The market remained under pressure in noon trade. The Sensex fell 80.97 points to 28453 and the Nifty declined 16.75 points to 8610.65 as banking, FMCG and metal stocks lost ground. Maruti, Hindalco, Dr Reddy's Labs, Hero Motocorp and GAIL are top gainers in the Sensex. Among the losers are ITC, SBI, Bharti, Coal India and Sesa Sterlite.
ONGC declined 0.5 percent on news that the company will have to pay a fuel subsidy of Rs 8,700 crores for the December quarter.
Mahindra & Mahindra gained 0.2 percent along with Pipavav Defence (up 9 percent) on reports that Mahindra group is planning to pick up 25-30 percent stake in the defence company at Rs 66 per share, valuing the deal at Rs 3000 crores. Pipavav Defence board meet is slated for tomorrow.
India Cements jumped 14 percent after the company approved the proposal for re-organisation of Chennai Super Kings franchise. N Srinivasan says the ownership of Chennai Super Kings will go to shareholders now.
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