Moneycontrol
Oct 19, 2016 02:16 PM IST | Source: Moneycontrol.com

Market recovers, Nifty above 8650; SBI, HDFC, Hero laggards

FMCG, banks and auto stocks are under pressure. ICICI Bank, ITC, Tata Motors, Hero MotoCorp and M&M are losers while BHEL, Wipro, Lupin, GAIL and Sun Pharma.


Moneycontrol Bureau

2:00 pm Market check:
Market recovers as the Sensex is down 3.44 points at 28047.44 and the Nifty is up 0.25 points  at 8678.15. About 1562 shares have advanced, 1109 shares declined, and 209 shares are unchanged.

1:45 pm IPO: Varun Beverages has set a price range of Rs 440-445 each for its planned initial public offering (IPO), which is targeting to raise between USD 165 million and USD 167 million, according to a term sheet of the deal obtained by IFR.


Varun Beverages is offering up to 25 million shares, comprising 15 million primary and the rest secondary shares, representing 13.7 percent of the expanded capital, the terms showed.


The company will have a market value of about USD 1.2 billion after the IPO, which will be open for subscription between October 26-28, the terms showed. The shares will start trading on or around November 8.


1:30 pm Asset on portfolio managers: Wealthy investors continued to have faith in portfolio managers or advisory services as the assets under management of such entities surged to over Rs 11.5 lakh crore in the Indian capital market at September-end.


It also marks the ninth-consecutive monthly increase in the asset base of portfolio managers.


Asset base of portfolio managers, who mostly manage investments or provide advisory services to high net worth individuals (HNIs), stood at Rs 9.85 lakh crore in September 2015.


According to the Securities and Exchange Board of India (Sebi), asset under management (AUM) of portfolio managers was at Rs 11.50 lakh crore at the end of September as against Rs 11.37 lakh crore in the preceding month.


Don't miss: Endurance Technologies lists at Rs 572, up 22% over issue price


The market is slipping away as the Sensex is down 83.30 points or 0.3 percent at 27967.58. The Nifty is down 25.60 points or 0.3 percent at 8652.30. About 1463 shares have advanced, 1135 shares declined, and 188 shares are unchanged.


FMCG, banks and auto stocks are under pressure. ICICI Bank, ITC, Tata Motors, Hero MotoCorp and M&M are losers while BHEL, Wipro, Lupin, GAIL and Sun Pharma.


European stocks were mixed in morning trade Wednesday, following a raft of data out of China which showed government spending had helped the world's second-largest economy to stabilize.


The pan-European Euro Stoxx 600 Index was flat with major bourses pointing in directions. The main focus Wednesday was China's gross domestic product which grew 6.7 percent in the year to September, precisely in line with forecasts.

Tepid private investment was compensated for by robust government spending and a heated property market. Industrial output was the key disappointment and concerns persist that unsustainable credit growth was a key support factor in the numbers.

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