Nifty holds 8,680 amid rangebound trade
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Markets continued to trade firm in late noon trades as gains in financials are offsetting losses amid profit taking at higher levels.
At 2pm , the S&P BSE Sensex rose 168 points at 28,173 and the Nifty50 was up 60 points at 8,684. In the broader market, the BSE Midcap and Smallcap indices were up 0.6%-1% each.
Market breadth was positive with 1612 gainers and 864 losers on the BSE.
Meanwhile, minutes from the Federal Reserve's July meeting signalled that policy makers remain divided on prospects for a near-term rate increase.
Gains were led by financials with private lenders gaining the most. ICICI Bank was up over 2% followed by HDFC Bank, Axis Bank and IndusInd Bank among others. Among others, HDFC was up 0.7% and SBI gained 1.2%.
Bharti Airtel was up over 2% on reports that Singapore Telecommunications (SingTel) intends to acquire a stake in Thailand's Intouch Holdings and also raise its holding in Bharti Airtel's holding company Bharti Telecom to take advantage of faster growth in emerging markets.
BHEL was up over 1%. The state-owned engineering major announced that it has bagged EPC Order for 30 MW Solar Photovoltaic Power Plants. The company is among seven Indian firms that have made it to a carbon-clean list of 200 largest companies worldwide ranked by their total clean-energy revenues. BHEL was ranked 106 for its wind electric generators and solar cells.
Adani Ports extended gains and was up over 3%. The company last week reported 31% year-on-year (YoY) jump in its consolidated net profit at Rs 836 crore for the quarter ended June 30, 2016.
NTPC has gained over 1% ahead of its June quarter earnings on Monday, August 22, 2016.
In the auto segment, four-wheelers stocks were among the top gainers with Tata Motors, M&M and Maruti Suzuki up nearly 1% each.
Infosys extended losses and was marginally down after its key client Royal Bank of Soctland scrapped a key IT project.
Coal India was the top loser down over 2% on profit taking after recent gains.
Other Latest News
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The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
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The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
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Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
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India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
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The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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