Stock Market

Nifty ends above 7700, Sensex in red; GAIL, BHEL, SBI gainers


Chillicious Team

3:30 pm Market closing:

After a volatile day, the market has ended down 33.71 points at 25228.50 and the Nifty slipped 2.05 points at 7733.45. About 1127 shares advanced, 1388 shares declined, and 183 shares were unchanged.

GAIL, BHEL, SBI, Hindalco and Tata Motors were top gainers while Adani Ports, Dr Reddy’s, Wipro, ONGC and HDFC Bank.

2:45 pm MCA: The Corporate Affairs Ministry has completed public consultation for rules pertaining to revival and rehabilitation of sick firms under the companies law, Parliament was informed today.

“The rules related to revival and rehabilitation of sick companies have been examined in the ministry and public consultations has also been completed,” Corporate Affairs Minister Arun Jaitley said in a written reply to Lok Sabha.

He further said: “Notification of these rules is dependent on establishment of National Company Law Tribunal), & NCLAT (National Company Law Appellate Tribunal) and commencement of the sick industrial (Special Provision) Repeal Act, 2003.” NCLT, proposed under the Companies Act, 2013, would replace the Company Law Board.

2:30 pm Oil woes: The central banks of India and Iran have reached an arrangement to use European banks to process pending oil payments to Tehran, India’s Oil Minister Dharmendra Pradhan told Reuters, unlocking USD 6.4 billion in stalled funds.

Buyers of Iranian oil were prevented from using global banking channels to clear their transactions after sanctions were imposed on Iran in 2011 over its nuclear programme. With the end of those sanctions in January, after an agreement to curb the programme, Iran is finally gaining needed access to the funds.

Iran hopes the money will revive its moribund economy and raise Iranian living standards as well as help to integrate the country into the global economic system.

Don’t miss: Eicher ups Enfield production guidance: What brokerages say

The market is volatile with the Sensex down 44.24 points or 0.2 percent at 25217.97, and the Nifty slips 6.85 points at 7728.65. About 1086 shares have advanced, 1306 shares declined, and 159 shares are unchanged.

GAIL, SBI, ICICI Bank, Bharti Airtel and Hindalco are top gainers while Dr Reddy’s Labs, Adani Ports, Wipro, Tata Steel and ONGC are major losers in the Sensex.

Meanwhile, Gold was set to post its biggest weekly decline in six weeks as the US dollar firmed ahead of the U.S. non-farm payrolls report that could provide clues about the Federal Reserve’s monetary policy.

A strong payrolls number could prompt the Fed to raise rates sooner than later, hurting non-interest paying gold. The metal has rallied nearly 21 percent this year on expectations that the Fed will slow the pace of rate hikes.

For the week, gold was set for a 1.2 percent decline, its biggest weekly drop since the week ended March 25.