Nifty holds 8800 amid consolidation; Hindalco, Yes Bank rally

Benchmark indices as well as broader markets were moderately higher amid consolidation in morning, with the Nifty holding 8800 level supported by private banks, metals and technology stocks. HDFC Group, PSU banks and infra stocks were under pressure.
The 30-share BSE Sensex gained 45.65 points at 28379.90 and the 50-share NSE Nifty rose 16.15 points to 8809.70. The market breadth was marginally positive as about 1167 shares advanced against 1075 declining shares on the BSE.
Infosys gained 0.6 percent after agencies are saying co-founder Narayana Murthy has resumed talking to the board and says company Chairman R Seshasayee enjoys the “highest integrity”.
Mahindra & Mahindra, Tata Steel, Wipro, Hindalco, Yes Bank and GAIL gained a percent each while HDFC, HDFC Bank, SBI, Sun Pharma and Tata Motors were under pressure.
Bank of Baroda tanked 6.5 percent and Idea Cellular lost 3 percent post earnings.
Coal India lost 2 percent after weak earnings. CLSA has sell call on the stock, with a target price at Rs 285 and cut FY17 EPS by 2 percent but maintained FY18-19 estimates. The brokerage house sees risk of a partial rollback in coking coal price hike. It feels improvement in volume growth may continue and blended realisations should also improve in Q4.

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Sensex, Nifty hold morning gains; Ambuja Cements, ACC rally' width= Nifty hovers around 8800 as investors await RBI policy; ITC up' width=
Sensex, Nifty hold morning gains; Ambuja Cements, ACC rally Nifty hovers around 8800 as investors await RBI policy; ITC up
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