Volatile Sensex, Nifty gain strength; Sun Pharma rallies

11:40am FII View: Mahesh Nandurkar, CLSA said interactions with 80 investors in the USA suggest FIIs' incremental interest in India is near a short-term peak. With most being overweight, there is an increasing unease about weak earnings, he added. The brokerage still expects profit to improve, just not in the next couple of seasons, he said. "The macro triggers of Land/GST bills also seem to be some time away. The structural story remains compelling for long-term investors but the risk of a near-term pullback is rising. We lower our weights on banks and capital goods," he explained. 11:25am Gammon Infra under pressure: Sebi refused to withdraw the ban on Abhijit Rajan, former CMD of Gammon Infrastructure Projects, from the securities market and said the prohibition will continue till further directions in a case related to insider trading. The market regulator, in its order in July last year, had barred Rajan after prima-facie finding him to have violated insider trading regulations. This would be one of the few cases where CMD of a company has come under the scanner in an insider trading case. In an order passed on Monday, Sebi has confirmed the directions issued in respect of Rajan vide ad-interim ex-parte order dated July 17, 2014. The directions issued vide the interim order "shall continue to be in force till further directions," it added. 11:00am Market Check: The market remained firm with the Nifty bouncing back after 4 days of consecutive losses. The broader markets gained marginally more than the frontline indices with a firm advance:decline ratio. The Sensex rose 109.22 points to 28301.24 and the Nifty advanced 31.20 points to 8582.10. From the frontliners, Jindal Steel gained 2 percent on news of the Delhi High Court staying the transfer of Tara coal block and asking the government to file reasons for transferring the Gare-Palma IV 2 & 3 blocks by March 26. Sun Pharma rallied 2 percent along with Ranbaxy Labs. The CCI approved Sun-Ranbaxy's plan to divest all 7 brands to Emcure Pharma. Strides Arcolab and Shasun Pharma too gained 3-5 percent as the CCI gave its approval to the proposed merger between the two entities. However, Aarti Drugs plunged 9 percent as the USFDA issued an import alert on the company's Palghar unit. More information please visit this site www.bigprofitbuzz.com