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Last Updated : Nov 23, 2016 01:02 PM IST | Source: Moneycontrol.com

Sensex hovers around 26000, Midcap outperforms; HDFC slips 2%

The market continued to consolidate ahead of expiry of November derivative contacts due tomorrow. Infra, healthcare, technology and Tata Group stocks supported equity benchmarks but the selling in banking & financials limited upside.


Moneycontrol Bureau

12:58 pm Market Update:
The Sensex was up 52.94 points at 26013.72 and the Nifty gained 14.90 points at 8017.20. About two shares advanced for every share falling on the BSE.

12:35 pm Stake sale:
Cipla said its UK subsidiary has sold entire stake in Chase Pharmaceuticals Corporation, a Delaware based corporation to the subsidiary of Allergan plc.


Cipla UK arm, Cipla (EU) had 16.7 percent stake in Chase Pharmaceuticals, which was acquired in May 2014 via a syndicated venture investment.


"Allergan has agreed to pay USD 125 million upfront plus potential regulatory and commercial milestones of up to USD 875 million to the shareholders of Chase," the healthcare firm said in its filing.

Close

12:20 pm More relief to farmers: The government on Wednesday announced fresh measures to make more cash available for farmers and removed charges shops pay banks for card payments.

National Bank for Agriculture and Rural Development (Nabard) has sanctioned an additional Rs 21,000 crore to district cooperative banks to enable more loans available for farmers ahead of the winter sowing season.

Economic affairs secretary Shaktikanta Das said that more than 40 percent of small and marginal farmers’ loan needs are met through the cooperative credit structure.

Das said that to ensure that farmers get credit and some quantum in cash, NABARD and the Reserve Bank of India (RBI) have been advised to make the required cash available to the district cooperative banks.

Also read - Analysts cut IRB Infra target on demonetisation-led slowdown

12:00 pm Market Check


The market continued to consolidate ahead of expiry of November derivative contacts due tomorrow. Infra, healthcare, technology and Tata Group stocks supported equity benchmarks but the selling in banking & financials limited upside.


The 30-share BSE Sensex was up 44.53 points at 26005.31 and the 50-share NSE Nifty rose 11.85 points to 8014.15 while the broader markets extended upside.


The BSE Midcap and Smallcap indices gained 0.6-0.8 percent on positive breadth as about two shares advanced for every share falling on the exchange.


Investors continued to assess the impact of demonetisation on earnings and economy.


Making no bones about the government’s demonetisation drive Helios Capital Management Founder Samir Arora said it will take about 6-12 months for a recovery to take place.


Even though the move has been timed right, the shock to the system is huge and demonetisation won’t solve it in 3-6 months, Arora said. He, however, pointed out that the financial regulation took away momentum that the consumer space had.


HDFC lost 2 percent while L&T and Asian Paints continued to top the buying list with 2.8 percent upside.



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First Published on Nov 23, 2016 12:00 pm
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