Nifty below 8400, Sensex in red; Tata group stocks drag
Tata group stocks TCS, Tata Steel and Tata Motors are down 1-2 percent. Infosys is down 1 percent and Dr Reddy's Labs are losers in the Sensex. Among gainers are ONGC, Coal India, HDFC, GAIL and HUL.
10:15 am Expansion: Adani Ports and SEZ will invest Rs 6,000 crore for the development of third phase of Mundra Port.
The upcoming capacity expansion of Mundra Port, touted as one of the top multi-purpose ports in the country in terms of traffic held, would lead to employment generation for 600 people, sources said.
A token MoU to this effect was signed in the presence of Gujarat Deputy Chief Minister Nitin Patel at the Vibrant Gujarat Global Summit.
Essar Ports too plans to develop port facilities along the Gujarat coast at an investment of about Rs 10,600 crore, a move that is expected to result in employment generation opportunities for 1,000 people.
Also read - Infosys Q3 profit up 3%, raises FY17 dollar revenue guidance to 10-10.4%
10:00 am Market Check
After a initial spurt in early trade, the market has slipped into red dragged mostly by Tata Group stocks. The Sensex is down 12.27 points at 27234.89 and the Nifty is down 13.40 points at 8393.80. About 835 shares have advanced, 931 shares declined, and 271 shares are unchanged.
Tata group stocks TCS, Tata Steel and Tata Motors are down 1-2 percent. Natarajan Chandrasekaran, the CEO and Managing Director of Tata Consultancy Services , has been named the new Chairman of Tata Sons, roughly three months after the former Chairman Cyrus Mistry was unceremoniously ousted.The new chairman will take charge from February 21.
Infosys is down 1 percent and Dr Reddy's Labs are losers in the Sensex. Among gainers are ONGC, Coal India, HDFC, GAIL and HUL.
Meanwhile, oil prices edged up, supported by reports on details of OPEC output cuts, although lingering doubts over producer compliance with supply reduction targets weighed on the market.
Traders said that prices were also supported by comments from top crude exporter Saudi Arabia that its output had fallen below 10 million bpd, levels last seen in early 2015. That would also mean that the kingdom has cut production by more than the 486,000 bpd it agreed to under a global deal to stem a fall in oil prices.