Market Live: Sensex, Nifty open flat on first day of New Year; midcaps outperform

10:30 am Buzzing Stock: Share price of Phoenix Mills rose 6 percent intraday Monday as it has acquired 22.67 percent stake in its subsidiary company.

The company has entered into a share purchase agreement (SPA) with HBS Realtors (HBS) and Graceworks Realty & Leisure (GRLPL) on December 29,
2017 for acquisition of entire 22.67 percent shareholding of HBS in GRLPL, a subsidiary of the company.

Pursuant to the said SPA, the company has acquired entire 22.67 percent equity shareholding of HBS on December 29, 2017.

10:10 am Market Check: Benchmark indices continued to trade flat, with the Nifty holding 10,500-mark. At 10:10 hrs IST, the Sensex is up 24.12 points or 0.07% at 34080.95, and the Nifty up 1.10 points or 0.01% at 10531.80. The market breadth was positive as 1,648 shares advanced, against a decline of 560 shares, while 1,428 shares are unchanged.

9:45 am Brigade Enterprises gains: Shares of Brigade Enterprises gained 2.5 percent in the early trade on Monday as it has bought 12.95 acre land for Rs 218 crore in Bengaluru.

The company through its wholly owned subsidiary Brigade Infrastructure and Power (BIPL) has acquired a prime property admeasuring 12.95 acre at
Yashwanthpur, North Bangalore for a consideration of Rs 218 crore from SABMiller India,” as per company release.

This is property strategically located to develop an IT park.

9:30 am Buzzing Stock: Shares of Allahabad Bank were up almost 5 percent intraday on Monday as the bank raised Rs 500 crore.

In a notification to the exchanges, the bank said that it raised the money through private placement of Additional Tier 1 (AT 1) perpetual bonds.

The fund raising has been done in a bid to comply with global banking standards under Basel – III norms.

9:15 am Market Opens: Benchmark indices began the New Year on a flat note, but the midcaps were trading higher and outperforming the benchmarks in the opening tick.

At 09:16 hrs IST, the Sensex is up 11.14 points at 34067.97, while the Nifty was down 11.40 points or 0.11% at 10519.30. The market breadth was positive as 576 shares advanced against a decline of 178 shares, while 2,878 shares were unchanged.

Among stocks, State Bank of India (SBI), L&T, Hero MotoCorp and GAIL were the top gainers, while HUL, Wipro and Infosys were the top losers.

In the currency space, Indian rupee opened marginally higher at 63.84 per dollar on Monday versus 63.87 Friday.

Pramit Brahmbhatt of Veracity said, “The rupee will trade on a flat note. We expect the spot USD-INR pair to trade in a range of 63.50-64.”

According to Ajay Manglunia of Edelweiss, the volatility in the bond markets is expected to persist over the next few sessions.”