 "Sensex snaps three-day losing streak; ITC up 5%")
The benchmark Sensex snapped a three-day losing streak led by index heavyweight ITC on reports that the government is likely to put on hold its earlier Health Ministry proposal to ban the sale of loose cigarettes
The 30-share Sensex provisionally ended up 112 points at 28,555 and the 50-share Nifty closed 24 points higher at 8,561 after hitting a record high of 8,626.95.
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(Updated at 2:20PM)
Markets continued to consolidate in late noon trades on Wednesday as traders turned cautious and booked profits at higher levels.
At 2:20PM, the 30-share Sensex was up 86 points at 28,528 and the 50-share Nifty was up 9 points at 8,546.
In the broader market, BSE midcap and Smallcap indices outperformed the benchmark indices rising 0.4%-0.5% each.
Further, foreign institutional investors were net buyers in Indian equities worth Rs 391.07 crore on Wednesday, as per provisional stock exchange data.
On Wednesday, the total market capitalisation on the Bombay Stock Exchange topped the Rs 100 trillion mark. The total market capitalisation stood at Rs 100,40, 625 crore at close.
The Indian rupee was trading slightly lower at Rs 61.91 to the US dollar compared to the previous close of Rs 61.89.
BSE FMCG index was the top sectoral gainer up 3% followed by Capital Goods and Auto indices. Consumer Durables, IT and Realty indices were the top losers.
ITC continues to lead gains on the Sensex and the Nifty up 5% on reports that the government is likely to put on hold its earlier Health Ministry proposal to ban the sale of loose cigarettes. Hindustan Unilever was up 1.2%.
Cipla has gained around 2.8%. Cipla and Meda pharmaceuticals have sued Apotex, the largest Canadian owned pharmaceutical company, to enforce the Orange-Book listed patents covering Dymista (azelastine HCl/fluticasone propionate) Nasal Spray.
However, Sun Pharma was down 0.5%. Ranbaxy which is in the process of being acquired by Sun Pharma came under pressure after Germany barred the export of a particular antibiotic from its Madhya Pradesh facility.
ONGC pared early gains and was trading flat. Oil Minister, Dharmendra Pradhan speaking on the side-lines of an industry event ruled out the possibility of exempting ONGC from subsidy pay-outs. Earlier, the minister had informed the Rajya Sabha about government’s plans to rework the subsidy sharing formula for ONGC.
ICICI pared early gains and was up 0.5%. Earlier, the stock touched fresh record high of Rs 366 on BSE after the stock turned ex-stock split today. The private sector lender had subdivided the face value of its equity shares to Rs 2 from Rs 10.
HDFC Bank is trading marginally higher. The private banking major has reduced rates on retail term deposits by 25-50 bps on select maturities.
BHEL has lost 1.6% on profit-booking. On Wednesday, the stock had surged 2.5% on successful commissioning of India's first phase shifting transformer.
Bharti Airtel was down 2% on concerns that selling Africa tower business won't ease Airtel's woes. Africa continues to be a stress point for Bharti Airtel, even as it has turned around its India operations. To add to its woes, operations in Bangladesh and Sri Lanka also continue to underperform.
Market breadth was positive with 1,459 gainers and 1,355 losers on the BSE.
The 30-share Sensex provisionally ended up 112 points at 28,555 and the 50-share Nifty closed 24 points higher at 8,561 after hitting a record high of 8,626.95.
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(Updated at 2:20PM)
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Markets continued to consolidate in late noon trades on Wednesday as traders turned cautious and booked profits at higher levels.
At 2:20PM, the 30-share Sensex was up 86 points at 28,528 and the 50-share Nifty was up 9 points at 8,546.
In the broader market, BSE midcap and Smallcap indices outperformed the benchmark indices rising 0.4%-0.5% each.
Further, foreign institutional investors were net buyers in Indian equities worth Rs 391.07 crore on Wednesday, as per provisional stock exchange data.
On Wednesday, the total market capitalisation on the Bombay Stock Exchange topped the Rs 100 trillion mark. The total market capitalisation stood at Rs 100,40, 625 crore at close.
The Indian rupee was trading slightly lower at Rs 61.91 to the US dollar compared to the previous close of Rs 61.89.
BSE FMCG index was the top sectoral gainer up 3% followed by Capital Goods and Auto indices. Consumer Durables, IT and Realty indices were the top losers.
ITC continues to lead gains on the Sensex and the Nifty up 5% on reports that the government is likely to put on hold its earlier Health Ministry proposal to ban the sale of loose cigarettes. Hindustan Unilever was up 1.2%.
Cipla has gained around 2.8%. Cipla and Meda pharmaceuticals have sued Apotex, the largest Canadian owned pharmaceutical company, to enforce the Orange-Book listed patents covering Dymista (azelastine HCl/fluticasone propionate) Nasal Spray.
However, Sun Pharma was down 0.5%. Ranbaxy which is in the process of being acquired by Sun Pharma came under pressure after Germany barred the export of a particular antibiotic from its Madhya Pradesh facility.
ONGC pared early gains and was trading flat. Oil Minister, Dharmendra Pradhan speaking on the side-lines of an industry event ruled out the possibility of exempting ONGC from subsidy pay-outs. Earlier, the minister had informed the Rajya Sabha about government’s plans to rework the subsidy sharing formula for ONGC.
ICICI pared early gains and was up 0.5%. Earlier, the stock touched fresh record high of Rs 366 on BSE after the stock turned ex-stock split today. The private sector lender had subdivided the face value of its equity shares to Rs 2 from Rs 10.
HDFC Bank is trading marginally higher. The private banking major has reduced rates on retail term deposits by 25-50 bps on select maturities.
BHEL has lost 1.6% on profit-booking. On Wednesday, the stock had surged 2.5% on successful commissioning of India's first phase shifting transformer.
Bharti Airtel was down 2% on concerns that selling Africa tower business won't ease Airtel's woes. Africa continues to be a stress point for Bharti Airtel, even as it has turned around its India operations. To add to its woes, operations in Bangladesh and Sri Lanka also continue to underperform.
Market breadth was positive with 1,459 gainers and 1,355 losers on the BSE.