Nifty eyes 7600, Sensex firm; GAIL up 4%, Infosys gains 1%

Moneycontrol Bureau11:50 am Market check: The market has risen once again as the Sensex is up 75.02 points or 0.3 percent at 24968.83. The Nifty is up 28.90 points or 0.4 percent at 7587.70. About 694 shares have advanced, 1581 shares declined, and 98 shares are unchanged.

GAIL, ICICI Bank, NTPC, Tata Steel and Wipro are top gainers while Cipla, HUL, Lupin, Sun Pharma and Bharti Airtel are major losers in the Sensex.

11:30 am Buzzing: Shares of Info Edge rose 2 percent intraday. Zomato (Info Edge holds majority share) has signed definitive agreements to raise close to Rs 390 crore led by Singapor investment company Temasek with participation from existing sharholder Vy Capital.

Info Edge did not participate in the latest round of funding, as a result its holding in Zomato has declined to 47 percent from 50.1 percent.

Bank of America Merill Lynch has increased target price to Rs 1094 from Rs 1050 per share. "Though the valuation at which the fund raising has taken place has not been revealed, the brokerage estimates the funding to be at a valuation of USD 1 billion, which adds Rs 44 to Info Edge SOTP valuation,” it says in a report.

Nomura, too, is bullish on the stock with a buy rating and a target price of Rs 950 per share. The brokerage believes that its flagship brand Naukri will largely sustain annual revenue growth of 20 percent and expects EBITDA margins to inch up over the next two years by 140 basis points (bps) to 52.6 percent levels.

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The market has again slipped into red after comfortably placed in green for sometime in early trade. The Sensex is down 40.55 points or 0.2 percent at 24853.26 and the Nifty is down 8.20 points or 0.1 percent at 7550.60. About 661 shares have advanced, 1457 shares declined, and 90 shares are unchanged.

GAIL, NTPC, ICICI Bank, Hindalco and Tata Steel are top gainers in the Sensex. Among the losers are HUL, Cipla, Dr Reddy's Labs and Bharti Airtel.

Oil prices remained weak as the global economic outlook darkened further and cooperation between oil producing countries to curb oversupply looked unlikely. Oil prices have fallen almost 60 percent since June 2014 on a global supply glut, with prices seesawing in recent weeks as concerns about a slowing Chinese economy caused turmoil in global stock markets.