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Market Live: Sensex erases gains, Nifty nears 9600; Reliance Industries outperforms

Shiva Cement surged 13 percent, taking total rally to 50 percent in five consecutive sessions.

11.26 am Market Check: Equity benchmarks erased early gains, with the Nifty trading near 9600 level due to correction ITC, L&T and HDFC Bank.

The 30-share BSE Sensex was down 18.08 points at 31,203.54 and the 50-share NSE Nifty fell 11.70 points to 9,603.30 on profit booking.

ITC, L&T, HDFC Bank, Axis Bank, TCS, Hero Motocorp and Asian Paints were leading contributors to Sensex' fall but the upside in Reliance Industries (up 1.7 percent), Infosys, HDFC, ICICI Bank and HUL limited losses.

1:20 am Acquisition: Jindal Poly Films rallied more than 4 percent intraday after the subsidiary acquired the company in Netherlands.

"The board of directors of JPF Netherlands BV, subsidiary of the company, has approved the acquisition of Apeldoorn Flexible Packaging Holding BV, Netherlands subject to regulatory approvals," the polyester and polypropylene films manufacturer said in its filing.

JPF acquired AFP at an enterprise value of euro 82.3 million (Rs 598 crore).

"The acquisition results in access to a new product segment for the company and strengthens relationship with brand owners in food, beverage and FMCG segments," Jindal Poly said.

The acquisition, which is expected to close by September-end, will require Works Council advice of AFP and anti-trust approvals in the Netherlands and Germany.

10:54 am Buzzing: Shares of Shiva Cement touched 52-week high of Rs 33.50, up 20 percent intraday as JSW Cement has increased its stake in the company.

In the last four trading sessions, JSW Cement acquired 61,34,697 equity shares (representing 4.12 percent of paid-up equity) of the company.

As on March 2017, JSW Cement was holding 49.40 percent stake in the company, which has now increased to 53.50 percent.

The share price has increased by nearly 450 percent in the last one year.