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Last Updated : Jan 09, 2017 11:23 AM IST | Source: Moneycontrol.com

Sensex volatile but Midcap, Smallcap outperform; IT stocks fall

Benchmark indices remained rangebound in morning with the Nifty hovering around 8250 level as all eyes are on quarterly earnings that will kick start this week with Infosys, TCS and IndusInd Bank.


Moneycontrol Bureau

10:59 am Market Update:
Benchmark indices were flat with a negative bias. The 30-share BSE Sensex was down 25.47 points to 26733.76 and the 50-share NSE Nifty fell 6.35 points to 8237.45.

About 1314 shares advanced against 905 declining shares on the BSE.

10:36 am Economic growth outlook:
The decline in gross domestic product (GDP) for the second half of the year is likely to be more stark than government estimates, says Tanvee Gupta Jain, India Economist Research at Macquarie Capital Securities.

Macquarie estimates 6 percent growth against the 6.7 percent estimate by the CSO for the second half of the current financial year.

The advance estimate for GDP for the fiscal year 2017 released on Friday shows India's growth is set to slow down to 7.1 percent in this financial year but this does not include the impact of demonetisation.

Keeping in mind the uncertainty due to the cash crunch, Macquarie's gross value added (GVA) estimate for the current year is 6.6 percent and for GDP is 6.8 percent at market price.

Macquarie is optimistic for financial year 2018 and estimates GVA at 7.4 percent and GDP at 7.5 percent.

10:20 am Buzzing: Hyderabad-based healthcare company Granules India shares plunged 13 percent intraday after the company received inspection report with 11 observations from Portugal regulator for Gagillapur facility.


INFARMED (InstitutoNacional da Farmacia E Do Medicamento) Portugal had conducted a renewal inspection on the company's facility that manufactures pharmaceutical formulation intermediates & finished dosages


The company said it had initiated steps to address observations of the inspection agency and will submit its response with a corrective and preventive action plan within stipulated time.

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Granules will also be requesting the INFARMED for re-inspection of Gagillapur facility at the earliest.

Also read - Buy, sell, hold: 11 stocks that analysts are watching out today

10:00 am Market Check


Benchmark indices remained rangebound in morning with the Nifty hovering around 8250 level as all eyes are on quarterly earnings that will kick start this week with Infosys, TCS and IndusInd Bank.


The 30-share BSE Sensex was down 19.82 points at 26739.41 and the 50-share NSE Nifty fell 4.85 points to 8238.95 while the broader markets outperformed benchmarks.


The BSE Midcap and Smallcap indices gained 0.3 percent each on positive breadth. About two shares advanced for every share falling on the BSE.

Technology stocks decline further after losing 3 percent last week after the re-introduction of H1B Visa Reform Bill in the US Congress. Infosys, Wipro, HCL Technologies and TCS were down 0.4-1 percent.

Dr Reddy's Labs was the biggest loser among Sensex 30 stocks, down 2.5 percent followed by Tata Motors, Asian Paints and Mahindra & Mahindra while ITC, HDFC Bank, Adani Ports, Reliance Industries, SBI and Hero Motocorp continued to support the market.



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First Published on Jan 9, 2017 10:00 am
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