Nifty holds 8200 amid consolidation; RIL & ONGC jump, Maruti up

Equity benchmarks as well as broader markets continued to consolidate after four-day rally. Oil & gas, HDFC group, pharma and select auto stocks supported the market while the selling in Asian Paints, Tata Motors, ICICI Bank, ITC and Infosys capped upside.
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Dec 01, 2016, 11.09 AM | Source: Moneycontrol.com

Nifty holds 8200 amid consolidation; RIL & ONGC jump, Maruti up

Equity benchmarks as well as broader markets continued to consolidate after four-day rally. Oil & gas, HDFC group, pharma and select auto stocks supported the market while the selling in Asian Paints, Tata Motors, ICICI Bank, ITC and Infosys capped upside.

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Nifty holds 8200 amid consolidation; RIL & ONGC jump, Maruti up

Equity benchmarks as well as broader markets continued to consolidate after four-day rally. Oil & gas, HDFC group, pharma and select auto stocks supported the market while the selling in Asian Paints, Tata Motors, ICICI Bank, ITC and Infosys capped upside.

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10:00
Moneycontrol Bureau

10:58 am Market Update
: The Sensex was up 8.09 points at 26660.90 and the Nifty fell 10.35 points to 8214.15.

10:47 am Use of old notes:
Government has cut short the deadline of using old Rs 500 notes at petrol pumps and for buying airline tickets at airports till December 2 instead of December 15 announced earlier.

With effect from December 3, 2016, old Rs 500 notes cannot be used for purchase of petrol, diesel and gas at the stations operating under authorisation of public sector oil marketing companies and for buying airline tickets at airport counters, a government notification said.

While junking old 500 and 1,000 rupee notes on November 8, the government had allowed their use for utility bill payments for 72 hours.

This deadline was extended twice and when the last one was to expire on November 24, it amended it to state that only the old 500 rupee notes could be used for payment of utility bills like electricity and water, school fees, pre-paid mobile top-up, fuel purchase and airline ticket booking.

10:37 am Manufacturing PMI:
The IHS Markit/Nikkei says the withdrawal of high-value banknotes in India reportedly hampered manufacturing growth in November, with companies signalling softer increases in order books, buying levels and output. Concurrently, inflation rates for both output charges and purchase costs eased since October.

November data highlighted an eleventh consecutive monthly improvement in manufacturing conditions across India, with the headline seasonally adjusted Nikkei India Manufacturing Purchasing Managers’ Index registering 52.3. However, down from October’s 22-month high of 54.4, the latest reading pointed to a modest upturn overall.

10:30 am Buzzing: Shares of MOIL touched a 52-week high of Rs 394, rising nearly 5 percent intraday Thursday as it has increased prices of different grades of manganese ore effective from December 1.

The company has increased the prices of all ferro grades of ore, all grades of fines and all chemical grades ore by 30 percent, 25 percent and 10 percent respectively.

It has also increased prices of all grades of SMGR (mn 30 percent) and SMGR low (mn 25 percent) by 25 percent. However, the existing price of electrolytic manganese dioxide remained unchanged.

In the past, the company had increased prices of different grades of manganese ore on November 1, 2016.

10:15 am Auto sales: Maruti Suzuki, the country's largest car manufacturer, beat analysts' expectations on November sales front due to strong performance in domestic business.

The company said that it sold 1.35 lakh units in November, a growth of 12.2 percent compared with 1.2 lakh units sold in year-ago period.

Domestic sales increased 14.2 percent year-on-year to 1.26 lakh units in the month gone by while exports fell 9.8 percent to 9,225 units, the lowest sales since June 2016.

Also read - Buy, sell, hold: 2 stock upgrades by analysts post Q2 results

10:00 am Market Check

Equity benchmarks as well as broader markets continued to consolidate after four-day rally. Oil & gas, HDFC group, pharma and select auto stocks supported the market while the selling in Asian Paints, Tata Motors, ICICI Bank, ITC and Infosys capped upside.

The 30-share BSE Sensex was up 37.50 points at 26690.31 and the 50-share NSE Nifty rose 5.40 points to 8229.90.

Asia remained positive with the Japan's Nikkei rising 2 percent as regional manufacturing surveys led by China beat expectations and on upbeat views a day after OPEC reached its first deal since 2008 to cut oil production.

09:17
ONGC, Cipla, Axis Bank and HDFC twins are gainers while Tata Motors, Bharti, ITC, Bajaj Auto and Infosys are losers in the Sensex.

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