Dec 02, 2016 01:43 PM IST IST | Source: Moneycontrol.com

Sensex, Nifty recover mildly post MSS limit hike; Bankex flat

Banks, FMCG and oil stocks are dragging indices. Coal India, Sun Pharma, Reliance and Cipla are top gainers while Tata Motors, Asian Paints, Dr Reddy's Labs, ITC and HDFC are losers in the Sensex.

Moneycontrol Bureau

1:40 pm Market recovers:
The Sensex is down 133.09 points or 0.5 percent at 26426.83, and the Nifty down 50.10 points or 0.6 percent at 8142.80. About 833 shares have advanced, 1623 shares declined, and 119 shares are unchanged. Bankex is flat.

1:30 pm Exclusive:
The Reserve Bank of India has decided to revise ceiling for issue of securities under Market Stabilisation Scheme (MSS) to Rs 6 lakh crore. The earlier limit was Rs 30,000 crore. After the withdrawal of the legal tender character of the Rs 500 and Rs 1000 denomination notes with effect from November 9, 2016, there has been a surge in the deposits with the banks.

Consequently, there has been a significant increase of liquidity in the banking system which is expected to continue for some time.

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Selling pressure intensifies on Dalal Street with the Nifty hovering around 8100. The 50-share index is down 83.15 points or 1 percent at 8109.75 while the Sensex is down 246.53 points or 0.9 percent at 26313.39.

Banks, FMCG and oil stocks are dragging indices. Coal India, Sun Pharma, Reliance and Cipla are top gainers while Tata Motors, Asian Paints, Dr Reddy's Labs, ITC and HDFC are losers in the Sensex.

Gold prices spurted by Rs 280 to Rs 28,200 per 10 grams in futures trade as speculators widened their bets taking positive cues from the global market.

Analysts said fresh positions created by participants following a better trend in global market and weakening dollar, supported the upside in gold futures here.

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