Feb 14, 2017 03:47 PM IST | Source:

Sensex, Nifty end rangebound session flat; Midcap underperforms

Reliance Industries and Bharti Airtel were biggest contributors to Sensex's gains, up more than 2 percent followed by ONGC and GAIL.

Moneycontrol Bureau

3:30 Market Closing: 
The benchmark indices ended the rangebound day on a flat note with Nifty closing below the 8800 mark.

The Sensex is down 12.31 points at 28339.31, and the Nifty is down 12.75 points at 8792.30. About 1037 shares have advanced, 1799 shares declined, and 166 shares are unchanged.

GAIL, Bharti Airtel, Reliance Industries, ONGC, ICICI Bank, Idea Cellular and Eicher Motors are the top gainers on the indices, while top losers includes Tata Motors, Hero Motocorp, HUL, Maruti Suzuki, Bajaj Auto, Tata Motors DVR, BPCL and Zee Entertainment.

Also Read - WPI inflation spikes to 5.25% in January, fuel prices rise

2:45 pm Earnings:
Anil Agarwal-led Vedanta has reported a 4.5-fold jump in third quarter consolidated profit at Rs 1,866 crore on year-on-year basis, boosted by operational performance and low base in year-ago period despite sharp rise in tax expenses.

Revenue during the quarter increased 29.6 percent to Rs 20,393 crore compared with Rs 15,731 crore in corresponding quarter of last fiscal, driven by metals business.

"Revenues in Q3 were driven by higher volumes at iron ore due to recommencement of operations, ramp-up of volumes at the aluminium and power businesses and higher volumes at Copper India and Zinc India. This was partially offset by lower volumes from oil & gas, and Zinc International due to closure of the Lisheen mine, in Q3 FY2016," the company said in its filing.

2:30 pm Kotak on renewable energy cos:
The merger and acquisitions (M&A) announced in 2016 saw a fairly large chunk in renewable energy, it is a space that is attracting interest both from strategic and private equity and will be quite conducive, says S Ramesh, MD and CEO, Kotak Investment Banking.

Speaking to CNBC-TV18, Ramesh said that a few top companies from the renewables space are likely to get listed and will receive a good response from the market.

Further, he said that M&A deals worth USD 65 billion were announced in last calendar year, of which USD 13 billion was from private equity investment and the balance USD 52 billion was from M&A demerger and other traditional ways.

Also read - Tata Motors Q3 net seen down 32%, domestic biz may post big loss

2:00 pm Market Check

Benchmark indices recouped losses in afternoon trade, with the Nifty climbing above 8800 level supported by oil and telecom stocks. All eyes are on Federal Reserve chief Janet Yellen's semiannual testimony that may give a hint for further rate hike.

The 30-share BSE Sensex was up 25.36 points at 28376.98 and the 50-share NSE Nifty rose 2.25 points to 8807.30 despite weak breadth. About 1656 shares declined against 1044 advancing shares on the BSE.

Sameer Goel of Deutsche Bank says that the market is not thinking beyond the two US Fed rate hikes, which is already factored in, thus the emerging market currencies will be under pressure but the pain will not be severe.

On the other hand, if the dollar strengthens due to risk conditions triggered by concerns regarding trade that will spell bad news for the currencies in the emerging markets.

Reliance Industries and Bharti Airtel were biggest contributors to Sensex's gains, up more than 2 percent followed by ONGC and GAIL.

Adani Ports rose 1.4 percent after reporting better-than-expected earnings barring margin. However, HUL, Axis Bank, Hero Motocorp and Maruti Suzuki were down 1-2 percent.

European markets were lower as investors eyed a slew of corporate earnings.

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