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Jan 12, 2017, 02.33 PM | Source: Moneycontrol.com

Sensex, Nifty consolidate; Capital Goods, IT indices rally

NTPC, L&T, Infosys, ONGC and ICICI Bank are top gainers while Lupin, Dr Reddy's Labs, Coal India, Sun Pharma and BHEL are losers in the Sensex.

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Sensex, Nifty consolidate; Capital Goods, IT indices rally

NTPC, L&T, Infosys, ONGC and ICICI Bank are top gainers while Lupin, Dr Reddy's Labs, Coal India, Sun Pharma and BHEL are losers in the Sensex.

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13:00
Moneycontrol Bureau

1:45 pm European market:
Bourses in Europe opened lower after President-elect Trump accused pharmaceuticals of "getting away with murder" and recommitted to a "border tax" in the US. The pan-European Stoxx 600 was 0.34 percent lower with most sectors moving south.

In terms of data, the European Central Bank will release its latest monetary policy meeting accounts and the euro zone will receive its latest industrial production figures. In France, the socialist party is hosting the first debate for the primaries ahead of presidential elections later this year.

1:30 pm Pharma reactions: When US President-elect Donald Trump in his first press conference yesterday railed against local pharmaceutical companies, drug firms back home felt a chill. Shares of Sun Pharmaceutical, Dr Reddy’s Laboratories, Aurobindo Pharma, among others were down in the range of 1-2 percent on the BSE today.

However, Wockhardt Chief Habil Khorakiwala says that Indian generic companies as a whole belong to a competitive industry in the US and therefore there is no scope for government intervention there.

What Trump is saying implies to generic companies that have a single source of supply, he said.

Speaking on the impact of Trump's comments on pharma companies, Anmol Ganjoo, Director, JM Financial said that the important factor is the potential price bidding. If the target happens to be the inflation in overall healthcare spends, then Indian companies like Wockhardt should be a net beneficiary, he said.

Don't miss: Buy, sell, hold: 14 stocks that you can focus today

Benchmark indices consolidated with the Nifty hovering around 8400. The 50-share index is up 22.50 points or 0.3 percent at 8403.15 while the Sensex is up 92.04 points or 0.3 percent at 27232.45.

NTPC, L&T, Infosys, ONGC and ICICI Bank are top gainers while Lupin, Dr Reddy's Labs, Coal India, Sun Pharma and BHEL are losers in the Sensex.

India's GDP growth numbers are expected to see a decline of 2 percent in the third and fourth quarters of the current fiscal, as effective currency in circulation has contracted significantly, says an HSBC report.

However, it said, as enough notes are printed, growth is likely to return to the "7 percent ballpark".

According to the global financial services major, the government's decision to abolish old stock of high denomination currency (demonetisation) and issue new notes (remonetisation) could have a mixed impact on the macro economy over a year.

12:00
Benchmark indices maintained uptrend amid volatility in noon trade but broader markets continued to underperform. Banks, infra and select technology stocks gained while the selling continued in FMCG, healthcare and HDFC group stocks.

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11:00
NTPC, Infosys, L&T, ONGC and ICICI Bank are top gainers while Coal Indiam Adani Ports, Sun Pharma, Dr Reddy's Labs and BHEL are losers in the Sensex.

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10:00
Benchmark indices gained for third consecutive session amid volatility, with the Nifty hovering around 8400 level. Technology, infra and private banks continued to support the market whereas pharma, FMCG and metals stocks were under pressure.

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09:15
Infosys, ONGC, Adani Ports, Tata Motors and Hero MotoCorp are top gainers while Dr Reddy's Labs, Sun Pharma, Lupin, Cipla and ITC are losers in the Sensex.

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Sensex, Nifty consolidate; Capital Goods, IT indices rally

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