Sensex, Nifty consolidate; midcaps at record high, Tata Steel up
Markets consolidated with midcaps at record high. The Bank Nifty closed at its highest level in the last 17-months high. The Sensex was down 46.44 points or 0.2 percent at 28077 and the Nifty was down 6.35 points at 8666.90. About 1480 shares have advanced, 1237 shares declined, and 182 shares are unchanged.
In stock specific action SBI remained on buyers’ radar gained 4 percent as investors gave a thumbs up to its merger ratio. All SBI associates including State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur jumped.
BHEL, Tata Steel, HUL and Cipla were other top gainers while Coal India, TCS, Lupin, Sun Pharma and M&M were losers in the Sensex.
Steel giant Tata Steel is in final stages to close a deal with German conglomerate ThyssenKrupp. Both the companies are close to forming a joint venture for Tata Steel’s European assets. It is learnt that the JV may include Tata Steel’s Netherland’s plant and its port Talbot plant located in England. Tata Steel and ThyssenKrupp may ring-fence their debt portion in the tie-up.
Among midcaps, Tata Chemicals, Petronet LNG, Piramal Enterprise, NLC India and Torrent Power were top gainers.
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