Sensex, Nifty consolidate; BHEL, Coal India major laggards

Moneycontrol Bureau11:30 am Interview: India's commercial vehicle industry is likely to grow by 15-20 percent in FY17, Ashok Leyland CFO Gopal Mahadevan says.

In an interview with CNBC-TV18, Mahadevan said the company is hopeful of growing at at least industry rate despite two months of declining growth.

"First quarter is too early to judge the company's performance," he added.

He is also hopeful that the Euro-IV (will be implemented across the country on April 1, 2017) norms will lead to pre buying in fourth quarter of FY17.

The company has already received orders for 3,600 buses and the execution is expected in FY17. The market share of the company in bus segment has risen to 36 percent from 33 percent.Don't miss: June CPI seen flat at 5.75%; May IIP to contract by 0.12%

The market seems to be consolidating after a strong rally. The Sensex is up 59.09 points or 0.2 percent at 27685.78, and the Nifty up 18.75 points or 0.2 percent at 8486.65. About 1108 shares have advanced, 1158 shares declined, and 127 shares are unchanged.

ICICI Bank, Tata Steel, Axis Bank, Maruti and ONGC are top gainers in the Sensex. BHEL, Coal India, Dr Reddy, Sun Pharma and Asian Paints are losers in the Sensex.

Quess Corp made a stellar market debut, listing at Rs 500 per share, up by a whopping 58 percent on NSE from its issue price of Rs 317 per share. The staffing company, partly owned by Thomas Cook raised Rs 400-crore from its initial public offer (IPO) which was open for subscription from June 29 to July 1.

Quess Corp's IPO was oversubscribed 145 times earlier this month, emerging as the most oversubscribed IPO in the past 9 years. Promoted by Ajit Isaac and Thomas Cook (India), the company was set up in 2007 which offers comprehensive solutions, including recruitment, temporary and technology staffing, and IT products and solutions, among others.