Sensex, Nifty gain marginally; FMCG, metals, pharma support

Moneycontrol Bureau11:45 am FM on IMF: Expressing "extreme disappointment" with delay in completion of IMF quota reforms, India today stressed that the Fund should strictly abide by the new deadlines set for the 15th General Review of Quota (GRQ).

Finance Minister Arun Jaitley also said that since the forces of globalisation and multilateralism can go a long way in expanding global growth opportunities, "we must focus on the coordinated policy actions and growth strategies".

"Let me say we are somewhat disappointed that the deadline for completing the 15th Review will be pushed back to the 2019 Spring Meetings," he said at the International Monetary and Finance Committee (IMFC) plenary session.

11:30 am Steel update: Union Minister for Steel Birender Singh today said India would become the second biggest steel manufacturer in the world by year-end. Currently, China is the largest steel manufacturing country followed by Japan and produces five times more steel than India. "At present, about six lakh tonnes of steel is manufactured in old factories and private plants across India. Steel industry accounts for just two per cent share in the Gross Domestic Product (GDP) of the country and efforts are being made to increase it," he said while inaugurating the newly-constructed Ganga Ram Hospital in Rohtak. Singh said a new steel manufacturing plant of one million tonne capacity would soon be set up in joint venture and the Steel manufactured here would be exported.Don't miss: Bank of America's recession warning: This market is scary

The market is gaining marginally supported by strenghts in FMCG, metals and pharma stocks. The Sensex is up 67.50 points or 0.2 percent at 28128.64 and the Nifty is up 26.65 points or 0.3 percent at 8724.25. About 1565 shares have advanced, 806 shares declined, and 101 shares are unchanged.

Tata Steel, Cipla, GAIL, Asain Paints and Lupin are top gainers while Bharti, HDFC tiwns ONGC and NTPC are losers in the Sensex.

Gold prices were up by Rs 193 to Rs 29,850 per 10 gram in futures trade today as speculators created positions amid positive cues from the global market.According to analysts, a firming trend overseas where gold rebounded from the biggest weekly decline this year as investors piled into bullion-backed exchange-traded funds, lifting global holdings to the highest Bank of America's recession warning: This market is scarysince 2013, and as the dollar fell for a second day, influenced the precious metal in futures trade.