Sensex, Nifty struggle under pressure; Lupin, ICICI laggards

Moneycontrol Bureau11:55 am Done deal: Tata Chemicals said that it has sold its urea business to Yara for Rs 2,670 crore. The company expects to complete the sale process in next 9-12 months.

“The urea business along with the assets, liabilities, contracts, deeds etc., shall be transferred and vested with Yara India pursuant to the scheme becoming effective on a slump sale basis,” Tata Chemicals said in a BSE filing.

The urea business had contributed 21.2 percent to the total turnover of the company for last FY16.

The company had first initiated process to sell the segment in 2014, but a deal could not be struck due to high asking price.

11:30 am New listing: Shares of infrastructure firm Dilip Buildcon, which recently concluded its Rs 654-crore initial public offering, will make its stock market debut on Thursday. Dilip Buildcon's IPO had attracted massive demand, with the offer getting subscribed by around 21 times. The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 9.76 times, while non -institutional investors category received 79.64 times subscription and retail investors 2.35 times. The company had fixed the price band at Rs 214-219 per share for its IPO which was open from August 1-3.

Don't miss: Investment strategies: 4 stocks to sell, 1 stock to buyThe market is still struggling under pressure. The 50-share index is down 76.85 points or 0.9 percent at 8601.40 and the Sensex is down 215.22 points or 0.8 percent at 27869.94. About 708 shares have advanced, 1532 shares declined, and 108 shares are unchanged.

Adani Ports is up 7 percent while NTPC, TCS, Bajaj Auto and Bharti Airtel are top gainers while Lupin, ICICI Bank, Reliance, Tata Motors and Dr Reddy's Labs were losers in the Sensex.

Gold futures were up by Rs 186 to Rs 31,751 per 10 grams as traders raised bets amid positive cues from global markets.

At the Multi Commodity Exchange, gold for delivery in far-month December contracts was quoting higher by Rs 186, or 0.59 percent, at Rs 31,751 per 10 grams in a business turnover of 16 lot.

Analysts attributed the rise in gold prices to a firming trend overseas where it rebounded from the lowest in a week as the dollar weakened, boosting demand for precious metals as a store of value.

Meanwhile, gold was trading 0.88 percent higher at USD 1,352.40 an ounce in Singapore.