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Sunday, 28 September 2014

Sensex, Nifty flat; Reliance & Infosys up, HUL falls

9:55 am Buzzing: Shares of Anant Raj jumped 8.5 percent intraday on Monday after it announced sale of its wholly-owned subsidiary Greatway Estates for Rs 304.12 crore. The real estate company aid the fund would be utilised to part repayment of debt and project development.

In a filing to the BSE, Anant Raj informed that the board at its meeting "approved the sale of 100 percent equity stake in its wholly owned subsidiary Greatway Estates for a consideration of Rs 304.12 crore."

"The consideration received shall be utilised partly for repayment of debt and partly for development of the projects of the company," it added.

 Anant Raj posted net profit of Rs 100.38 crore on revenue of Rs 503.11 crore for 2013-14. It had a debt of about Rs 1,400 crore at the end of last fiscal.

9:35 am Market outlook:

 The Indian equity market is fundamentally in a bull phase, says Jaideep Goswami, Head of Equity, ICICI Securities. In an interview with CNBC-TV18, he cautions that one has to identify the triggers that can move the market on the downside. ICICI Securities has Nifty target of 9,200 for the next 12 months. On specific sectors, Goswami is positive on the FMCG space given the increasing demand in this segment. He is positive on Marico . He also likes the IT sector. With Vishal Sikka taking over Infosys and clarity on management issues, there is a possibility of a PE re-rating in the stock, he says. From the realty space, he is bullish on Sobha Developers .

The market has opened on a flat note. The Sensex is up 8.81 points at 26635.13 and the Nifty is up 9.60 points at 7978.45. About 474 shares have advanced, 127 shares declined, and 22 shares are unchanged.

Tata Steel, Wipro, Axis Bank, Reliance and Infosys are top gainers in the gainers while HUL, Coal India, ITC, Tata Motors and Bharti Airtel are major laggards in the Sensex.

Meanwhile, Prime Minister Narendra Modi received a rock star reception at Madison square garden. As a Navratara gift for a rapturous crowd of NRIs, persons of Indian origin cardholders to get lifetime Indian visa. Modi said he wants the world to 'Make in India', lists democracy, demographic dividend & demand as India's biggest strengths.

Globally, US stocks rose sharply on Friday, cutting losses for the week, after the government raised its estimate of economic growth in the second quarter and consumer sentiment rose in September.

And on the economic data front, the us economy grew at an annual rate of 4.6 percent in the second quarter. In commodities, Brent crude trades close to 97 levels giving back most of their gains from the previous session as dollar strengthens. From precious metals space, gold prices fall as a dollar-driven rally encouraged by US economic growth dimmed bullion's investment appeal. More information please visit this site

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