Market Update

Wednesday, 19 October 2016

Sensex, Nifty flat; BHEL climbs 4%, ICICI & ITC laggards

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 Sovereign Gold Bonds: The Reserve Bank said it has issued five tranches of Sovereign Gold Bonds (SGB) for a total value of Rs 3,060 crore till date.
     Investors in these bonds have been provided with the option of holding them in physical or dematerialised form.
     "The requests for dematerialisation have largely been processed successfully. A set of records, however, could not be processed for various reasons such as mismatches in names and PAN numbers, inactive or closed demat accounts, besides other reasons," the central bank said in a statement.
     RBI issued the bonds in consultation with the government.
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FII view: Barring autos, high-frequency data doesn't show any uptick, Mahesh Nandurkar of CLSA says, adding an analysis of more than 40 high frequency indicators reveals that economic recovery isn't visible as yet.
     He feels the positive impact of an early Diwali was largely offset by an extended monsoon.
He says autos is the only sub-segment where data has improved substantially in the past three months. Several other indicators such as cement, power, commercial vehicles and rail freight remain weak in low single digits/decline.

Market check: The Sensex is down 3.13 points at 28047.75, and the Nifty is down 3.40 points at 8674.50. About 840 shares have advanced, 332 shares declined, and 53 shares are unchanged.
     BHEL is up over 4 percent while GAIL, Sun Pharma, Lupin and Wipro are gainers. ICICI Bank, ITC, Tata Motors, Bharti Airtel and Adani Ports are top losers in the Sensex.

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