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Sensex, Nifty volatile; Bharti up 2%, Usha Martin soars 15%

The market remained volatile with the Nifty moving in a range of 8550-8600. Telecom, oil, FMCG, pharma and select private banks gained.

10:00

The News International Team

10:40am JSPL in focus: Sources told CNBC-TV18 that Jindal Steel & Power is likely to move Delhi High Court today to challenge cancellation of bids for 3 blocks.

JSPL is likely to be represented by Kapil Sibal.

In recent coal block auction, JSPL won Tara block for Rs 126 per tonne and Gare Palma IV/2 & Gare Palma IV/3 at Rs 108 per tonne.

10:20am Market Expert: The 5-6 percent downside seen in the Indian equity market is not a full fledged correction, it would be a correction only in case the market goes down 10 percent or so is the word coming in from Deepak Shenoy of Capital Mind.

In this correction, one could look at buying largecap FMCG stocks and midcap pharma, says Shenoy.

He is not very optimistic on banking sector but does not advise a sell for those holding them. In case the banks decide to pass on the RBI interest rate cut then they could become a buy, adds Shenoy.

10:00am Market Check

The market remained volatile with the Nifty moving in a range of 8550-8600. Telecom, oil, FMCG, pharma and select private banks gained.

The Sensex rose 54.85 points to 28315.93 and the Nifty advanced 7.75 points to 8578.65. However, the broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices falling 0.4 percent each.

About 745 shares have advanced, 1124 shares declined, and 134 shares are unchanged on the BSE.

Bharti Airtel climbed over 2 percent followed by NTPC and HUL with a percent gains.

Hindalco gained 1 percent and Usha Martin surged 15 percent. The government accepted bids for Brinda & Sasai coal block won by Usha Martin at Rs 1,804/tonne. It also accepted bids for Dumri coal block won by Hindalco at Rs 2,127/tonne.

09:15

Sensex, Nifty erase early gains; JSPL tanks 13%

Jindal Steel tanked 13 percent as sources told CNBC-TV18 that government rejected company’s bids for coal blocks.

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