September 18, 2013 / 11:06 IST
Moneycontrol Bureau
Live Market Commentary
10:55am Movers & ShakersIndex heavyweights Reliance Industries and ITC gained 1.1 percent and 0.6 percent, respectively.
Dr Reddys Labs rose more than 2 percent on top of a 3.7 percent rally in previous session. UBS raised raised price target on the stock to Rs 2,750 from Rs 2,600 on account of approval for Vidaza. The brokerage house also raised FY14/15 earnings per share estimates by 4 percent/6 percent.
However, housing finance company HDFC and private sector lender HDFC Bank lost 2.5 percent and 0.7 percent, respectively.
Also Read -
IT, pharma may lead mkt; see dismal Q2 earnings: HSBC10:35am Stocks In NewsMCX India shares fell more than 7 percent as Forward Markets Commission's sources told CNBC-TV18 that Financial Technologies group's representation is set to reduce to one on MCX board from four now. MCX will be run like a public institution where board controlled by institutional shareholders, sources say. MCX will submit proposal to FMC by September 30.
SKS Microfinance shares gained 9 percent as the company said that a leading rating agency had assigned A rating for its long-term and A1 for its short-term bank facilities for an aggregate sum of Rs 2,000 crore. However, the company did not disclose the name of the rating agency citing "non-disclosure agreement".
Also Read -
EM equities won't be hit hard by $10-15bn Fed taper: Citi10:20am The market is gyrating in a tight range ahead of conclusion of two-day Federal Reserve meeting ending today and guidance from new RBI governor Raghuram Rajan on September 20.
The Sensex is up 14.30 points at 19818.33, and the Nifty is up 0.20 points at 5850.40. Advancing shares outnumbered declining ones by 672 to 455 on the Bombay Stock Exchange.
Amit Trivedi, Co-Founder, Investworks.in is of the view that if Fed tapering is less than USD 10 billion then market is sure to rally and one could see Nifty 100-150 points up, to 6000-6100 levels. However, if there is bad news from Fed in terms of a roadmap on how the entire stimulus will be cut then market could see a sell-off.
"If there is positive news, funds will try and digest the news and then money will come into India. However, if there is negative news, fund flow from India will be very quick," he adds in an interview to CNBC-TV18.
Hindustan Unilever and State Bank of India gained more than one percent.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!