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Last Updated : Apr 29, 2016 12:13 PM IST | Source: Moneycontrol.com

Nifty holds 7850, Sensex firm; M&M, Bharti, Reliance drag

Lupin, Cipla, Axis Bank, ONGC and Tata Steel are top gainers while M&M, Bharti Airtel, Reliance, Adani Ports and Tata Motors are losers in the Sensex.


Moneycontrol Bureau

11:55 am Interview:
The pharmaceutical sector, which is reeling under US FDA pressures, has addressed crucial regulatory issues in its February meet with US and European regulators, said Satish Reddy, Chairman of Dr Reddy’s Lab (DRL). Speaking to CNBC-TV18, Reddy said that the company will continue with tie-ups for biosimilar products. These will first be launched in India and then other markets, he added. DRL is looking for some tie-ups to launch biosimilar products in developed markets, he said.

11:30 am Market outlook:
India has seen a steady improvement in economic data, which will continue to be the case in future, too, is the word coming from Sandeep Bhatia, Head of Equity, India at Macquarie Securities. Two main macro themes will play out in the coming 12-18 months. Firstly, the corporate capex cycle will continue to remain weak, but infrastructure will improve backed by government expenditure, he says. Secondly, Bhatia said that global volatility will continue. “It is a stock picker's market,” he said, adding that the house has upped its Nifty earnings per share to 15 percent from the earlier 10 percent.



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The market is still holding firm as the Nifty is comfortably holding 7850 level. The 50-share index is up 16.60 points or 0.2 percent at 7863.85 and the Sensex is is up 65.12 points or 0.2 percent at 25668.22.

Close

Lupin, Cipla, Axis Bank, ONGC and Tata Steel are top gainers while M&M, Bharti Airtel, Reliance, Adani Ports and Tata Motors are losers in the Sensex.


Oil prices eased slightly after hitting a series of new highs this week, bolstered by a weak dollar. The US Federal Reserve held interest rates unchanged after its policy meeting on Wednesday, signalling it was in no hurry to raise rates.


Gold held near its highest in a week and was poised for its biggest weekly rise in eight, as the dollar tumbled after the Bank of Japan and the US Federal Reserve stood pat on policy.



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First Published on Apr 29, 2016 11:00 am
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