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Last Updated : Dec 30, 2015 12:54 PM IST | Source: Moneycontrol.com

Sensex, Nifty consolidate; Dr Reddy's up 2%, HDFC leads

Dr Reddy's Labs gained 2 percent after its relaunched Esomeprazole magnesium delayed-release capsules, a therapeutic equivalent generic version of Nexium in the US market.


Moneycontrol Bureau

12:52 pm Oil Update: 
Crude oil futures slipped towards USD 37 per barrel on Wednesday as the market remained under pressure due to slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also weighed on prices.


Crude prices have plunged by two-thirds since mid-2014 as soaring output from the Organization of the Petroleum Exporting Countries, Russia and the United States led to a global surplus of between half a million and 2 million barrels per day.


More recently, a slowing demand outlook, especially in Asia but also Europe, has started dragging on prices.

12:20 pm Economist on inflation:
With the exception of India, emerging markets as a block have slowed down, says Gita Gopinath, professor of economics at Harvard University. A couple of factors have worked in favour of India, including the fall in commodity prices and China slowing down.

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On the other hand, resumption of the US Federal Reserve hiking interest rates will have implications for India in terms of global borrowing costs rising, she says.


According to her, global headwinds while important are of lesser significance to India. Hence for India to grow at 8 percent, it needs to revive domestic investment, she opines. "Corporate investment in India has flat lined after peaking in 2011. It will once again resume once the reforms process kickstarts, including the passage of the Land Bill, the bad loans situation comes under control and nominal interest rates come down," she told CNBC-TV18.

Also read - See $ weakening in short term; like banks, hospitality cos: Ambit

12:00 pm Market Check


Bulls and bears are fighting for control over Dalal Street today as the market continued to consolidate around 7930 on the Nifty ahead of F&O expiry this week.


The 30-share BSE Sensex fell 14.46 points to 26065.02 and the 50-share NSE Nifty declined 0.50 points to 7928.45. The BSE Midcap gained 0.5 percent and Smallcap rose 0.4 percent.


The market breadth remained strong as about 1384 shares advanced against 913 declining shares on the BSE.


Dr Reddy's Labs gained 2 percent after its relaunched Esomeprazole magnesium delayed-release capsules, a therapeutic equivalent generic version of Nexium in the US market.

HDFC was the leading contributor to Sensex's gains, up half a percent after Foreign Investment Promotion Board has given approval for Standard Life to hike its stake in the Indian insurance JV to 35 percent from 26 percent earlier.



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First Published on Dec 30, 2015 12:00 pm
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