Equity benchmarks continued to gain amid consolidation, especially ahead of outcome of monetary policy committee that will be announced on Wednesday. Largely expectation of 25 basis points cut in repo rate seems already priced in. If RBI cuts repo rate by 50 basis points in total then the market may rally further, analysts feel. Apart from that, the most important to watch out for would be commentary as it will be the first policy meet after currency demonetisation announced on November 8. The 30-share BSE Sensex was up 106.17 points at 26455.27 and the 50-share NSE Nifty gained 34.35 points at 8163.10 while the broader markets climbed 0.8 percent each on positive breadth. About three shares advanced for every share falling on the exchange. HDFC, Infosys, L&T, Adani Ports, ONGC and Maruti were leading contributors to Sensex’s gain while ITC, HUL and Asian Paints were under pressure, down 0.8 percent each.
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- According to Venkys, due to the money demonetization poultry industry has suffered a big loss. In last 1 month, the demand of eggs and chicken has been dropped. Also, their prices has been fallen around 40-50%.
- Tata Power has got a 200 crore rupees order from Defence Ministry today. Which gave a positive push to the price of Tata Power stocks.
- Canara Bank is planning to sell 70% stake in CanBank Factors. Also, plans to sell 13.45% stakes in CanFin Homes.