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Sensex falls, Midcap gains; Tata Motors up, ACC rises

The market declined marginally on profit booking in healthcare, technology and telecom stocks. Index heavyweights Reliance Industries and HDFC also saw selling pressure. However, banks stocks bucked the trend.

10:00

The News International Team

The market declined marginally on profit booking in healthcare, technology and telecom stocks. Index heavyweights Reliance Industries and HDFC also saw selling pressure. However, banks stocks bucked the trend.

The Sensex dropped 60.98 points to 28983.46 and the Nifty fell 20.10 points to 8813.90 while the broader markets continued their outperformance, up half a percent. About 1260 shares have advanced, 727 shares declined, and 137 shares are unchanged on the BSE.

Tata Motors slipped 1.8 percent post JLR retail sales growth of 6 percent in March, which was slightly than street estimates. Jaguar volumes were down 20 percent year-on-year while Land Rover volumes jumped 13 percent Y-o-Y. China volumes were the biggest disappointment, at 7000 units, down 34 percent Y-o-Y.

ACC gained 1.5 percent  as Q1 results positively surprised at the EBITDA level. Deutsche Bank said Q1 was off to a robust start and they raised CY15E EPS by 5 percent and increased target price to Rs 1630/share. However, Goldman Sachs maintained a sell and said volume decline in Q1CY15 results reinforced its view that ACC will continue to lose market share as it has not added capacity.

09:15

Sensex, Nifty flat; TCS, ITC, ICICI Bank top gainers

M&M, Sun Pharma, Bharti Airtel, Tata Motors, HDFC, HCL Technologies and Idea Cellular fell 1-1.8 percent whereas TCS rallied 2 percent ahead of fourth quarter earnings on Thursday evening. ITC, ICICI Bank, SBI, ONGC, Kotak Mahindra Bank and UltraTech Cement climbed 0.5-1.5 percent.

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