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Last Updated : Feb 03, 2017 11:16 AM IST | Source: Moneycontrol.com

Nifty holds 8700 amid consolidation; BSE shares surge 49%

BSE (erstwhile Bombay Stock Exchange) debuted at Rs 1089 per share on the National Stock Exchange, up 35 percent over its issue price of Rs 806.


Moneycontrol Bureau

10:50 am Buzzing:
Share price of Subros touched 52-week high of Rs 194.95, surges 6.3 percent intraday on bagging major order from Indian Railways.

"The company has received another major order of 306 Kits from Indian Railways - Diesel Locomotive Works (DLW), Varanasi for which supplies are to be executed," as per company release.

"The company has made efforts for development of product to meet DLW’s and CLW’s requirements and expects continued business from Indian Railways in future also," it added.

10:38 am Services PMI: The downturn in service sector activity across India softened during the opening month of 2017, with the slowdown reflecting a weaker contraction in new business inflows, says Nikkei IHS Markit in its report.


The firm says rising from 46.8 at the end of 2016 to 48.7 in January, the seasonally adjusted headline Nikkei India Services Business Activity Index pointed to the slowest fall in output in the current three-month sequence of reduction.

10:25 am Sugar production:
India's sugar production fell by 10 percent to 128.55 lakh tonnes in the first four months of the 2016-17 marketing year that started October last, due to lower cane production in Maharashtra because of drought.


Sugar marketing year runs from October to September.

Close

For the 2016-17 season, Indian Sugar Mills Association (ISMA) has recently revised sugar output estimates downward to 21.3 million tonnes from its earlier projection of 23.4 million tonnes. It has lowered the sugar consumption estimates to 24.2 million tonnes for this year taking into account reports of sluggish sugar sales.


"As on January 31, 2017, sugar mills in the country have produced 128.55 lakh tonnes of sugar, as compared to 142.80 produced last season on the corresponding date," said in a statement.


Also read - Buy, sell, hold: 4 stocks analyst are watching out

10:00 am Market Check


Equity benchmarks remained lacklustre in morning trade as investors awaited RBI monetary policy due next week and more corporate earnings after digesting Union Budget.


The 30-share BSE Sensex was down 17.67 points at 28208.94 and the 50-share NSE Nifty fell 1.75 points to 8732.50 while the broader markets outperformed benchmarks.


The BSE Midcap index gained 0.85 percent and Smallcap soared 0.65 percent on positive breadth. About two shares advanced for every share falling on the exchange.


Country's oldest stock exchange BSE listed at Rs 1089 per share on the National Stock Exchange, up 35 percent over its issue price of Rs 806.


The stock surged as much as 48.8 percent in early trade to hit highest level of Rs 1,200. In pre-opening session, it settled 34.6 percent higher at Rs 1085 (the lowest level intraday) against issue price.



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First Published on Feb 3, 2017 10:00 am
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