Home / Business / Money / Sensex erases gains, Nifty below 8500; banks, IT drag

Sensex erases gains, Nifty below 8500; banks, IT drag


The News International Team

03:05pm HCC in News: HCC, the leading infrastructure construction company, has been awarded contract worth Rs 392.13 crore from the Ministry of Road Transport and Highway (MoRTH) for 4-laning of 26km long road on NH52 between Jamugurihat to Biswanath Chariali by-pass in Assam. The project will be completed in 36 months.

The project is part of the Special Accelerated Road Development Programme for North Eastern Region (SARDP-NE) and includes rehabilitation, upgradation and augmentation of the existing carriageway, major and minor bridges, culverts, road intersections, interchanges, drains, etc.

The order-book position as of December 2014 stood at Rs 14,307 crore.

02:50pm Wheat import largest in 5 years: India has bought up to 80,000 tonnes of Australian wheat in recent deals, three trade sources said today, the biggest such imports by the country in five years as unseasonal rains damage the crop at home.

Purchases by the Fworld’s No.2 wheat consumer and producer could buoy benchmark Chicago prices , which rallied more than 6 percent in the past two sessions and are currently near a one-week top amid concerns over dry weather and rising temperatures hurting the US winter crop.

Indian flour millers have bought between 70,000 and 80,000 tonnes of Australian prime wheat for April-May shipment at USD 260-USD 265 a tonne, including cost and freight.

“They have bought three cargoes as some mills are taking coverage because of reports of rain damage,” said one Singapore-based trading manager with an international trading company.

“We don’t expect India to buy large volumes as they have substantially large stocks but there could be some demand for higher grade wheat.”

02:25pm Market Update: The market erased gains with the Sensex falling 8.12 points to 27967.74 and the Nifty declining 4.80 points to 8487.50.

About 1552 shares have advanced, 1036 shares declined, and 179 shares are unchanged on the BSE.

02:15pm Videocon d2h IPO: Videocon d2h, the satellite television arm of Videocon Group, will have to file a new draft prospectus for an initial public offering in domestic markets after fund raising via American depositary shares (ADS), Saurabh Dhoot, director of the company, told Reuters.

Videocon d2h agreed to sell ADS worth up to USD 375 million to US-based Silver Eagle Acquisition Corp in January, which would get listed on Nasdaq stock exchange on Tuesday.

That means the company has to file a new application after filing one in October 2014 to raise up to Rs 700 crore (USD 113.3 million).

“We would have a market cap of close to USD 1.2 billion and an enterprise value of USD 1.5 billion after Nasdaq listing,” Dhoot added.

02:00pm Market Check

The market extended rally in afternoon trade with the Nifty inching towards 8550 led by banks and oil stocks. The broader markets gained further too; the BSE Midcap climbed 0.8 percent and Smallcap surged 1.4 percent.

The Sensex jumped 193.10 points to 28168.96 and the Nifty shot up 57.10 points to 8549.40. About 1681 shares have advanced, 886 shares declined, and 152 shares are unchanged on the BSE.

Anish Damania of IDFC Securities expects Nifty to remain range bound between 8000-9000 over the next six months.

Country’s largest lenders State Bank of India, ICICI Bank and Axis Bank gained 1-1.5 percent whereas HDFC Bank fell 0.5 percent. Tata Motors extended upside, up 3.3 percent.

Tata Power rallied 3.7 percent and Adani Power gained over a percent. Supreme Court ruled that companies can use argument of change in international law to charge higher tariff.

Reliance Industries rose over 2 percent as brokerage Morgan Stanley upgraded the stock to overweight from underweight and raised target price to Rs 1,062.


Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...