Indian equity benchmarks remained directionless in noon trade but Asia continued to be positive with the Nikkei rising a percent following oil production cut.
12:58 pm Market Update: The 30-share BSE Sensex was up 17.42 points at 26670.23 and the Nifty fell 1.15 points to 8223.35.
The market breadth continued to be negative. About 1327 shares declined against 1110 advancing shares on the BSE.
12:45 pm Stake sale: Apollo Hospitals today said its clinics subsidiary Apollo Health and Lifestyle has raised Rs 450 crore by selling 29 percent equity stake to World Bank's arm IFC, to fund its growth plans.
Apollo Health and Lifestyle (AHLL) has received "investments of Rs 450 crore from International Finance Corporation (IFC) and IFC Asset Management Company. The investment will fuel AHLL's expansion plans", Apollo Hospitals Enterprise said in a BSE filing.
It further said: "IFC along with its associated entity has has made a primary equity infusion of Rs 450 crore thereby acquiring 29.03 percent stake in Apollo Health and Lifestyle Ltd."
AHLL currently operates multi-specialty clinics, dental centres, diagnostics, diabetes clinics, dialysis, women and children hospitals (cradle), fertility centres and surgical centres across the country, with presence in 17 states and over 400 touch points.
12:32 pm Market Expert: UR Bhat of Dalton Capital Advisors said that if the demonetisation woes taper off in the next 10-15 days, the market will get busy with other things.
Trading in Nifty, he said, he would be cautious with a negative bias because in addition to demonetisation drive, a lot more factors play a role. He flagged uncertainty around the Italian referendum on Sunday, Donald Trump policy, and US potential interest rate. All this will keep markets in reasonable jitters, he said.
If FIIs continue their selloffs without being offset by DII inflows for a couple of more months , then Indian market may not be able to handle it.
12:20 pm Excise duty scrapped: The government has scrapped excise duty on branded gold coins, which was at 1 percent.
Titan Company gained 2 percent and TBZ jumped 7 percent. Gitanjali Gems was up 6 percent.
Titan Company told CNBC-TV18 that gold coins contributed 10 percent to total sales.
Meanwhile, PR Somasundaram of India World Gold Council said he wouldn't see much of an immediate impact as branded portion of gold coins is very small. Branded gold coins are sold at a margin of 5-6 percent.
Also read - Old Rs 500 notes valid till Dec 2 for fuel, air ticket purchase
12:00 pm Market check: Indian equity benchmarks remained directionless in noon trade but Asia continued to be positive with the Nikkei rising a percent following oil production cut.
The 30-share BSE Sensex was down 6.88 points at 26645.93 and the Nifty declined 10.20 points to 8214.30.
The BSE Midcap slipped 0.7 percent after rising for four consecutive sessions. The market breadth was also negative. About 1311 shares declined against 1039 advancing shares on the exchange.
GAIL and ONGC climbed 2-3 percent after OPEC (Organization of the Petroleum Exporting Countries) yesterday announced oil production cut.
Lupin rose 1.6 percent after expanding partnership with Eli Lilly in India to market & sell Eglucent. Its Swiss arm has received US FDA approval for Antara capsules that is used to treat cholesterol issues.
However, ICICI Bank, Asian Paints, Tata Motors, Adani Ports and Bharti Airtel fell 1-2.6 percent.
Oil prices shot up more than 12 percent, smashing trading volume records, after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand by to fill the gap. Brent and US crude futures were trading 1 percent higher, at the time of writing this article.