Sensex rises 100 pts, Nifty holds 8150; cement stocks rally

Equity benchmarks extended gains in morning with the Nifty holding 8150 level, supported by banks and healthcare stocks. The broader markets continued to outperform benchmarks from the beginning of the week.
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Nov 30, 2016, 11.16 AM | Source: Moneycontrol.com

Sensex rises 100 pts, Nifty holds 8150; cement stocks rally

Equity benchmarks extended gains in morning with the Nifty holding 8150 level, supported by banks and healthcare stocks. The broader markets continued to outperform benchmarks from the beginning of the week.

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Sensex rises 100 pts, Nifty holds 8150; cement stocks rally

Equity benchmarks extended gains in morning with the Nifty holding 8150 level, supported by banks and healthcare stocks. The broader markets continued to outperform benchmarks from the beginning of the week.

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10:00
Moneycontrol Bureau

10:59 am Market holds gains:
The 30-share BSE Sensex was up 113.81 points at 26507.82 and the 50-share NSE Nifty gained 40.70 points at 8182.85.

About 1496 shares advanced against 582 declining shares on the BSE.

10:58 am Oil update:
Oil markets edged up in nervous trading ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.

International Brent crude was trading at USD 46.85 per barrel, up 1.01 percent, from its last close.

US West Texas Intermediate (WTI) crude was up 0.55 percent, at USD 45.47 a barrel.

10:42 am Demonetisation effect:
Collections in the North for Satin Creditcare have started picking up but disbursements may gain traction once currency supply increases, says Founder and MD HP Singh.

In an interview to CNBC-TV18 Singh notes it will take some time before collections reach the 98 percent levels, which according to analysts is a critical level for micro-finance companies to function smoothly. So far collections have only managed to touch about 60-70 percent levels from lows of 30-40 percent seen immediately the post demonetisation announcement, he adds.

Around 60-65 percent of the company’s clients have bank accounts but most are likely to be dormant, he says. The challenge will not only be to get these accounts activated and also bring on board the balance 30-40 percent, so that transactions can go cashless, he adds.

10:31 am Buzzing:
Lupin shares climbed nearly 2 percent intraday after receiving approval from the US health regulator for Nuvigil tablets that improves wakefulness.

"US subsidiary Lupin Pharmaceuticals Inc has received approval for its Armodafinil tablets 50 mg, 150 mg, 200 mg and 250 mg from the United States Food & Drug Administration," the pharma major said, adding it will commence promoting the product in US shortly.

Armodafinil is the AB rated generic equivalents of Cephalon Inc's Nuvigil tablets. The drug is indicated to improve wakefulness in adult patients with excessive sleepiness associated with obstructive sleep apnea, narcolepsy or shift work disorder.

Nuvigil tablets had US sales of USD 515.6 million, according to IMS MAT report of September 2016.

10:18 am FII View: Sakthi Siva of Credit Suisse says since December 31, 2014, 2016 consensus EPS revisions for India have been cut by 27 percent, Indonesia by 25 percent, the region by 20 percent, Korea by 10 percent and Taiwan by 15 percent.

With India, Indonesia and the Philippines associated with the biggest downgrades to 2016 consensus EPS in November, this could potentially be a catalyst for further underperformance, according to her.

Also read - RBI puts withdrawal limits on accounts under PM Jan-Dhan Yojana

10:00 am Market Check

Equity benchmarks extended gains in morning with the Nifty holding 8150 level, supported by banks and healthcare stocks. The broader markets continued to outperform benchmarks from the beginning of the week.

The 30-share BSE Sensex was up 96.89 points at 26490.90 and the 50-share NSE Nifty rose 30.80 points to 8172.95 while the BSE Midcap and Smallcap indices gained 0.75 percent and 1 percent, respectively.

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

Cement stocks gained strength today. Grasim, Ambuja Cements and ACC climbed over 2 percent.

ICICI Bank, TCS, Adani Ports, Maruti Suzuki, SBI, Sun Pharma and Lupin rose 1-2 percent while ITC, Reliance Industries, NTPC and Tata Steel were under pressure.

09:15
Bajaj Auto, Adani Ports, Sun Pharma, ICICI Bank and GAIL are top gainers while ONGC, Bharti Airtel and Cipla are losers in the Sensex.

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Sensex rises 100 pts, Nifty holds 8150; cement stocks rally

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