The market remained rangebound in afternoon trade but the rupee strenghtened further, rising 21 paise to 63.86 a dollar. The Sensex fell 1.05 points to 26522.04 and the Nifty declined 11.40 points to 8032.75. Morgan Stanley remained bullish on India. Jonathan Garner said India has a higher chance of growth pick-up in near-term while Chetan Ahya added that India's GDP could be at 6.5 percent for FY16 as per old series. Vedanta topped the buying list on Sensex, up 3.5 percent after Vedanta reponded to the reports of an impending merger with Cairn, saying it will consider reverse takeover of Hindustan Zinc and Cairn India if it happens.
"We are evaluating transaction with government on minority stakes in Hindustan Zinc and BALCO," it added. Hindustan Zinc has Rs 30,000 crore cash on books and Cairn has Rs 16,000 crore. Bank Nifty outperformed Nifty after RBI issuing new strategic debt restructuring norms. ICICI Bank, Axis Bank and SBI gained 0.6-1 percent. Housing finance company HDFC also rallied 1 percent.
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