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Nifty struggles to hold 8100, Sensex up; Infosys, BHEL drag

Tata Motors, GAIL, Coal India, Cipla and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are BHEL, Infosys, HDFC twins and Bajaj Auto.

October 06, 2015 / 12:18 IST

Moneycontrol Bureau11:55 am New funds: Vyas of the Centre for Monitoring The Indian Economy (CMIE). Nothing on the ground seems to suggest a holistic pickup. "A large part of the new investment comes from one big investment show in Tamil Nadu and when that happens there is a blip. If one were to take it out, the picture does not look too good," he told CNBC-TV18. Vyas says about 1/3rd of the new investment is in Tamil Nadu, while the rest is in Maharashtra and Tamil Nadu. In the July-September quarter, less than 500 projects were announced, he adds. 11:45 am  Market outlook: Sanjay Dutt of Quantum Securities is convinced about PSU bank stocks and sees them benefitting from the measures announced by the government recently. In an interview with CNBC-TV18, he says the market will be focussing more on local events in the short term, unless emerging markets as a whole go into a tailspin. Dutt feels India is the best placed among emerging markets, and this, along with more reforms by the government will lift the market to new highs in the next three months. Dutt says he is a selective buyer in this market, and is bullish on sectors like consumer durables and automobiles. He advises investors to avoid overowned stocks and recommends sticking with sector leaders.11:30 am Merger: Nestle is in "advanced discussions" to merge its international ice cream business with R&R Ice Cream, in its latest effort to refocus on other, higher-performing brands. The world's largest packaged food company announced the talks on Monday, after agency reported that R&R, maker of Cadbury Flake Cones, Rowntree's Fruit Pastille lollies and Kelly's Cornish ice cream, was in talks with Nestle to form a 50/50 joint venture in a 3 billion euro (USD 3.4 billion) deal.Don't miss: Seeing strong recoveries; no restrictions from RBI, says IOB

The market has cooled off after early morning rally. The Sensex is up 86.42 points or 0.3 percent at 26871.97 and the Nifty is up 17.55 points or 0.2 percent at 8136.85. About 1384 shares have advanced, 746 shares declined, and 88 shares are unchanged.

Tata Motors, GAIL, Coal India, Cipla and Dr Reddy's Labs are top gainers in the Sensex. Among the losers are BHEL, Infosys, HDFC twins and Bajaj Auto.

Oil prices held above USD 46 a barrel in Asia today ahead of a report on US commercial crude inventories, a closely watched indicator of demand in the world's top consumer.

A decline in US drilling activity has supported prices recently, fuelling hopes a fall in production would help ease the global crude supply glut.

Crippling economic sanctions imposed by the west on Iran have restricted the country's oil exports, but its compliance to the terms of a landmark agreement reached in July could see the sanctions lifted.

first published: Oct 6, 2015 11:00 am

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