Sensex, Nifty off lower levels, look headed for flat close

Last Updated: Fri, Apr 21, 2017 15:14 hrs

Activity is by and large stock specific on the Indian bourses today. Despite having opened on a buoyant note, the market turned sluggish, and after holding in positive territory till a little past noon, slipped into the red as selling gathered momentum at some key counters.

With a few stocks finding support at lower levels, the market recovered some lost ground subsequently, but still remain in negative territory with modest losses.

At 29,387.26, the Sensex is down 35.01 points or 0.12% from its previous close. The Nifty50 is down 10.70 points or 0.12% at 8125.70.

Motilal Oswal Financial Services is gaining 4% on reports the company is planning to sell stake in home finance unit Aspire to Private Equity Funds. The exchanges sought clarification from the company on these reports and the company has denied any such plans.

Jaiprakash Associates is trading 1.3% up on reports that the company will pay its 65,000 fixed deposit holders about Rs 1.2 crore out of the proceeds of the sale of some cement units to UltraTech Cement.

Narayana Hrudayalaya Limited shares are trading marginally up after the company said that it has entered into a definitive agreement to acquire 100% stake in NewRise Healthcare Private Limited from Panacea Biotec Limited and PanEra Biotec Limited. Narayna Hrudayalaya will be acquiring 100% equity shares and 100% preference shares of NewRise Healthcare, a multi-speciality hospital with 230 bed capacity in South-Western part of NCR.

This acquisition will help consolidate Narayana Hrudayalaya's footprint in the Northern cluster and enable it to serve the region's fast expanding healthcare space.

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