This Article is From Feb 03, 2017

Sensex Struggles In Early Trade, Sun TV Surges 25%

Sensex Struggles In Early Trade, Sun TV Surges 25%
Sensex and Nifty edged lower in morning deals on the back of weakness in heavyweights like HDFC, Infosys, ICICI Bank, ITC and Tata Motors. Meanwhile, losses were capped as some banking heavyweights like State Bank of India and Axis Bank were witnessing buying interest. Analysts say after a stellar rally on budget day, traders were seen taking profits off the table. In early trading, the Sensex fell as much as 47 points to 28,180 while Nifty declined 17 points to hit low of 8,718.

From the Nifty basket of shares, 31 were advancing while 20 were declining.

ACC was the top Nifty loser, down 1 per cent at Rs 1,416. Infosys, Bharat Petroleum, Tata Motors, HDFC, Hindustan Unilever, ITC, ICICI Bank, Larsen & Toubro and Hero MotoCorp were also among the laggards.

On the other hand, Bharti Infratel was the top Nifty gainer, up 2.6 per cent at Rs 300. Idea Cellular, Bank of Baroda, Tech Mahindra, BHEL, State Bank of India and Tata Power were also among the gainers.

On the sectoral front, pharma shares were witnessing buying interest, the BSE healthcare index was up 0.72 per cent. While, IT, banking, capital goods and FMCG indices were mostly flat.

However, the mid-cap and small-cap shares were witnessing buying. The BSE mid-cap and small-cap indices advanced 0.6 and 0.4 per cent each respectively.

Among the individual shares, Sun TV, owned by Kalanithi Maran, surged as much as 25.76 per cent to Rs 694 after a Delhi judge ruled that former union minister Dayanidhi Maran will not be tried for alleged corruption, in what is known as the Aircel-Maxis case. Mr Maran had been accused by investigating agencies of helping Malaysian group Maxis to acquire Aircel in exchange for a huge kickback of nearly 700 crores.

In 2014, the CBI filed charges against Mr Maran, his media mogul brother Kalanithi Maran and T Ananda Krishana, a Malaysian tycoon, for colluding to allow Maxis take control of Aircel, a Chennai-based company owned at the time by C Sivasankaran. He has alleged that as Telecom Minister, Mr Maran withheld crucial permissions and clearances as a pressure tactic till he sold the telecom to Maxis in 2006.