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Market Live: Sensex opens flat, Nifty consolidates above 10,600; TCS at new high

10:05 am Market Check: Benchmark indices continued to be rangebound in morning but the broader markets outperformed, with the Nifty Midcap rising 0.24 percent. Investors focussed on corporate earnings.

The 30-share BSE Sensex was up 3.41 points at 34,436.48 and the 50-share NSE Nifty slipped 7.30 points to 10,624.90.

About 1,268 shares advanced against 959 declining shares on the BSE.

Here are the top headlines at 10 am from Moneycontrol News’ Anchal Pathak

9:55 am Buzzing: Share price of Som Distilleries and Breweries touched 52-week high of Rs 262.90, gaining nearly 12 percent in morning as investor Porinju Veliyath bought stake in the company.

On January 10, 2018 Porinju V Veliyath bought 1,50,000 shares of the company at Rs 197.95.

EQ India Fund also bought 5,00,000 shares of the company at Rs 197 on the NSE.

9:45 am Rupee Trade: The rupee weakened 12 paise to trade at 63.71 against the US dollar in morning session at the Interbank Foreign Exchange on increased demand for the American currency from banks and importers.

Foreign fund outflows and rising crude oil prices also weighed on the rupee sentiment.

Crude oil prices were ruling at around three-year high levels, putting pressure on the rupee as India is a major oil importer.

Yesterday, the rupee had bounced back to end higher by 11 paise at 63.60 against the US currency on bouts of dollar selling by exporters and corporates.

9:33 am Satyam Case: Finding Price Waterhouse guilty in the multi-crore Satyam scam, Sebi today barred its network entities from issuing audit certificates to any listed company in India for two years and ordered disgorgement of over Rs 13 crore wrongful gains from the audit major and its two erstwhile partners who worked on the IT major’s accounts.

The market regulator’s order comes after nine years post the scam at Satyam Computer Services came to light and after two failed attempts by auditor major Price Waterhouse to settle the case through consent mechanism.

This is also one of the most stringent orders passed by any regulator against a Big Four audit major.

9:29 am Buzzing: Shares of GE Power India rose 5.6 percent in the early trade on contract win worth Rs 818.3 crore.

The company has been awarded a contract worth approximately Rs 818.3 crore by Navayuga Engineering Company.

The contract includes design, engineering, manufacturing, supply, erection, testing and commissioning of 12 Nos., 80 MW capacity vertical full kaplan turbine generator units along with all associated auxiliary and ancillary equipment.

9:21 am IPO Subscription: The initial public offer (IPO) of Apollo Micro Systems, which caters primarily to the defence and aerospace sectors, was subscribed 2.14 times on the first day of bidding on Wednesday.

The IPO, to raise Rs 156 crore, received bids for 88,60,500 shares against the total issue size of 41,44,955 shares, data available with the NSE showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 32 peipocent, non institutional investors 51 per cent and retail investors 3.78 times.

9:15 am Market Check: Equity benchmarks were flat in opening on Thursday as investors await third quarter earnings of Infosys, TCS and IndusInd Bank.

The 30-share BSE Sensex was down 2.74 points at 34,430.33 and the 50-share NSE Nifty fell 7.20 points to 10,625.

About 780 shares advanced against 536 declining shares on the BSE.

Infosys, Hindalco and HCL Technologies were early gainers.

Wipro, Yes Bank, Bajaj Finance, Cipla, HPCL, L&T, Eicher Motors, Axis Bank and ICICI Bank were early losers.

Jai Corp, Prism Cement, GVK Power, Welspun India, Indiabulls Real, JSW Energy and NMDC gained 1-8 percent.

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