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Nifty hits 7850, Sensex up over 150 pts on European cues


TheNewsInternational Team

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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