Nifty holds 8,500 amid rangebound trade; Tata Steel falls 3%

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Markets remained rangebound in noon trades on Thursday as gains in metals and telecom stocks helped cap further downside

the benchmark S&P Sensex was up 21 points at 27,506 and the Nifty50 index was up 2 points at 8,514. In the broader markets, BSE Midcap and Smallcap indices were trading flat with mixed bias.

Hero MotoCorp was up nearly 2% after the company said its total motorcycle sales rose 3.65% to 6.63 lakh units in October 2016 over October 2015.

State Bank of India (SBI) and ICICI Bank have cut their respective lending rates for home loans to boost housing credit during the festive season. SBI has slashed interest rates by 0.15 per cent for its home loans up to Rs 75 lakh, while ICICI Bank is offering overdraft facility along with home loan. SBI was down 0.8% while ICICI Bank was trading with marginal gains.

Hindalco was up over 5% on upgrade by a foreign brokerage and increased the target price to Rs 190 per share.

Other gainers include, index heavyweights ITC and Reliance Industries up 0.4%-0.9% each.

ONGC was down 2.4% after the stock was traded ex-dividend from today. The company's board at its meeting held on October 27, 2016 announced an interim dividend of Rs 4.50 per equity share.


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