Sensex, Nifty volatile; Reliance, BHEL under pressure

1:53pm Coal India & JSPL in focus: Coal ministry has allocated 3 cancelled coal blocks of JSPL to Coal India. 01:25pm Cipla in focus:  Stempeutics Research, a group company of Manipal Education and Medical Group and a joint venture with Cipla Group, announced today that the European Medicines Agency (EMA) has granted Advanced Therapy Medicinal Product classification for its novel stem cell drug ‘Stempeucel’. Stempeucel will be used for the treatment of Thromboangiitis Obliterans (TAO). The ATMP classification, approved by the committee for Advanced Therapies (CAT) of the European Medicines Agency, will allow Stempeutics to commercialise the product ‘Stempeucel’ across the European Union region. 01:00pm Market Check: The market remained in a consolidation mode ahead of expiry of March derivative contracts this week. The Sensex gained 37.36 points at 28298.44 and the Nifty rose 10.50 points to 8581.40. The 5-6 percent downside seen in the Indian equity market is not a full fledged correction, it would be a correction only in case the market goes down 10 percent or so, says Deepak Shenoy of Capital Mind. The broader markets continued to trade lower with the BSE Midcap and Smallcap falling around 0.5 percent. About 908 shares have advanced, 1704 shares declined, and 185 shares are unchanged on the Bombay Stock Exchange. Jindal Steel, SBI, Wockhardt, Tech Mahindra, ITC, Ushdev International, Adani Ports and Sun Pharma Advanced Research were most active shares on exchanges. Hindalco Industries extended gains to 3 percent after the government accepted bids for Dumri coal block won by the company. Tata Motors, M&M, NTPC, Bharti Airtel, Cipla, Tata Steel and GAIL gained 1-2 percent. However, Reliance Industries and BHEL dropped 1-2 percent. Infosys, SBI, HDFC Bank, ICICI Bank, ITC, Maruti Suzuki, Coal India and Wipro also lost ground. More information please visit this site www.sharemarket259.blogspot.in