The market remained choppy in noon trade. Banking and metals stocks gained while healthcare, oil, technology and select FMCG stocks continued to see selling pressure.The Sensex gained 0.75 points at 26523.84 and the Nifty declined 13.10 points to 8031.05. The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices falling 0.4 percent each. About 848 shares have advanced, 1356 shares declined, and 150 shares are unchanged on the Bombay Stock Exchange. Globally, Asian markets traded lower as downbeat inflation data from China weighed on sentiment. China's CPI came in at 1.2 percent against an expectation of a 1.3 percent rise. Shanghai slipped 0.6 percent, Hang Seng lost 0.9 percent and Nikkei declined 1.8 percent. Banking stocks like ICICI Bank and Axis Bank gained more than 1 percent as the Reserve Bank of India empowered banks to go for the kill over bad loans. Lenders can restructure loans by converting debt into equity if borrowers fail to meet viability milestones under restructured plan, said the RBI in its note. Vedanta extended rally, up 3.6 percent while Cairn India fell more than 4 percent. CNBC-TV18 learnt from sources that the boards of the two companies could be meeting this weekend to discuss a merger. The move will give Vedanta access to Cairn's cash and help reduce debt, sources said. However, Cipla and Dr Reddy's Labs dropped more than 2 percent followed by Sun Pharma with 1.7 percent loss. ITC, L&T, ONGC and Reliance Industries declined 0.3-0.9 percent.
The banking stocks including Axis Bank, YES Bank, ICICI Bank are trading with marginal gains after the RBI gave a nod to the banks to seize control of a company if a debt recast fails, supplant the management, and sell their stake in the defaulting company immediately to recover dues, in one of the central bank’s most aggressive steps to curb rising bad loans.
The board of directors of HDFC approved fund-raising worth Rs 5,000 crore simultaneously by secured redeemable non-convertible debentures (NCDs) and warrants. The stock is up 0.2%.
IT major Wipro is considering a takeover bid for Equiniti, the British-based group which manages the pensions of millions of UK civil servants, said media reports. The stock is trading with marginal gains.
Sun TV which cracked nearly 22% on reports that the Ministry of Home Affairs (MHA) has struck down the proposal by the I&B Ministry for giving security clearance to 33 television channels of Sun TV Network has rebounded 3% on value buying.
Cigarette maker and FMCG major ITC has slipped over 1% after IMD lowered its monsoon expectations from 'below normal' to deficit.
The board of directors of HDFC approved fund-raising worth Rs 5,000 crore simultaneously by secured redeemable non-convertible debentures (NCDs) and warrants. The stock is up 0.2%.
IT major Wipro is considering a takeover bid for Equiniti, the British-based group which manages the pensions of millions of UK civil servants, said media reports. The stock is trading with marginal gains.
Sun TV which cracked nearly 22% on reports that the Ministry of Home Affairs (MHA) has struck down the proposal by the I&B Ministry for giving security clearance to 33 television channels of Sun TV Network has rebounded 3% on value buying.
Cigarette maker and FMCG major ITC has slipped over 1% after IMD lowered its monsoon expectations from 'below normal' to deficit.
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