Nifty hovers around 8550; Coal India down 1%, Cipla up 3%

The market is still flat with the Nifty hovering around 8550-level. The 50-share index is up 10.85 points at 8548.50 and the Sensex is up 91.20 points at 28533.93. About 1402 shares have advanced, 1280 shares declined, and 123 shares are unchanged. 

ITC, Sesa Sterlite, Cipla, HUL and ONGC are top gainers in the Sensex. Among the losers are ICICI Bank, Bharti Airtel, BHEL, Hindalco and Tata Power.

Coal India is down 1 percent as its workers union is mulling to go for a strike to protest against the coal ordinance and company’s divestment plans.

Meanwhile, any revision in gold import duty is unlikely to take place before the Budget and there is no proposal as of now to reduce the 10 percent duty, a finance ministry official said. There has been widespread expectations of reduction in customs duty on gold due to the improved current account deficit situation. The Commerce Ministry has also been pitching for a cut in import duty on the precious metal.