Sensex, Nifty rangebound; ITC, Tata Motors, ICICI Bank down 1%

Moneycontrol Bureau1:30 pm Exclusive: Real Estate Company DLF is on its final stages to sell off its Rs 10,000 crore rental business - DLF Cyber City Developers, sources have told CNBC-TV18. Brookfield, Blackstone and GIC are the frontrunners for the deal and could also make a joint bid for the 40 percent stake in the rental business. Sources say that all bidders are in final stages of due diligence. Cyber City Developers has leased commercial assets in NCR and Kolkata. The promoters of DLF will sell their 40 percent stake in the rental business post which ownership will be transferred to a third party. The funds will be used by DLF to reduce its Rs 22,500 crore debt of which Cyber City’s consolidated debt is Rs 12,325 crore.Don't miss: Buy, sell or hold: Analysts pick 7 stocks

The market is flat with the Sensex down 25.65 points at 28747.48. The Nifty is down 5.15 points at 8862.30. About 1275 shares have advanced, 1202 shares declined, and 227 shares are unchanged.

ONGC, Reliance, Cipla, TCS and M&M are top gainers while Axis Bank, Lupin, Tata Motors, ITC and ICICI Bank are losers in the Sensex.

A catch-up trade is happening now on back of liquidity, believes Sridhar Sivaram, Investment Director at Enam Holdings. But, he adds that this liquidity will not continue forever and earnings will have to come through.

Enam expects earnings growth to be around 10 percent for FY17 unlike other brokerages that are estimating growth of mid double-digit growth. Any dip in the market with expectations of earnings following through will be a buying opportunity.

Speaking to CNBC-TV18, Sivaram said that a 25 basis point hike by the US Federal Reserve in December is already priced in by markets.