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Last Updated : Sep 08, 2015 10:55 AM IST | Source: Moneycontrol.com

Nifty holds 7550; Bankex up 1%, Midcap underperforms

GAIL, Axis Bank, Tata Steel, NTPC and ICICI Bank are top gainers in the Sensex. Among the losers are Cipla, Lupin, Dr Reddy's Labs, Vedanta and Bharti Airtel.


Moneycontrol Bureau

10:50 am Market check:
Trading gathers steam. The Sensex is up 58.73 points or 0.2 percent at 24952.54 and the Nifty is up 17.65 points or 0.2 percent at 7576.45. About 747 shares have advanced, 1304 shares declined, and 82 shares are unchanged.

10:45 am Costly OROP:
One Rank One Pension (OROP) will have a significant impact on the country's fiscal bill and the overall cost will be around Rs 16,000 crore in the current financial year, says an HSBC report.

The government has "in principle" accepted OROP - a demand by India's defence personnel that uniform pension should be paid to armed force retirees with the same rank and same length of service.

"This would mean higher current pension payments as well as paying off arrears (retrospectively from July 2014), it will have a significant impact on the fiscal bill. We estimate the overall cost to be Rs 16,000 crore (USD 2.5 billion or 0.1 per cent of GDP) in FY16," HSBC said in a research note.

10:30 am FII view: 
Emerging markets are looking oversold after the bruising slide over the last couple of weeks, says Mark Matthews of Bank Julius Baer.

He says a relief rally is on the cards and the immediate trigger will be the US Federal Reserve's decision on interest rates next week.

Matthews says he is not sure if the relief rally can sustain. Factors like the macro data in China, and for India, the impending Bihar elections will influence sentiment, he says.

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The market is completely flat with the Sensex down 1.34 points  at 24892.47. The Nifty is up 2.65 points at 7561.45. About 667 shares have advanced, 1104 shares declined, and 60 shares are unchanged.


GAIL, Axis Bank, Tata Steel, NTPC and ICICI Bank are top gainers in the Sensex. Among the losers are Cipla, Lupin, Dr Reddy's Labs, Vedanta and Bharti Airtel. 

Close

Both Midcap and Smallcap index are under selling pressure.


Gold steadied after a four-day losing streak, but the metal wasn't too far from a 2.5-week low as it struggled to find direction amid uncertainty over a looming U.S interest rate hike. Investors had been awaiting Friday's US jobs report to gauge the strength of the economic recovery and whether it would prompt the Federal Reserve to hike rates at its policy meet later this month. But the data failed to provide adequate clarity regarding a Fed move amid volatility in financial markets.



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First Published on Sep 8, 2015 10:00 am
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