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Nifty ends below 7850, Sensex up 104 pts; Infosys down 2%


TheNewsInternational Team

3:30 pm Market closing:

The market has ended with gains for another day. The Sensex was up 104.37 points or 0.4 percent at 25864.47. The Nifty was up 30.95 points or 0.4 percent at 7837.55. About 1390 shares advanced, 1298 shares declined and 169 shares were unchanged.

GAIL, ITC, Vedanta, Tata Steel and Hindalco were top gainers while Infosys, Dr Reddy’s Labs, Axis Bank, Bajaj Auto and Hero MotoCorp were losers.

3:10 pm Macro data: India’s current account deficit (CAD) is likely to be about 1 percent of the GDP in the current fiscal because of low crude prices and contained gold imports, says a Citigroup report.

According to the global financial services major, CAD is likely to be about USD 20.6 billion (1 percent of GDP) in 2015-16, as against USD 28 billion (1.4 percent of GDP) last year.

“Though it’s still early to call the bottom on export contraction, we maintain our view of India’s current account deficit narrowing to around 1 percent of GDP in FY16 due to low crude prices and contained gold imports,” Citigroup said in a research note.

2:55 pm Market Update:
Equity benchmarks lost some gains in last hour of trade amid volatility. The Sensex rose 117.84 points to 25877.94 and the Nifty gained 31.20 points at 7837.80.

About 1364 shares have advanced, 1240 shares declined, and 169 shares are unchanged on the BSE.

2:40 pm HCL bags order: HCL Technologies has signed an application development and maintenance contract with Deutsche Bank.

Under the terms of agreement, HCL will provide digital solutions, systems integration, product implementation and design, build and test new applications in addition to the ongoing application maintenance and support services.

HCL will manage and enhance some of the existing application suites, including corporate banking and securities, global transaction banking, asset and wealth management, and risk, finance and back-office operations across Deutsche Bank group.

2:20 pm FM on economic growth: The Indian government would prefer to use buoyant tax receipts to fund extra infrastructure spending than to slash its borrowing target for the current fiscal year, Finance Minister Arun Jaitley told Reuters in an interview.

Arun Jaitley said he would prefer to stick to the fiscal deficit target of 3.9 percent of gross domestic product for the current fiscal year through to March 2016.

Achieving high growth and reducing poverty were priorities in the coming years, Jaitley said on a visit to Dubai, slapping down rebels in the ruling party who have criticised Prime Minister Narendra Modi after a recent regional election defeat.

Also read – Expect oil production to rise in FY16: ONGC

2:00 pm Market Check

The market gained strength in afternoon trade with the Nifty reclaiming 7850 level, aided by FMCG, metals, select pharma and banking & financials stocks. European markets like France’s CAC, Germany’s DAX and Britain’s FTSE gained 1-1.5 percent on positive Wall Street cues.

The Sensex rose 184.99 points to 25945.09 and the Nifty climbed 53 points to 7859.60. About 1364 shares have advanced, 1148 shares declined, and 167 shares are unchanged on the BSE.

Hindalco Industries, ITC, HDFC, Tata Motors, Sun Pharma, HUL, GAIL, Vedanta and Tata Steel topped buying list on Sensex, up 2-3.7 percent.

Infosys and Dr Reddy’s Labs fell 1.4 percent each.

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