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Last Updated : Feb 08, 2017 10:45 AM IST | Source: Moneycontrol.com

Sensex, Nifty volatile ahead of MPC rate decision; Midcap shines

The broader markets outperformed benchmarks, with the BSE Midcap and Smallcap indices rising 0.5 percent and 0.3 percent, respectively. About 1328 shares advanced against 745 declining shares on the exchange.


Moneycontrol Bureau

10:40 am Infosys falls:
In a letter to Infosys board in January, the founders had raised fresh concerns over governance, had suggested bringing in value-based people into the firm.

More importantly, they had questioned the compensation given to Chief Executive Vishal Sikka, sources told CNBC-TV18. They also raised question marks over the severance packages given to former Chief Financial Officer Rajiv Bansal and General Counsel David Kennedy.

10:20 am Buzzing:
Shares of Titan Company gained 9.5 percent intraday on the back of strong numbers declared by the company for the quarter ended December 2016.

The company has reported 13 percent jump in its Q3 (Oct-Dec) net profit at Rs 255.7 crore against Rs 226.2 crore, posted in in the same quarter last fiscal.

Total income of the company was up 14.4 percent at Rs 3,926 crore and EBITDA rose 20.9 percent at Rs 373.5 crore. Margin was up at 9.51 percent versus 9 percent.


CLSA has upgraded Titan Company to buy from underperform and also increased target price to Rs 500 from Rs 372 after raising EPS forecasts by 9-24 percent.


Results displayed that concerns post demonetisation were unfounded, the brokerage house says.

Also read - Buy, sell, hold: 7 stocks to watch out post Q3 results

10:00 am Market Check

Close

Equity benchmarks remained rangebound as investors awaited outcome of two-day monetary policy committee meeting due in afternoon.


Jayant Manglik of Religare Securities says chance of status quo seems high, considering the present liquidity situation in the economy and rise in the crude oil prices.


Amidst all, he is bullish on markets and suggests maintaining buy on dips approach in stocks.


The 30-share BSE Sensex fell 9.61 points to 28325.55 and the 50-share NSE Nifty gained 0.35 points at 8768.65.

The broader markets outperformed benchmarks, with the BSE Midcap and Smallcap indices rising 0.5 percent and 0.3 percent, respectively. About 1328 shares advanced against 745 declining shares on the exchange.

Tata Motors, HDFC Bank, TCS, Asian Paints, M&M, Cipla and Tata Steel gained 0.5-1.6 percent while ITC, Infosys, Axis Bank, ICICI Bank, Reliance Industries and Dr Reddy's Labs were under pressure.



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First Published on Feb 8, 2017 10:00 am
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