Market Live: Nifty below 12,100, Sensex down 200 pts; bank, IT top drags – Moneycontrol.com, Moneycontrol.com

Rupee Update: The Indian rupee is trading lower but off day’s low at 71. per dollar, with selling seen in the domestic equity market.

Buzzing: Dilip Buildcon share price rose 6 percent on November 29 after company received letter of acceptance from from Uttar Pradesh Expressways Industrial Development Corporation (UPEIDA) for EPC project in the state of Uttar Pradesh.

Long and Short Data:

Government plans Rs 21, 000 crore extra spending:A day after indicating the possibility of fiscal slippage, Finance Minister Nirmala Sitharaman on November 28 sought parliamentary approval for gross additional expenditure of Rs 21, 246 crore, part of which will be used to recapitalize IDBI Bank and three state-run insurers.

Buzzing stock:Shares of Bharti Airtel climbed almost 3 percent on BSE on November 29 after reports emerged that the company has submitted bids for the assets of

A PTI report said Bharti Airtel has submitted conditional bids of around Rs 9, 500 crore for debt-ridden Reliance Communications’ telecom assets, including spectrum, mobile towers and optical fiber.

Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids.

Buzzing stock:Shares of Indiabulls Housing Finance surged 12 percent in early trade on BSE on November 29 after the government affidavit filed in Delhi High Court said it did not find any irregularities in loans given to five companies.

The Ministry of Corporate Affairs (MCA) on September 28, found no irregularities in loans extended by Indiabulls Housing Finance to five companies, as alleged by a Public Interest Litigation (PIL).

Foreign brokerage firm CLSA retained buy on the stock with a target price at Rs 450 against Rs 350 and said that clarity on court case can lend relief to the company.

“Clarity can improve the company’s access to the debt market, aiding liquidity and growth base case continues to assume marginal growth till FY 21. A 200 bps higher loan growth can lend a 3 percent earnings upside for the company in FY 21, “CLSA said.

The current valuation is attractive while risks are receding on court cases An uptick in growth can drive rerating, CLSA added.