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Sensex, Nifty rangebound; fertiliser stocks rally, Sun up


The News International Team

12:30pm Crude oil update: Oil futures edged lower today amid speculation that a last-minute deal over Iran’s nuclear programme would be reached that could allow more Iranian crude into world markets.

Talks between Iran and six world powers to settle a dispute around Tehran’s nuclear programme extended beyond a Tuesday deadline, as the parties edged towards a deal but failed to agree on crucial details such as the lifting of UN sanctions.

Efforts to reach a framework deal were scheduled to continue today morning in the Swiss city of Lausanne.

12:00pm Market Check:

The market continued to be directionless in noon trade with the Nifty struggling below 8,500. Technology and oil stocks dragged while healthcare, FMCG, banks and telecom stocks gained.

The Sensex rose 12.39 points to 27969.88 and the Nifty declined 5.20 points to 8485.80. The broader markets remained strong with the BSE Midcap and Smallcap indices rising 0.9 percent and 1.3 percent, respectively.

About 1610 shares have advanced, 694 shares declined, and 153 shares are unchanged on the Bombay Stock Exchange.

HCL Technologies topped the selling list on Nifty, down 4 percent as the company warned of currency impact owing to the currency fluctuations. Adverse cross currency will impact dollar revenue by 280 basis points and EBIT margin by 80 basis points, said the company, adding it is now confident of achieving 21-22 percent EBIT margins which is lower than Q2FY15.

Maruti Suzuki declined more than 2 percent on reporting weak sales for March. Total sales fell 1.6 percent and exports took a big knock, down 29 percent to 7836 units year-on-year.

Fertilser stocks gained 2-13 percent as cabinet approved gas pooling for the sector for 30 urea manufacturing units. Zuari Agro told CNBC-TV18 that its current gas cost will go down to USD 11-12 per mmbtu and will also reduce the working capital cycle.

Sun Pharma topped the buying list on Sensex, up 3 percent. Morgan Stanley raised target price on the stock to Rs 1,241 apiece from Rs 995 and estimated 24.6 percent CAGR for FY16-FY17 against 18.6 percent for the street.

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