Stock Cash Premium Market Updates:-
• Bulls seem to have got excited only in last hour of trade today. Sluggish throughout the day, the market reversed losses to end in green on Wednesday. The Nifty was below 7100 but a late buying pushed it to end at 7108.45 up 60.20 points or 0.8 percent.The Sensex closed up 189.90 points or 0.8 percentat 23381.9.

• Drug major Dr Reddy's will buyback around 44.85 lakh shares, accounting for about 2.6 percent of the existing paid up capital of the company, for up to Rs 1,569.4 crore.

• Andhra Bank today reported a 82.91 percent plunge in net profit at Rs 34.46 crore for the third quarter ended December 31, on higher bad loans. The bank's net profit was Rs 201.71 crore in the corresponding October-December quarter of 2014-15.

• Utility vehicle manufacturer Mahindra and Mahindra (M&M) disappointed analysts on all parameters Friday by reporting a 15 percent decline in third quarter consolidated profitat Rs 820.5 crore year-on-year.

Sensex pares gains, Nifty still 7150; Dr Reddy's up 5%

The Sensex is up 214.05 points or 0.9 percent at 23595.92, and the Nifty is up 62.70 points or 0.9 percent at 7171.15. About 1538 shares have advanced, 588 shares declined, and 103 shares are unchanged. Dr Reddy's is up 5 percent while Hindalco, L&T, ONGC and Hero are top gainers while Maruri, BHEL, HDFC, Adani Ports and Bharti are losers.

The market is rising with support from capital goods, pharma, metals and oil & gas stocks. The Sensex is up 332.62 points or 1.4 percent at 23714.49, and the Nifty up 101.85 points or 1.4 percent at 7210.30. About 1593 shares have advanced, 474 shares declined, and 77 shares are unchanged. Dr Reddy's Labs, Hindalco, ONGC, L&T and Hero are top gainers while Bharti, Maruti and HDFC are losers in the Sensex. The volatility in rupee continued as it trimmed initial gains, but was still quoting higher by 3 paise at 68.44 against the American currency in late morning deals on sustained selling of dollar from banks and exporters amid higher equities. The domestic unit resumed higher at 68.39 per dollar as against yesterday's closing of 68.47 per dollar at the Interbank Foreign Exchange (Forex) market.


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