Lupin topped the buying list on Sensex, up 3 percent followed by Sun Pharma, Axis Bank, ONGC, Dr Reddy's Labs, Cipla and GAIL with 1-2 percent upside. However, Infosys, Bharti Airtel, BHEL, Bajaj Auto and Tata Steel declined 1-2 percent.
12:58 pm Market Update: Equity benchmarks continued to consolidate in afternoon trade with the Nifty hovering around 8000 level.
The Sensex gained 27.37 points at 26419.75 and the Nifty rose 14 points to 8015.95. About 1143 shares have advanced, 1253 shares declined, and 105 shares are unchanged on the BSE.
The Indian rupee extended losses, down 19 paise to 66.33 a dollar.
12:50 pm Buzzing: Novartis India shares gained over 1 percent after getting approval from Foreign Investment Promotion Board to transfer OTC division to GSK Consumer.
"GlaxoSmithKline Consumer has informed the company that the FIPB, pursuant to its letter dated August 20, approved proposal made by GSK to acquire company's OTC division," Novartis said in its filing.
After the approval from board of directors and FIPB, the company and GSK will proceed with completing documentation required to complete this transaction, it added.
Novartis AG, the parent company of Novartis India, agreed with GSK UK (on April 22, 2014) to create a global consumer healthcare joint venture. In connection with this JV, in January 2015, the company's board members approved transfer of OTC division as a going concern by way of slump sale to GSK for Rs 109.73 crore.
12:40 pm Interview: Raheja Developers' chairman and managing director Navin Raheja says consumers and developers are playing a who-will-blink-first game, but some small developers are already resorting to distress sales.
He says some developers are also selling houses below the production cost and any cut in prices further can be ruled out.
"I don't think there is any further possibility of developers to reduce the price further because there is no way they can reduce the price," he tells CNBC-TV18.
"The cost of land, atmosphere and sentiment when developers purchased was very good across the market, but the owing to competition they decided that they'd make better apartments with better specifications and sell it at a better price," he explains.
However, subsequently, the price of land rose steeply and many new developers also joined in without knowing the dynamics of the real sector, Raheja says.
It is the late comers who are now selling out in distress, Raheja says.
"If you look at it, last 10 years, there have been so many new developers which came without knowing the dynamics of the sector and later on they went into distress selling.
12:20 pm L&T bags order: Larsen & Toubro today said it has won a turnkey order for Rs 1,489 crore water supply project from Public Health Engineering Department, Ajmer.
"The Water & Effluent Treatment Strategic Business Group of L&T Construction has won turnkey orders worth Rs 1,489 crore in August 2015 in three packages, from Public Health Engineering Department, Ajmer, under the Rajasthan Rural Water Supply and Fluorosis Mitigation Project (Nagaur)," the company said in a statement.
The projects, funded by Japan International Cooperation Agency (JICA), are aimed at providing potable water to 986 village and seven urban towns in Nagaur district and 111 villages and two towns of Bikaner district in Rajasthan.
12:00 pm Market Check
Equity benchmarks continued to consolidate after a 2-day short covering-led rally. The Sensex gained 4.75 points at 26397.13 and the Nifty rose 7.40 points to 8009.35.
Some brokerages turned bearish on Indian equities. Macquarie cut year-end Nifty target to 8,700 from 9,600 to build-in lower earnings post weak Q1. Barclays, too, reduced 12-month Nifty target to 9,642 as it believes earnings recovery elusive.
Globally, Asian markets continued to trade mostly lower with Shanghai down more than 2 percent on reports that Beijing may finally halt its controversial market intervention.
RBI governor Raghuram Rajan told CNBC that he is not done with cutting rates yet and that he will follow the data to see how much action is possible.
In macro data to watch today, GDP in Q1FY16 is expected to come in at 7.5 percent, well above the 6.7 percent seen last year in Q1. However, what economists are watching is the GVA or gross value added and that is expected to fall to 6.81 percent from 7.4 percent in the year ago first quarter.
Lupin topped the buying list on Sensex, up 3 percent followed by Sun Pharma, Axis Bank, ONGC, Dr Reddy's Labs, Cipla and GAIL with 1-2 percent upside. However, Infosys, Bharti Airtel, BHEL, Bajaj Auto and Tata Steel declined 1-2 percent.The Great Diwali Discount!
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