Sensex volatile; Cipla & Bank of Baroda gain 3%, Glenmark up 4%

Moneycontrol Bureau12:32 pm Market Expert: Sandeep Bhatia of Macquarie Securities Group, said that 2017 could well be a headline year for flows into mutual funds.

Flows would be positive, especially in the near-term, and would hold the markets up, he feels.

He said mutual funds industry, which had shown resolve even when the chips were down, had also been given impetus by the government’s decision in November last year to devalue high-value bank notes.

“Right now is a good time to buy; don’t step back,’’ he said. ‘’Markets will present opportunities this year.

He said that while the note ban had affected earnings, he expected growth to return from June onwards.12:17 pm Divestment: Govt official says they expect cabinet to discuss IRFC, IRCON & IRCTC stake sale proposals soon.

The government is planning to sell 10 percent stake each in IRCTC, IRCON & IRFC in FY18 via IPO, which is a part of its divestment programme worth Rs 72,500 crore announced in Union Budget.Also read - Why Mahindra's MD thinks 2017 will be the year of electrics12:00 pm Market Check

The market were marginally lower amid consolidation as investors remained on sidelines after digesting Union Budget and await RBI policy & economic data due next week.

The 30-share BSE Sensex was down 60.03 points at 28166.58 and the 50-share NSE Nifty fell 16.25 points to 8718 while the broader markets continued to outperform benchmarks. The BSE Midcap and Smallcap indices gained 0.8 percent each.

Bombay Stock Exchange has stellar listing today, quoting at Rs 1,109.75, up Rs 303.75, or 37.69 percent on the NSE. MD and CEO of BSE, Ashish Chauhan says the exchange is working on increasing share in the equity and derivatives market.

Sun TV Network rallied 22 percent as the special 2G court acquitted Maran brothers and the company in the Aircel-Maxis case. Analysts say key overhang is removed but uncertainty remains on core fundamentals like advertising revenue growth.

Glenmark Pharma gained 4 percent higher post a strong quarter. The company expects Zetia generic to contribute USD 200 to 250 million and that a good part of those sales would go towards debt repayment.

ACC was under pressure, down 1.6 percent ahead of numbers today. A CNBC-TV18 poll expects a weak quarter dragged by weakness in volumes and realisations. Profit is expected to fall 40 percent.