Sensex, Nifty flat but Midcap, Smallcap continue to shine

ICICI Bank extended rally to 5.5 percent on hopes of repayment of loan from Essar Oil. The deal with Russia's Rosneft will help Essar substantially reduce interest costs and debt.
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Oct 17, 2016, 11.16 AM | Source: Moneycontrol.com

Sensex, Nifty flat but Midcap, Smallcap continue to shine

ICICI Bank extended rally to 5.5 percent on hopes of repayment of loan from Essar Oil. The deal with Russia's Rosneft will help Essar substantially reduce interest costs and debt.

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Sensex, Nifty flat but Midcap, Smallcap continue to shine

ICICI Bank extended rally to 5.5 percent on hopes of repayment of loan from Essar Oil. The deal with Russia's Rosneft will help Essar substantially reduce interest costs and debt.

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10:00
Moneycontrol Bureau

10:55 am Market Update:
Equity benchmarks remained volatile with the Nifty hovering around 8575.

The Sensex was up 30.10 points at 27703.70 and the Nifty fell 6 points to 8577.40. About 1486 shares advanced against 821 declining shares on the BSE.

10:38 am Buzzing:
Granules India shares gained 4.7 percent intraday after the US health regulator completed inspection of company's Hyderabad-based plant.

"Gagillapur facility located at Hyderabad, Telangana, India has successfully completed US FDA inspection without any observations," the pharma company said in its filing.

This facility manufactures finished dosages and pharmaceutical formulation intermediates.

Meanwhile, Granules says on October 25, it will announce its un-audited financial results for the second quarter ended September 30, 2016 and the payment of second interim dividend for the FY17, if any.

10:18 am FII View: Neelkanth Mishra of Credit Suisse says while the broader Indian market hasn't moved much in the last two months, it has continued to outperform global equities marginally.

The outperformance is 8.8 percent in 2016 so far, helped by USD-INR stability despite strong Dollar index.

According to him, September 2016 results are likely to be weak, and the pace of cuts may pick up. Mishra says add global volatility, and broader markets may stay rangebound till signs of a broad-based economic pick-up become visible.

He says he expects indicators to show a pick-up by CY16-end, but GST start in FY18 could cause disruption for a few quarters, affecting earnings.

Mishra stays cautious and watchful on broader markets for now.

Also read - Sub-9% marginal cost of lending rate is doable soon: SBI Chief

10:00 am Market Check

Equity benchmarks remained rangebound after over a percent loss in last week while the broader markets continued to outperform.

The 30-share BSE Sensex was up 53.20 points at 27726.80 and the 50-share NSE Nifty rose 2.45 points to 8585.85. The BSE Midcap and Smallcap indices gained 0.4 percent each on positive breadth.

About two shares advanced for every share falling on the exchange.

ICICI Bank extended rally to 5.5 percent on hopes of repayment of loan from Essar Oil. The deal with Russia's Rosneft will help Essar substantially reduce interest costs and debt.

Essar Group finally signed an agreement on Saturday to sell its Gujarat-based refining company along with its Vadinar Port to Russia's Rosneft and a consortium led by Trafigura and United Capital Partners (UCP). The Russian investors will acquire 98 percent in Essar Oil and have paid Rs 72,800 crore for the company's refining and retail assets, and Rs 13,300 crore for the Vadinar Port.

09:15
ICICI Bank, NTPC, Infosys, SBI and GAIL are top gainers while Reliance, Bajaj Auto, TCS and HDFC are losers in the Sensex.

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