Markets

Market Live: Sensex remains volatile but Midcap outperforms; pharma stocks up

Moneycontrol News

10:23 am Market Check: Benchmark indices remained volatile in morning trade, with the Nifty hovering around 9,850 level as investors looked for triggers after digesting Infosys and PSU banks consolidation news.

The 30-share BSE Sensex was up 17.56 points at 31,585.57 and the 50-share NSE Nifty rose 4.20 points to 9,856.70.

The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth.

About 1,113 shares advanced against 807 declining shares on the BSE.

Infosys, Tata Motors, Lupin and Sun Pharma top four contributors to Sensex’ gains but upside is capped by HDFC Group stocks.

9:55 am Buzzing: Shares of V-Mart Retail rose nearly 3 percent intraday on the back of opening of two new stores.

The company has opened two new fashion stores in the state of Uttar Pradesh and Jharkhand.

With the opening of these stores the company has total of 17 composite & 47 fashion stores in Uttar Pradesh and 9 fashion stores in Jharkhand.

This takes the total number of stores to 151 stores in 127 Cities across 14 states, with 37 composite stores and 114 fashion stores with a total area of approximately 12.79 lakh square feet.

9:45 am Stake sale: Share price of Mcleod Russel rose 2.5 percent intraday as the company is going to sell its loss making unit.

The company has decided to dispose of its Bhatpara Tea Estate, a loss making unit of the Company in Dooars, subject to necessary approval/s.

On August 23, 2017 the company has entered into an agreement for sale with Voom Food Industries of Siliguri, West Bengal.

The company will receive around Rs 13.21 crore from sale and the sale process will get completed after the sale permission is obtained from the government of West Bengal.

9:38 am Infosys in focus: Sources told CNBC-TV18 that Infosys is in initial stages to appoint selection panel to oversee selection. The panel, which aims to complete process within 4 months, is also in charge of overviewing board composition.

Search panel may have founders, board members & independent business leaders, sources said.

Its 10 key clients expressed their concern in writing on what lies ahead in terms of operations. They sought clarity on CEO succession & operational changes and also sought clarity on issue with founders and the way forward.

Sources said chairman R Seshasayee & co-chair Ravi Venkatesan will move on only after situation is stable.

9:28 am FII View: Jonathan Garner of Morgan Stanley said key country overweights of China and India are amongst the best country performers in 2017 so far.

He recommends investors to focus on alpha rather than beta.

“Within India, we are overweight IOC and Jain Irrigation,” he said.

9:25 am Buzzing: Shares of Alembic Pharmaceuticals gained 3 percent in the early trade as it has sold its formulations manufacturing facility at Baddi.

The company has sold its formulations manufacturing facility at Baddi on slump sale basis to Scott Edil Pharmacia (SEPL), a company engaged in the business of pharmaceuticals products.

SEPL does not belong to the promoter / promoter group / group companies and is not related party of the company.

The turnover and networth of the said manufacturing facility for the last financial year vis-a-vis turnover and networth of the company is insignificant.

The company continues to meet its domestic formulation demand from Sikkim unit and international formulation demand from its Panelav unit.

9:15 am Market Check: Equity benchmarks opened moderately higher amid mixed Asian cues on Thursday.

The 30-share BSE Sensex was up 44.21 points at 31,612.22 and the 50-share NSE Nifty rose 12.25 points to 9,864.75.

Infosys, ITC, TCS, Reliance Industries, L&T, Sun Pharma, Lupin and M&M gained while HDFC Bank, Maruti Suzuki, Kotak Mahindra Bank, HUL, Bajaj Auto and SBI were under pressure.

Nifty Midcap was up 0.2 percent.

SREI Infrastructure shares gained 3.5 percent as Bharat Road Network IPO will open from September 6-8.

United Spirits, United Breweries, Alembic Pharma, Mcleod Russel, Praj Industries and Ugar Sugar Works gained up to 6 percent.

Fortis Healthcare, DLF, Allahabad Bank, Dena Bank, SPARC, Andhra Bank, Castrol, Jaypee Infratech and Union Bank were under pressure.

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