Nifty holds 8,700 amid rangebound trade; Infosys up 1%
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Markets remained rangebound with positive bias after gains in IT majors ahead of their second quarter earnings helped capped further downside.
At 12:35pm, the S&P BSE Sensex was up 74 points at 28,135 and the Nifty50 was up 31 points at 8,728. In the broader market, the BSE Midcap and Smallcap indices were up 0.2%-0.5% each. Market breadth was positive with 1680 gainers and 917 losers on the BSE.
Foreign institutional investors were net buyers in equities worth Rs 56 crore on Friday, as per provisional stock exchange data.
IT exporters emerged as the top gainers ahead of their earnings with Infosys scheduled to announce its second quarter earnings on Friday, October 14, 2016. Infosys was up 1.6%, TCS gained 0.5% and Wipro was trading with marginal gains.
Pharma shares also witnessed buying interest with Lupin, Cipla and Sun Pharma emerging as the top gainers.
Tata Steel was trimmed early gains but was up over 2% after the company said its sales rose by 12% year on year (y-o-y) to 2.62 million tonnes (MT) in the quarter ended September 30, 2016 (Q2FY17). The company had recorded sales of 2.33 MT in the same quarter of 2015-16 fiscal.
ONGC was trading with marginal gains. Reports suggest that the state-owned exploration major is likely to buy an operating stake in the Gujarat State Petroleum Corporation (GSPC)’s KG basin gas block.
Among other shares, JSW Steel has moved higher by 2.6% at Rs 1,821 on the BSE after the company announced that the board will meet on October 27, 2016 to consider stock split from face value of Rs 10 each to lower denomination.
8K Miles Software Services has rallied 12% at Rs 840 on the BSE in intra-day trade after the stock was traded ex-bonus and ex-stock split on Monday, October 10, 2016.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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