Feb 17, 2017 04:34 PM IST | Source: Moneycontrol.com

Nifty ends at 8822, Sensex rises 167 pts; HDFC Bank gains 3.6%

Sun Pharma, HDFC Bank, GAIL, ICICI Bank, Cipla and Tata Motors were top gainers while Infosys, Asian Paints, TCS, Hero Motocorp, Wipro, Bharti Infratel, Hindalco and Idea Cellular were under pressure.

Nifty ends at 8822, Sensex rises 167 pts; HDFC Bank gains 3.6%

Moneycontrol Bureau

3:30 pm Market Closing: Benchmark indices closed higher for second consecutive session, with the Sensex rising 167.48 points to 28468.75. The Nifty ended above 8800 level, up 43.70 points at 8821.70.

The market breadth was balanced today.

Sun Pharma, HDFC Bank, GAIL, ICICI Bank, Cipla and Tata Motors were top gainers while Infosys, Asian Paints, TCS, Hero Motocorp, Wipro, Bharti Infratel, Hindalco and Idea Cellular were under pressure.

3:05 pm Scrap-based steel plants:
The government today said it is planning to set up scrap-based steel plants in north and west parts of India to augment the country's production capacity.

"We are examining the feasibility of setting up scrap-based steel plants," Steel Minister Chaudhary Birender Singh said during Make in Steel Conference here.

Stressing that the scrap-based steel plants are environment-friendly, energy-efficient and cost effective, he said that these plants would be on the lines of 'melt and manufacture' steel technology used in the US.

"I would like you to deliberate on the cost-benefit analysis of setting up scrap-based steel plants in north and west India. These regions are important form the perspective of scrap-availability and steel import hubs. The plants will have the capability to produce special high-grade steels, a pre-requisite for 'Make in Steel'," the minister said.

2:55 pm New chairman at IRB:
IRB Infrastructure, a wholly-owned subsidiary of IRB Infrastructure Developers said it has appointed former NHAI Chief Rajinder Pal Singh as Chairman to the Board.

An IAS, he has worked in various areas like finance, industry, urban development and infrastructure development.

Singh has also been the Chairman & Managing Director, Punjab & Sind Bank and served as Secretary, Department of Industrial Policy & Promotions.

He was NHAI chairman from 2012 to 2015. Currently, he is on the Board of Directors of Maruti Suzuki India Ltd; Bharati Infratel Ltd and Lodha Developers.

2:25 pm Buzzing:
State-run housing company NBCC fell more than 10 percent intraday after the stock adjusted for bonus issue.

The board of directors of the company, on January 4, recommended the issue of bonus shares that would be from its free reserves created out of profit.

The company has fixed February 21 as a record date for ascertaining the eligibility of shareholders for issuance of one bonus share of Rs 2 each on every existing two fully paid-up equity shares, subject to the approval of shareholders through postal ballot, it said on January 13.

With this bonus issue, the share capital of the company will increase to Rs 180 crore (90 crore shares) from Rs 120 crore (60 crore shares).

2:14 pm MFs may trade in commodities soon: With an aim to deepen the nascent commodity market, SEBI is likely to give mutual funds the go-ahead to trade in commodity markets in a month, while the regulator is also in talks with the RBI to allow institutional investors like banks and Foregin Portfolio Investors to trade in the segment.

"Mutual funds' participation in commodities derivatives would be the first one to happen among institutional investors," Securities and Exchange Board of India Chairman UK Sinha said on Friday, and hinted that the move could be implemented in a month.

Sinha, whose term as SEBI Chairman ends on March 1, was speaking to reporters on the sidelines of the regulator's international conference on commodity derivatives.

Also read - ANALYSIS: Confident of growth, RBI chief has watchful eye on inflation

2:00 pm Market Check

The market remained in positive terrain in afternoon despite flat trade in Europe, led by private banking & financials, healthcare and select oil & gas stocks.

The 30-share BSE Sensex was up 186.31 points at 28487.58 and the 50-share NSE Nifty gained 49.90 points at 8827.90 while the broader markets rose 0.4 percent.

The market breadth was not strong as about 1432 shares advanced against 1201 declining shares on the BSE.

HDFC Bank, the country's second largest private bank, erased more than half of its gains in afternoon trade after the Reserve Bank put the bank back in its FIIs ban list, up 3.5 percent after rising as much as 10 percent in opening trade today.

ICICI Bank, Sun Pharma, Tata Motors, Lupin, Cipla and GAIL gained 1-3 percent while TCS, Infosys, Axis Bank, SBI, Maruti and Asian Paints were under pressure.

European bourses were flat, pausing for breath after a strong rally at the start of the week, as investors eyed economic data and more earnings reports.

Asia markets finished mostly lower, as Samsung Group shares were in focus following the arrest of its chief.

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