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Last Updated : Aug 25, 2016 11:22 AM IST | Source: Moneycontrol.com

Sensex, Nifty rangebound; ITC up 1%, Bharti & Adani Ports down

The market is rangebound but the Nifty is still above 8650. The 50-share index is up 23.90 points or 0.3 percent at 8674.20 and the Sensex is up 65.20 points or 0.2 percent at 28125.14. About 1214 shares have advanced, 612 shares declined, and 102 shares are unchanged.


Moneycontrol Bureau

10:55 am Buzzing:
Monsanto has withdrawn an application seeking approval for its next generation of genetically modified cotton seeds in India, a major escalation in a long-running dispute between New Delhi and the world's biggest seed maker.
A letter sent by Monsanto's local partner in India, the conglomerate's biggest market outside the Americas, strongly objects to a government proposal that would force Monsanto to share its technology with local seed companies.


The company is also at loggerheads with India over how much it can charge for its genetically modified cotton seeds, costing it tens of millions of dollars in lost revenue every year.


10:30 am Cement price hike: Cement demand seems to be rising in southern states where the cement has seen a hike in price by 12-15 percent per bag. In Andhra Pradesh and Telangana, cement prices have risen by Rs 30-40 per bag in last two days. This is clear indicator of rise in demand for cement in these regions. Brokerage houses are anticipating rise in demand for the cement sector in coming months on back of infrastructure push by the government and good monsoon. While prices have increased, its sustainability will be closely watched. Stocks that will come in focus post this include Sagar Cement , NCL Industries , Rain Industries and KCP .

Don't miss: Deutsche Bank downgrades Axis Bank, warns stress may remain high

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The market is rangebound but the Nifty is still above 8650. The 50-share index is up 23.90 points or 0.3 percent at 8674.20 and the Sensex is up 65.20 points or 0.2 percent at 28125.14. About 1214 shares have advanced, 612 shares declined, and 102 shares are unchanged.


ITC, Cipla, BHEL, Axis Bank, Dr Reddy's are top gainers while Adani Ports, Wipro, Infosys, Bharti Airtel and TCS are losers in the Sensex.

Meanwhile, there is some good news for aviation companies in India. Driven by a strong passenger traffic growth, India is poised to become one of the largest aviation markets in the world, according to a global body of airports. The Airports Council International (ACI) said that major commercial airports in China, India and Korea remained the major driving forces for the robust air passenger growth in the Asia-Pacific region. "India is also poised to be one of the largest aviation markets in the world in the years to come.

First Published on Aug 25, 2016 10:00 am
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