Baba Ramdev fast against corruption

Ramdev alleged there was a conspiracy against him to ensure that he does not go ahead with his protest fast but asserted that it had "failed".

"I will certainly not talk about all issues today, there was a conspiracy but it has failed. What was the conspiracy, I will not say today. When the right time comes, I will say," Ramdev said.
Also read: Govt-Ramdev talks end without any deal

Nifty below 5550

Indian equity were trading marginally lower amid volatility. Oil & gas, healthcare, metal, FMCG, financial and select auto companies' shares were witnessing selling pressure in the last couple of hours.


The 30-share BSE Sensex was trading at 18,388, down 106 points and the 50-share NSE Nifty fell 31 points to 5,519. Both indices shed more than 250 points and 80 points from day's high.

Sun TV strongly denies any role in 2G scam

Sun TV has strongly denied any role in the 2G scam. Speaking to CNBC-TV18, Sun TV CFO VC Unnikrishnan said neither Sun TV nor Kalanithi Maran have anything to do with 2G scam. 

Shares of broadcaster fell sharply on Thursday after media reports said the founder's brother, Textiles Minister Dayanidhi Maran, was named in a lawsuit related to the 2G probe.

Saying that Sun TV has no holding in Sun Direct nor there is any relation with Maxis, which has a 20% stake in Sun Direct, Unnikrishnan said Sun TV only provides channels to Sun Direct's DTH (direct to home) platform.

Sensex gains over 100 points

Equity were trading with good gains though there was some profit booking at higher levels. Anil Dhirubhai Ambani Group (ADAG), oil & gas, technology, realty, power, capital goods and select financial companies' shares were helping the markets at 10:50 hours.

However, the sell-off in HDFC, ITC, HUL, Dr Reddy's Labs and Sun Pharma pulled the Nifty marginally below 5600. ADAG companies' shares like Reliance Power, Reliance Communications, Reliance Capital and Reliance Infrastructure rallied 4-7% on short covering after 2G Trial court dismissed plea for charging Anil Ambani. These stocks had fallen quite sharply yesterday.

Fundamentally Sun TV looks attractive

Fundamentally, it looks attractive; there is no getting away from that. It is trading at 12 PE, I don’t remember Sun TV trading at these kind of multiples. Having said that, you can get a bump up in the stock because it has fallen quite a bit, 35% or so in the last few days, that is a big cut in the largecap name and it is ripe for some technical bounce.

Yesterday’s fall was clearly aggravated by the pledge shares, which are sold by IFCI. And that might have added to the delivery based pressure on the counter. These regulatory hangovers or scam hangovers can affect a stock, however good the stock might be. So, it will be a brave call to go out and buy Sun at this point and a lot of institutions may not want to do that.

Also read: Maran is history, will succumb to 2G charge, says N Ram