Sensex, Nifty rangebound; NTPC raises Rs. 800 cr via debentures

The market on Wednesday remained rangebound as investors are keen to wait and watch the mode ahead of F&O expiry.

The Sensex is up 46.89 points or 0.2 percent at 28,037.10 and the Nifty is up 9.50 points or 0.1 percent at 8,642.10.

Shares such as Lupin, TCS, HUL, Coal India and ITC were amongst the laggards while Maruti, NTPC, Cipla, Infosys and Sun Pharma were amongst the gainers in the Sensex.

Oil fell after industry data showing an increase in US crude stocks added to oversupply worries and traders took advantage of a recent rally to book profits.

Prices had closed higher on news that Iran was willing to join calls by OPEC and Russia for production curbs after scuttling previous efforts to reach a deal in April.

On the other hand, the State-owned power generator NTPC in a statement to BSE said that it has raised Rs. 800 crore through issuance of debentures on private placement basis for capital expenditure.

"NTPC has raised Rs. 800 crore on August 23, 2016 through private placement of secured non-convertible debentures at a coupon of 7.58 per cent per annum with a door to door maturity of 10 years," added the statement.

While, Goldman Sachs continues to maintain its GDP growth forecast of 7.9 percent for this fiscal, the ongoing second quarter is expected to grow at 7.8 percent level backed by higher government spendings and rise in consumption activity, a note by the broking firm says.

It expects robust consumption trends to offset weak private investment in the economy. The full year growth will be benefited by a good monsoon, recently introduced Seventh Pay Commission, clearance of key reforms, favorable fiscal monetary policy and continuation of FDI inflows.