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Sunday 16 October 2016

Nifty facing resistance above 8,600; ICICI Bank up 5%

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Benchmark share indices continued to trade flat after gains in select private banks helped capped further downside.

the S&P BSE Sensex was up 27 points at 27,700 and the Nifty50 was down 8 points 8,576. In the broader market, the BSE Midcap and Smallcap indices were 0.1%-0.5% each. Market breadth was positive with 1462 gainers and 809 losers on the BSE.

Foreign institutional investors were net sellers in equities worth Rs 946 crore on Friday, as per provisional stock exchange data.

ICICI Bank extended gains and was up 5% after the Essar group on Saturday signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte. to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat.

According to Business Standard report, the proceeds of the sale will be used to repay loans of both foreign and local lenders, which was around Rs 88,000 crore, Ruia said. Axis Bank which is also a lender to the Essar Groupwas up nearly 2%.

Infosys was up 0.7% on renewed buying interest at lower levels.

Among others, Fortis Healthcare has surged 11% to Rs 188 on the BSE in early morning trade after the company on Saturday said it has completed the acquisition of 51% stake in Fortis Hospotel Ltd and acquired compulsorily convertible preference shares issued by Escort Heart Institute and Research Centre Ltd.

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