Stock Market

Sensex, Nifty rangebound; oil & infra stocks gain, HDFC slips


Chillicious Bureau

3:06 pm Market Update:

The Sensex was up 29.02 points at 27672.13 and the Nifty up 7.70 points at 8581.05. About 1719 shares advanced against 1051 declining shares on the BSE.

2:49 pm Europe update:
European stocks were higher after stronger-than-anticipated inflation data from China helped to calm nerves over global growth prospects.

The pan-European STOXX 600 was up 0.88 percent with all major bourses in positive territory.

2:35 pm NSE auction: Leading bourse National Stock Exchange (NSE) will auction investment limits for overseas investors for purchase of government debt securities worth over Rs 9,300 crore on Monday.

The auction will be conducted on NSE-ebid platform during 1530-1730 hours, after the close of market trading.

The debt auction quota gives overseas investors right to invest in the debt, up to the limit purchased.

According to latest data available with depositories, total investment in government debt has reached Rs 1,38,667 crore till yesterday, which is 93.69 per cent of total permitted limit of Rs 1.48 lakh crore.

Consequently, the exchange has decided to conduct an auction for the allocation of unutilised debt limits to the tune of Rs 9,333 crore on Monday, October 17, 2016.

2:20 pm Buzzing: L&T shares gained more than 2 percent intraday on bagging major railway order worth Rs 3,799 crore.

“The transportation infrastructure business of L&T Construction has won order worth Rs 3,799 crore from the Dedicated Freight Corridor Corporation of India,” the engineering and infrastructure major said in its filing.

This order is secured by a consortium by L&T and Sojitz Corporation, Japan. The project is located at northern end of western corridor and forms a link between eastern & western corridor.

The company said the works would be carried out between Rewari and Dadri (128 km) through regions of Rewari-Alwar-Mewat-Gurgaon-Palwal-Faridabad-GB Nagar in Haryana, Rajasthan and Uttar Pradesh.

Also read – Is it time to sell TCS as analysts cut growth estimates post Q2?

Benchmark indices continued to consolidate in afternoon trade with the Nifty trading in a 8570-8600 range while the broader markets remained outperformance.

The 30-share BSE Sensex was up 45.83 points at 27688.94 and the 50-share NSE Nifty gained 11.50 points at 8584.85 while the BSE Midcap and Smallcap indices rose 0.7 percent each.

About 1651 shares advanced against 1015 declining shares on the Bombay Stock Exchange.

Reliance Industries, L&T, TCS, Tata Motors, ONGC and GAIL gained 1-3.6 percent whereas Infosys, HDFC, HUL and Lupin fell 1-2 percent.