Markets News 26 July 2016

Sensex holds 28,100 amid choppy trades; Midcap, Smallcap outperform

Amid a divergent trend among various index constituents, the Nifty 50 index traded near

the flat line. The barometer index, the S&P BSE Sensex, traded a tad higher. At 11:15

AM, theSensex was up 31.06 points or 0.11% at 28,126.40. The Nifty was currently up

0.55 points or 0.01% at 8,636.20. The Sensex rose 46.15 points or 0.16% at the day’s

high of 28,141.49 in early trade, its highest level since 11 August 2015.

PSU banks gain; Canara Bank, Bank of India up 3%

Shares of public sector undertaking (PSUs) banks were trading higher by up to 4% on

the National Stock Exchange (NSE) in an otherwise subdued market in early trade.

Oriental Bank of Commerce, Bank of India, Punjab National Bank (PNB), IDBI Bank,

Canara Bank and Allahabad Bank were up 3%-4%, while State Bank of India (SBI),

Union Bank of India, Indian Overseas Bank, Syndicate Bank, Bank of Baroda and

Andhra Bank up 1%-2% on the NSE.

Sobha gains on completion of share buyback

Sobha has rallied 7% to Rs 346 on the BSE after the real estate company announced

that it has bought back 1.76 million equity shares of the company from existing

shareholders for Rs 58 crore.

UltraTech Cement, Asian Paints join Rs 1 lakh crore m-cap club

UltraTech Cement and Asian Paints have entered the elite league of corporate entities

with a market value of over Rs 1 lakh crore, after a surge in their stock prices. Both

stocks ended at their respective all-time closing highs on the BSE.

With the addition of these two firms the number of companies with market capitalisation

(m-cap) of over Rs 1-lakh crore has increased to 24 currently

Eligibility for Suuti bankers eased

The government on Monday diluted a critical clause in the Request for Proposal (RFP)

invitinginvestment bankers to manage the mega share sale in companies held by

Specified Undertaking of the Unit Trust of India (Suuti).

Besides, it created three buckets for companies whereSuuti has stake and gave

merchant bankers separate tasks related to these entities.