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Last Updated : Sep 15, 2016 03:47 PM IST | Source:

Sensex, Nifty close higher for 2nd day; RIL, ITC, HDFC support

Reliance Industries, HDFC, HDFC Bank and ITC supported the market whereas banks and auto stocks were under pressure.

Moneycontrol Bureau

3:30 pm Market Closing: Equity benchmarks ended marginally higher for the second consecutive session after rangebound trade.

The Sensex was up 40.66 points at 28412.89 and the Nifty up 15.95 points at 8742.55. About 1460 shares advanced against 1258 declining shares on the BSE.

Reliance Industries, HDFC, HDFC Bank and ITC supported the market whereas banks and auto stocks were under pressure.

3:10 pm IPO subscription:
IPO of L&T Technology Services, an arm of engineering giant Larsen and Toubro (L&T), got oversubscribed 1.43 times till afternoon trade on the last day of the offer today.


The Rs 900-crore IPO, received bids for 1,04,33,712 shares as against the total issue size of 72,80,000 shares, data available with the NSE till 1400 hrs showed.

This is the second company from the L&T Group to hit the market with an IPO since July, when L&T Infotech had launched a public offer. The flagship Larsen and Toubro is already listed.

3:04 pm Market Update: Equity benchmarks gained strength in late trade with the Sensex rising 64.14 points to 28436.37 and the Nifty up 23.85 points at 8750.45.

About 1427 shares advanced against 1224 declining shares on the BSE.

2:58 pm Foodgrains output:
Buoyed by a good monsoon after two consecutive years of drought, the country's foodgrain output is expected to touch a record in the ongoing 2016-17 crop year, Agriculture Minister Radha Mohan Singh said today.

The country had last achieved a record output of 265.04 million tonnes (MT) in the 2013-14 crop year (July-June).

However, the production in 2014-15 and 2015-16 fell to 252.02 MT and 253.23 MT, respectively, due to drought.

The government has set a target to achieve a record foodgrains production of 270.10 MT in 2016-17 crop year on hopes of bountiful rains. It has pegged paddy output at 108.50 MT, wheat at 96.50 MT and pulses at 24.50 MT for this year.

2:40 pm Order win: Power equipment maker Transformers and Rectifiers said it has bagged order worth Rs 103 crore from Power Grid Corporation of India Ltd to supply power transformers.

"Transformers and Rectifiers (India) Ltd has been awarded the order for...power transformers up to 220 kV class amounting to Rs 103 crore from Power Grid Corporation of India Ltd (PGCIL)," the company said in a filing to BSE.

The said order falls under the normal course of business, it said.

The company neither has any interest in the entity that awarded the order nor fall within related party transactions, it added.

With this order, the company's order book as on date stands at Rs 960 crore, it said.

2:20 pm Buyback offers:
Mining giant NMDC and manganese miner MOIL today said their share buyback programmes worth close to Rs 8,400 crore will open next week on September 19.

A major portion of the proceeds from the offer will go to the government, which owns 80 percent in both the PSUs and is eying to meet its disinvestment target of Rs 56,600 crore for the current fiscal ending March 2017.

In separate regulatory filings, both the public sector undertakings (PSUs) informed about the 'Letter of Offer'.

The buyback offers will open on September 19 and will close on September 30, 2016.

Also read - Overweight on India, see room for 50 bps rate cut by RBI: HSBC

2:00 pm Market Check

Equity benchmarks remained lacklustre on mixed global cues as investors waited for the outcome of two-day Federal Reserve policy meeting on September 21.

The Sensex was up 28.24 points at 28400.47 and the Nifty up 8.35 points at 8734.95 while the market breadth remained positive as about 1417 shares advanced against 1192 declining shares on the BSE.

Reliance Industries extened gains in afternoon trade, up 1.35 percent. However, Infosys fell 0.6 percent after Vishal Sikka, MD & CEO says he sees some challenges in BFSI, but won't have any negative impact overall. He expects Q2 to be better than Q1.

European seesawed as global markets trod carefully amid nerves over central bank action. The US Federal Reserve meets on September 20, although the chances of a rate hike remain slim; market expectations for a Fed rate hike next week were 15 percent, according to the CME Group's FedWatch tool.

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First Published on Sep 15, 2016 02:00 pm
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