friday.

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