10:55am Ashiana Housing in News
Shares of Ashiana Housing hit a life high of Rs 216 on foraying into
Chennai's real estate market.
The New Delhi-based real estate firm has entered the Chennai market by
signing a development agreement, on revenue sharing basis, with Escapade Real
Estate.
Escapade is a group company of Chennai-based real estate company Arihant
Foundations and Housing. The joint venture will develop a 'senior living
project' as well as 'regular group housing project' on 20 acres (approximately)
of land with saleable area of 9.70 lakhs square feet (approximately), said the
company in its filing.
10:25am Market Expert
Ajay Srivastava of Dimensions Consulting expects the market to correct in
January as he feels the market is getting too optimistic about the macro
recovery and about the upcoming Budget.
In an interview to CNBC-TV18, he says the excise duty hikes in fuel is
a clear indicator of the stress being faced by the government in meeting
revenue targets.
Srivastava is advising investors to be cautious while investing in midcaps
as the gains in quite a few are unwarranted.
10:00am Market Check
Equity benchmarks remained in a consolidation mode for the fourth
consecutive session today but the broader markets outperformed frontline
indices. The BSE Midcap and Smallcap indices gained 0.6 percent and 0.9
percent, respectively.
The 30-share BSE Sensex rose 47.17 points to 28609.99 and the 50-share NSE
Nifty advanced 10.70 points to 8575.10. More than two shares advanced for every
share declining on the Bombay Stock Exchange.
Shares of ITC, Larsen & Toubro, HDFC, ICICI Bank, Reliance Industries,
Mahindra & Mahindra, Axis Bank and Bharti Airtel were top contributors to
the Sensex down 0.4-1 percent.
However, the fall in TCS, Infosys, HDFC Bank, Hindustan Unilever, Wipro, Dr
Reddy's Labs, State Bank of India, Hero Motocorp and Sun Pharma capped the
gains. These stocks declined 0.2-1 percent.
Among midcaps, Pipavav Defence, Atul, Honeywell Automation, Sundaram-Clayton
and NBCC rallied 4-8 percent while Vaibhav Global, Kaveri Seed, Responsive
Industries, Coromandel International and Natco Pharma fell 2-3 percent.
In the smallcap space, SQS India BFSI, Selan Exploration, Mangalore
Chemicals, Zensar Tech and Elantas Beck surged 8-13 percent whereas Moryo,
Supreme Infra, Sunflag Iron, Genus Power and PFL Infotech slipped 2-5 percent.
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