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Nifty reclaims 8300; IT, banks outperform


The News International Team

Shares recovered a bit in the afternoon trade, with the Nifty trading above the psychological 8300 mark. Bank Nifty was trading above 18000.

The Sensex was down 29.97 points or 0.11% at 27427.61, and the Nifty was down 12.30 points or 0.15% at 8329.85. About 879 shares have advanced, 1807 shares declined, and 169 shares are unchanged.

Infosys, IDFC, SBI, Hindalco Industries, ICICI Bank and Larsen were the top gainers, while top losers includes Bharti Airtel, BHEL, Wipro, Dr Reddys Labs, Reliance Industries, Idea Cellular, Cairn India, Asian Paints and HCL Tech.

At 1.20pm: Sensex & Nifty under pressure; Midcap, Smallcap slip 1%

Indigo IPO: India’s biggest carrier, IndiGo, is preparing to file documents for a stock listing to raise USD 300 to USD 400 million, two sources with knowledge of the plans said, as it looks to cash in on a booming air travel market.

IndiGo, owned by hospitality and travel company InterGlobe Enterprises, has remained profitable in the last two years, avoiding much of the turbulence to hit rival Indian carriers.

IndiGo has picked Citigroup, Kotak Investment Bank, Morgan Stanley and JP Morgan as lead managers for the listing, with UBS and Barclays also involved, the two sources said.

Indigo will file its draft prospectus by the end of May, two sources said. The timing of the market debut itself, however, is not set, a separate source said, and will depend on market conditions, reports Reuters.

01:00pm Market Check

The market extended losses in afternoon trade with the Nifty breaching 8300-mark for the first time since January 14 and the Sensex falling more than 200 points intraday amid consolidation. The broader markets underperformed equity benchmarks; the BSE Midcap and Smallcap indices fell over 1 percent each.

The Sensex slipped 102.13 points to 27355.45 and the Nifty declined 38.35 points to 8303.80.

Telecom stocks extended sell-off with the Bharti Airtel, Idea Cellular and Reliance Communications falling 5 percent each, even though the regulatory overhang got lifted with the conclusion of auctions. Investors remained concerned about the spectrum payout impact on the companies’ balance sheets.

Oil ministry sources indicated that upstream subsidy burden is likely to be zero in the fourth quarter. The ministry sought Rs 5,000 crore as compensation from Centre in Q4, but the finance ministry is yet to formally communicate its decision on the subsidy sharing mechanism, say sources.

Globally, Asian markets remained mixed on geopolitical concerns. Japan’s Nikkei hit a two-week low due to weak inflation data. In commodities, Brent crude slipped more than a percent to USD 58 a barrel as supply threat eased.

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