12:17
Moneycontrol BureauLive Market Commentary
12:20pm Sesa Sterlite in focus
Shares of Sesa Sterlite, controlled by billionaire Anil Agarwal, fell 3 percent to a one-week low on Tuesday after the Central Bureau of Investigation (CBI) said it started a probe into possible irregularities in its stake buy in Hindustan Zinc , reports Reuters.
A Sterlite unit bought a 26 percent stake in Hindustan Zinc from the government in 2006. The unit now owns 64.92 percent in Hindustan Zinc, while the government has a 29.54 percent stake.
"We've launched a preliminary enquiry based on information from some source," said Kanchan Prasad, a spokeswoman for the CBI. "We'll look into documents to see whether there is any prima-facie evidence (of irregularities) or not, and then chargesheet them if needed."
12:10pm Morgan Stanley cuts stake in Bajaj Finserv
Bajaj Finserv fell 1.7 percent in intraday trade today. Morgan Stanley Asia (Singapore) reduced its stake in the company from 2.36 percent to 0.11 percent by selling Rs 258.7 crore worth of shares through a block deal on Monday.
Morgan Stanley offloaded 35,82,795 equity shares at Rs 722 apiece on the National Stock Exchange.
However, Valiant Mauritius Partners purchased 23,08,083 shares at Rs 722 and Valiant Mauritius Partners Offshore 20,46,790 shares at same price through block deals that were worth Rs 314.42 crore.
The stock was down 0.81 percent to Rs 713.05.
12:00pm The market is directionless in noon trade as investors are cautious ahead of expiry of December derivative contracts on Thursday. The Sensex advanced 12.21 points to 21,113.24, and the Nifty added 7.60 points to 6,292.10. Advancing shares outnumbered declining ones by a ratio of 1258 to 725 on the BSE.
The festive cheer seen in the Indian equity market may continue for some more time, but from a longer term perspective, third quarter corporate earnings in January and the central bank's move on rate hikes are cues one should watch, Manishi Raychaudhuri, MD, Asian Equity Strategist, HOR, BNP Paribas Securities said.
In an interview to CNBC-TV18, he said India Inc's Q3 earnings are likely to show some downtick. Earnings growth has been in single digit for last six years, for FY14 it will hover in the 8-10 percent range.
Bajaj Auto and BHEL are top gainers in the Sensex, rising over 1.5 percent followed by Larsen and Toubro with a 1 percent upmove.
However, Tata Power and Sesa Sterlite fell more than 2 percent. HDFC and Wipro declined 1 percent each.
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