3:30 pm Market closing:
After a volatile hour of trading, the market ended on a flat note. The Sensex was up 26.57 points or 0.1 percent at 25868.49 and the Nifty ended up 13.80 points or 0.2 percent at 7856.55. About 1450 shares have advanced, 1203 shares declined, and 231 shares are unchanged.
GAIL, Wipro, Maruti, Dr Reddy and Cipla were top gainers while Sun Pharma, ITC, Hindalco, HDFC and Hero were losers.
3:10 pm Bond auction: Leading stock exchange BSE on Monday will auction investment limits for foreign investors to buy government debt securities worth Rs 332 crore.
The auction will be conducted on BSE ebidxchange platform from 1530 hours to 1730 hours after the close of market hours on Monday, November 23, the exchange said in a circular issued on Friday.
The debt auction quota gives overseas investors the right to invest in the debt, up to the limit purchased.
2:52 pm Market trims gains: Equity benchmarks trimmed gains in last hour of trade. The Sensex rose 112.22 points or 0.43 percent to 25954.14 and the Nifty advanced 31.95 points or 0.41 percent to 7874.70.
About 1491 shares have advanced, 1088 shares declined, and 228 shares are unchanged on the BSE.
2:40 pm FII View: Christopher Wood, CLSA says Greed & Fear maintains a triple overweight on India in the Asia Pacific ex-Japan relative-return portfolio and 46 percent of the Asia ex-Japan long-only portfolio is invested in India.
He believes it is still the case for now that India remains a better relative-return story in the Asia and emerging market context than an absolute-return story given the continuing lack of any evidence of a renewed private-sector capex cycle.
This is why the Indian stock selection in the long-only portfolio remains relatively low beta, Wood says.
2:20 pm Fitch on 7th pay commission: Fitch Ratings said a proposed 23.6 percent hike in salaries and pensions for about 10 million current and former government employees in India could hurt the country’s finances and underscore the weakness in its sovereign credit profile.
The pay hike proposed on Thursday by an Indian government panel is smaller than past increases as New Delhi faces pressure to curb its fiscal deficit. It would add at least 1.02 trillion rupees (USD 15.43 billion) to federal spending in 2016 – the first year of implementation – if accepted.
Fitch said the pay hike could challenge the government’s goal of achieving a fiscal deficit of 3.5 percent in the year ending in March 2017, unless India can cut spending or raise revenues.
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2:00 pm Market Check
Equity benchmarks as well as broader markets continued to see buying interest in afternoon trade, led by technology, oil & gas, banking & financials and select auto stocks.
The 30-share BSE Sensex rose 183.96 points or 0.71 percent to 26025.88 and the 50-share NSE Nifty climbed 54.35 points or 0.69 percent to 7897.10. The BSE Midcap and Smallcap indices gained 1 percent each.
The market breadth was positive as about 1565 shares advanced against 952 advancing shares on the BSE.
Shares of TCS, Reliance Industries, ICICI Bank, Mahindra & Mahindra, Maruti Suzuki, Bajaj Auto, Wipro, Vedanta, Tata Steel and BHEL gained 1-3 percent.
GAIL continued to be top gainer on Sensex, up nearly 10 percent on reports of likely modification in long term gas contract with RasGas, the Qatar-based company. Petronet LNG was up over 6 percent.
ITC and Sun Pharma underperformed benchmarks, down 1-1.7 percent followed by HDFC, Tata Motors, Axis Bank and Bharti Airtel with marginal loss.