3:15 Market off day’s high:
The market has fallen off day’s high dragged by IT stocks. The Nifty is up 36.70 points or 0.5 percent at 7798.95 and the Sensex is up 131.93 points or 0.5 percent at 25742.46. GAIL, Tata Steel, Dr Redddy’s Labs, SBI and ITC are top gainers while Infosys, Coal India, HUL, TCS and Tata Motors are among losers in the Sensex.
2:59 pm Market Update: Equity benchmarks remained strong in last hour of trade. The Sensex rose 213.02 points or 0.83 percent to 25823.55 and the Nifty climbed 61.25 points or 0.79 percent to 7823.50.
About 1344 shares have advanced, 1227 shares declined, and 154 shares are unchanged on the BSE.
2:50 pm Apollo’s expansion: Healthcare major Apollo Hospitals Enterprise is looking to add 1,370 beds at six locations with a total estimated project cost of Rs 1,554.9 crore by 2018-19 as part of its expansion plan in the country.
The total capex estimated for this expansion plan is Rs 1,555 crore, of which an investment of Rs 724 crore has already been made, Apollo Hospitals said during an investor presentation.
“The balance will be invested by a mix of internal accruals and the proposed rights issue,” it added.
2:40 pm IOC in news: The upcoming refinery of state-run Indian Oil Corporation (IOC) at Paradip would be a major producer of feedstock for the downstream petrochemicals industry, a top official of the company said.
“IOC will branch out into manufacturing of petrochemicals feedstock and the Paradip plant will be a major producer,” the official told PTI. The 15-million tonne Paradip refinery will be commissioned very shortly, he said.
According to the official, the plant will house a Rs 3,150-crore polypropylene plant expected to go on stream by 2017.
2:20 pm Market Expert: Manish Prasad, MD and Head of Institutional Equities at JM Financial believes that market is in consolidation and says that bottom-up is the best strategy is the current scenario. Prasad is positive on the market with a three-year perspective.
Speaking to CNBC-TV18, he says that companies need to work on productivity to improve corporate earnings, which have been low since last eight quarters. The government has done its bit to ensure that there is ease in doing business in the country, he says.
However, he believes that the global scenario is not very conducive for market currently. It will take another two to three quarters for economy to show any signs of recovery, he adds.
2:00 pm Market Check
The market rallied further in afternoon trade, supported by banks, metals, infra, select FMCG and pharma stocks. The Sensex rose 182.99 points or 0.71 percent to 25793.52 and the Nifty rose 59.65 points or 0.77 percent to 7821.90.
The marketh breadth was positive as about 1307 shares advanced against 1203 declining shares on the BSE.
ITC, ICICI Bank, L&T, SBI, Lupin, Mahindra & Mahindra, Dr Reddy’s Labs, Tata Steel and GAIL rallied 2-3.5 percent. Infosys, TCS, Tata Motors, HUL, Axis Bank and Coal India declined 0.4-1.5 percent.