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Last Updated : Oct 05, 2016 11:22 AM IST | Source:

Nifty struggles below 8800, Sensex flat; SBI, Tata Motors up

SBI, Tata Motors, NTPC, Maruti and Tata Steel are top gainers while Bajaj Auto, ONGC, Wipro, ONGC, M&M and HDFC are losers in the Sensex.

Moneycontrol Bureau

10:55 am Security check:
Prime Minister Narendra Modi was to chair a high-level security meet around 10 am on Wednesday amid increasing calls from opposition leaders to release visual proof of surgical strikes the Indian Army carried out to dismantle terror infrastructure across the Line of Control.

Union Home Minister Rajnath Singh, who returned from a Ladakh tour on Wednesday, was set to brief the Prime Minister at the Cabinet Committee on Security meet, which was expected to be attended by senior ministers as well.

The government has so far rejected calls to release videos of the September 29 strike in Pakistan-held territory, carried out a fortnight after 19 Indian soldiers were killed in a militant attack in the Uri army camp in Kashmir.

10:45 am Interview: In a departure from the trend, August core data shows that steel output surged substantially by 17 percent. Jindal Steel and Power's management attributed the rise in steel output to coming into action of secondary units which were stalled earlier. Steel demand, however, is yet to pick up, according to the company.

In the first 6 months of the year, steel demand grow by just 0.5 percent, and now with the end of monsoon business activity with pick pace in the second half which is likely to push up steel demand by 4-5 percent for the year, said Ravi Uppal, Chief Executive and Managing Director of JSPL.

10:30 am Early winter session: A decision on the schedule of the Winter session of Parliament is expected on October 13 amid indications that a month-long session could start in the second week of next month. The Cabinet Committee on Parliamentary Affairs, headed by Home Minister Rajnath Singh, is sheduled to meet next Thursday to decide the schedule, sources said. Generally, the Winter session concludes by December 23 before Christmas. However, it is not clear when the session would conclude this time in view of plans to advance the Budget session by a month.

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The market has become flat after initial rush in opening. The Sensex is up 8.55 points at 28343.10 and the Nifty is down 4.05 points at 8765.10. About 1246 shares have advanced, 745 shares declined, and 78 shares are unchanged.

SBI, Tata Motors, NTPC, Maruti and Tata Steel are top gainers while Bajaj Auto, ONGC, Wipro, ONGC, M&M and HDFC are losers in the Sensex.

Sakthi Siva of Credit Suisse said, "The MSCI Asia ex-Japan Tech is up 40 percent from the lows in late January. For investors like us who are overweight tech, the key question is whether to take profit, particularly as cyclicals have outperformed defensives by 12.8 percent from the lows, and the cyclicals to defensives P/B gap has narrowed sharply to -0.42x, close to the -0.36x historical average."

"While we are sticking with our overweight in tech, we are suggesting a switch to banks for investors who want to take profit. One of the top picks from the CS regional portfolio is HCL Tech," he added.

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First Published on Oct 5, 2016 10:00 am
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