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Nifty choppy ahead of expiry; Cipla, Tata Motors in focus

The market continued to be choppy ahead of expiry of March derivative contracts (on Thursday). The Sensex gained 12.16 points at 28173.88 while the Nifty fell 1.15 points to 8541.80.

13:00

The News International Team

01:25pm Market Expert: Even as the market may continue to consolidate for a little more while, investors should use this time to “build a quality portfolio”, Nitin Jain, principal investment manager at Kotak UK, told CNBC-TV18.

While some investors have talked about shifting back to consumer stocks in the wake of earnings for cyclical companies appearing to require more time than was previously expected, Jain said he would not look to tweak to portfolio as yet.

01:00pm Market Check

The market continued to be choppy ahead of expiry of March derivative contracts (on Thursday). The Sensex gained 12.16 points at 28173.88 while the Nifty fell 1.15 points to 8541.80.

The broader markets underperformed with the BSE Midcap and Smallcap indices falling 0.2-0.5 percent. Declining shares outnumbered advancing ones by a ratio of 1649 to 913 on the Bombay Stock Exchange.
 
Tata Motors has been among the top Nifty gainers today. The board approved rights issue of 6 shares for every 109 shares held at Rs 450 per share. The company proposed to raise up to Rs 7,500 crore via the rights issue. Tata Motors DVR approved rights issue at Rs 271 per share.

The merger deal between Sun Pharma and Ranbaxy Labs is finally sealed. Sun and Ranbaxy gained 1 percent after Sun announced the completion of the merger process. Shareholders will get 0.8 shares of Sun Pharma for each share held in Ranbaxy. Sun MD, Dilip Shanghvi says they are looking to expand in the US markets and will invest around USD 300 million for research and development.

Cipla has launched generic drug Sofosbuvir in India under the brand name Hepcvir. Following the non-exclusive licensing agreement signed with Gilead Sciences in September last year, to manufacture and market chronic hepatitis C medicines, Cipla is now all set to make the drug Sofosbuvir available to Indian patients in a week’s time.

However, Ipca Labs tumbled 13 percent on import alert for its Pithampur & Silvassa units, which is in addition to import alert imposed on Ratlam facility in January. The management says they are taking necessary corrective action.

12:00

Nifty hovers around 8550; ICICI & HDFC lead, Ipca tanks

The market continued to consolidate in noon trade with the Nifty hovering around the 8,550 mark supported by pharma and banking stocks. The broader markets were in-line with the frontliners.

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11:00

Private banks, FMCG, pharma support; Sensex, Midcap flatRead More »

The market remained rangebound with the Nifty hovering around 8540-8600 levels. Private banking & financials, FMCG and healthcare stocks supported the market whereas oil & gas, capital goods, metals and power stocks were under pressure.

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10:00

Sensex, Nifty consolidate; NTPC & GAIL slip 2%, HDFC soarsRead More »

The market continued to consolidate for the third consecutive session today ahead of expiry of March derivative contracts (on Thursday). The Sensex rose 48.30 points to 28210.02 and the Nifty advanced 10.50 points to 8553.45. The broader markets were flat too.

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09:15

Sensex, Nifty marginally up; Sun Pharma, NTPC gainersRead More »

Sun Pharma and Ranbaxy Labs gained more than 1 percent as Sun said merger of Ranbaxy with company has been consummated.

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