Nov 29, 2016 02:26 PM IST IST | Source: Moneycontrol.com

Nifty holds 8150, Sensex firm; Sun Pharma, TCS, ITC fall

Maruti, GAIL, Asian Paints, HDFC and Tata Motors are top gainers while Sun Pharma, Axis Bank, TCS, ITC and Cipla are losers in the Sensex.

Moneycontrol Bureau

1:45 pm Cement:
French multinational Lafarge has received environment clearance for raising production capacity of its Nongtrai limestone mine in Meghalaya to 5 million tonnes per annum (MTPA) from 2 MTPA, at a cost of Rs 194 crore.

Nongtrai limestone mine is operated by Lafarge Umiam Mining Pvt Ltd (LUMPL), a 100 percent subsidiary of Lafarge Surma Cement Ltd (LSC), Bangladesh. The limestone from the mine is supplied to a cross-border cement manufacturing plant of LSC in Bangladesh.

The mine was set up as per an agreement between India and Bangladesh in November 2000.

1:30 pm European markets: European bourses open lower as investors focused on talks between OPEC members and the political uncertainty mounting ahead of a key referendum in Italy.

The pan-European Stoxx 600 opened 0.17 percent lower.

OPEC oil producers are preparing for a crucial meeting on Wednesday where they aim to agree on a production cut. However, oil prices are trading lower as investors doubt that a deal will be reached. On Monday, OPEC technical teams reportedly failed to agree on any details for the proposed cuts.

Meanwhile, President Mario Draghi of the European Central Bank warned Monday that Britain will feel the pain from Brexit before the euro zone. Draghi also asked for clarity over the upcoming negotiations.

Don't miss: Sleepwell mattress maker Sheela Foam IPO opens: Should you subscribe?

The market is steadily surging with the Sensex up 177.67 points or 0.7 percent at 26527.84. The Nifty is up 56.60 points or 0.7 percent at 8183.50. About 1715 shares have advanced, 743 shares declined, and 158 shares are unchanged.

Maruti, GAIL, Asian Paints, HDFC and Tata Motors are top gainers while Sun Pharma, Axis Bank, TCS, ITC and Cipla are losers in the Sensex.

Oil prices fell early on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a global supply overhang and prop up prices, as per Reuters report.

Virendra Chauhan, Oil Analyst, Energy Aspects believes if the deal is struck then there could be an initial knee-jerk reaction and crude prices would rise by even USD 10 per barrel but if there is no deal then it could signal a death of OPEC in many ways and oil would sell off.

OPEC knows that they need to deliver something but the question is in what shape and form but the question is will they manage to get Iran, Iraq to the table, says Chauhan.

Sections
Follow us on
Available On