Sensex, Nifty move in tight band

Last Updated: Thu, Mar 09, 2017 11:56 hrs

Amid stock specific activity in highly lacklsuster trades, the Indian stock indices Sensex and the Nifty50 are moving in a tight band today.

After opening notably lower, the market regained lost ground and even managed to emerge into positive territory, but due to lack of any strong buying at higher levels, remains quite sluggish.

The mood is cautious ahead of exit polls results of elections in five states, inclusing Uttar Pradesh, due later in the day. The poll results are scheduled to be out on Saturday.

The Sensex is down 14.60 points or 0.05% at 28,887.34. The Nifty50 of the National Stock Exchange is at 8916.60, down 7.70 points or 0.1% from its previous close.

Axis Bank, Maruti Suzuki and Asian Paints are up 1.2% - 1.5%. State Bank of India, ACC, HDFC, Tata Motors, Infosys, Hero Motocorp and Zee Entertainment Enterprises are up with modest gains.

Dr Reddy's Laboratories is down 4.4% due to sustained selling at the counter. The US Food and Drug Administration has issued 13 observations for the company's Duvvuda oncology formulation facility. The facility, called Unit-7, is located in Visakhapatnam Special Economic Zone, and manufactures cytotoxic and hormonal injectables and is among the important plants of Dr Reddy's Laboratories.  

Idea Cellular is trading 2.4% down. GAIL India is  down 2.2% on 380.50. The stock is trading ex-bonus today.

Bharti Infratel, Adani Ports, Wipro, Power Grid Corporation and ONGC are down 1% - 1.7%. BHEL and Aurobindo Pharma are also notably lower.

Shree Renuka Sugars is up 3% after the allotment committee of the board of directors of the company approved allotment of equity shares to Standard Chartered Bank.

Tata Teleservices Maharashtra Ltd shares are down 3.4% after the Reserve Bank of India opposed the terms of settlement between Tata Sons Ltd and NTT Docomo Inc. on the enforcement of a $1.17 billion arbitration award to the Japanese telco.

Tamil Nadu Newsprint & Papers is down sharply after the company informed that due to water shortage, production has been stopped in Paper Machine II (PM II), in Unit I at Karur, Tamil Nadu from afternoon of 7 March 2017. The production in PM II will be resumed on availability of water, the company added.

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