03:30 Market closing
The market ended a dull day of trade on a flat
note. The Nifty ended tad below 7950 down 19.25 points at 7945.55 while the
Sensex slipped 62.52 points at 26567.99. Oil & gas and FMCG stocks were
beaten down while IT stocks gained on dollar strength.
Wipro,
Infosys, M&M, TCS and Hero were top gainers. On the losing side were Maruti,
Tata Steel, GAIL, Tata Power and Reliance.
03:00pm Market Check
The Sensex
declined 52.90 points to 26577.61 and the Nifty fell 15.35 points to 7949.45.
About 1220 shares have advanced, 1604 shares declined, and 107 shares are
unchanged.
02:45pm Minda Industries in focus
Minda signed a joint venture agreement with
Panasonic Corporation, Japan to manufacture and supply of lead acid storage
batteries for two wheelers, four wheelers and for other industrial batteries.
The proposed plant of the joint venture company will be located at Pant Nagar,
Uttrakhand.
The shareholding of Panasonic Corporation and
Minda Industries in the said joint venture is in the ratio of 60:40, said the
company.
The cost
of the project will be around Rs 160 crore. The commercial production of the 4W
batteries is planned for June, 2015. It is stated that the production capacity
of this joint venture company is expected to be two million batteries by 2018.
02:30pm IVRCL in News
IVRCL
shares rallied 8 percent as a media report suggested that the company is going
to sell Rs 4,000 crore worth of assets.
While
clarifying the assets sale, the company said as part of strategic business plan
to monetize BOT assets, it proposed to divest its stake in certain road
projects and water projects. The same has been mentioned in press release dated
April 01, 2013 under copy to stock exchanges. Therefore, the news is already in
public domain.
Further, as per the CDR package, the company
is required to monetize certain assets and the above point has been clarified
to the shareholder in the AGM held on September 26, 2014 to his query, it
added.
02:00pm Market Check
The market remained directionless with the
Nifty holding 7950. Oil & gas, FMCG, banking and financials, and metals
stocks declined while technology and auto stocks gained.
The 30-share BSE Sensex slipped 12.27 points
to 26618.24 and the Nifty dropped 3.30 points to 7961.50. About 1259 shares
have advanced, 1485 shares declined, and 114 shares are unchanged.
Individual stocks have been correcting of late
but Nifty has not witnessed appropriate correction due to extended support by
the defensives. Deven Choksey, Managing Director of KR Choksey Shares and
Securities feels this could be a strategy to bring a much-needed headroom into
some stocks.
If Nifty remains in an adjustment band of
7900-8200, he is confident of investors buying into corrected stocks from a
long-term perspective.
Shares of
ITC, Reliance Industries, ONGC, Maruti Suzuki, HUL, Tata Steel, Gail India and
Tata Power were down 1-2.5 percent while Infosys, TCS, Wipro, Hero Motocorp and
Coal India gained 1-3 percent.
In the
midcap space, Relaxo Footwear, Berger Paints, Cyient, Bata India and Kaveri
Seed shot up 5-9 percent while Trinity Trade, PTC India, Rajesh Exports, BF
Utilities and Manappuram Finance lost 3-5 percent.
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