12:00
Moneycontrol Bureau 12:20pm Market UpdateThe market gained strength in afternoon trade with the Sensex rising 100.82 points to 27897.83 and the Nifty climbing 29.30 points to 8370 led by banks, metals and power stocks. State Bank of India, ONGC, Hero Motocorp, Sesa Sterlite, Tata Power, Dr Reddy's Labs, Tata Steel and Hindalco Industries gained 1-3 percent.
About 1544 shares have advanced, 1011 shares declined, and 87 shares are unchanged on the Bombay Stock Exchange.
12:15pm Market Expert
Sachin Shah, fund manager, Emkay Investment Managers is of the view that the undertone for the market is still very buoyant because macro factors are still in favour of Indian economy and the faith in Modi government is strong.
Market is giving a decent opportunity, so utilise that to buy on dips, says Shah.
Talking about sectors and stocks, he says although the slowdown in China is posing serious hurdle for the metal space but is not overly concerned about that.
12:00pm Market Check
The market remained rangebound with the Nifty trading in a range of 20 points despite weak global cues, but the broader markets outperformed equity benchmarks. The BSE Midcap and Smallcap indices climbed over 0.7 percent.
The BSE Sensex rose 9.87 points to 27806.88 and the Nifty advanced 3.90 points to 8344.60. About 1477 shares have advanced, 1005 shares declined, and 94 shares are unchanged on the Bombay Stock Exchange.
The select panel on insurance recommends a composite cap of 49 percent on all forms of foreign direct investment. The panel says (in the report tabled in the Rajya Sabha today) term 'control' must be defined in the Insurance Act. Reliance Capital and Max India rallied 4-7 percent.
Tata Motors remained in focus today on fears of a slowdown in China impacting JLR sales. China contributes almost 40 percent to JLR sales. The stock bounced back in noon trade after seeing a 2 percent fall in early trade.
Bharti Airtel gained marginally as the TDSAT has set aside a Department of Telecommunications penalty of Rs 650 crore on the company.
Asian markets traded mixed amid weak global cues and sluggish data from China. Japan's Nikkei dropped over 2 percent whereas Shanghai recovered from the day's low to trade with more than 2 percent gains. Brent crude continued to trade around five-year lows on oversupply concerns.
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