Key bechmark indices erased their initial gains in the last 30 minutes of trade and closed in red on Wednesday. The BSE Sensex closed 37.67 points down at 26,552.92 while NSE Nifty closed 20.50 points down at 8,040.20.
In the 50-share index, Tata Motors, Mahindra & Mahindra, Hero MotoCorp, Coal India and State Bank of India gained between 1.20 per cent and 6.45 per cent. On the other hand, Tech Mahindra, ICICI Bank, Sun Pharma, Reliance and GAIL slid between 1.85 per cent and 2.50 per cent. Shares of Tata Motors gained on reports that sales of Jaguar Land Rover (JLR) in the US rose in October.
Bata India shares closed 2.32 per cent down at Rs 485.95 on BSE ahead of its second quarter earnings to be announced later in the day.
Shares in Nestle India rose as much as 4 per cent after the company said samples of Maggi Noodles have been cleared by three laboratories. The share price of Nestle India closed 0.21 per cent up at Rs 6,247.15.
Gaurav Jain, director, Hem Securities, said, “Indices opened on a strong note in line with its strong global peers. However last half hour of selling pressure dragged indices sharply lower as investors seems worried of NDA losing crucial Bihar election which can adversely affect the reform process.”
Barring the BSE Auto index (up 1.69 per cent), BSE Metal index (up 0.41 per cent) and BSE FMCG index (up 0.29 per cent), rest all other indices on the Bombay Stock Exchange ended in red. The BSE Healthcare index slid the most — 0.79 per cent, followed by BSE IT index (down 0.57 per cent), BSE Bankex (down 0.48 per cent) and BSE TECk index (down 0.45 per cent).
The FIIs remained net sellers in the cash market segment on Tuesday as they sold shares worth Rs 449.84 crore. The DIIs on the other hand were net buyers on 03 November, bought shares worth Rs 350.31 crore in the capital markets segment.
Out of 2,860 stocks traded on the BSE, 1,646 declined and 1,265 gained on Wednesday.
Companies like KEI, Allcargo log, Jubilant Food, JBF Ind, Alembic Ltd, Aban, Amrutanjan, Cummins Ind, Sona steer, Gujarat gas, Nitin Spin, Tata Steel, Tata Global and Sunil Hitech may announce their earnings on Thursday.
Markets through the day
3.30 pm: The BSE Sensex closed 37.67 points down at 26,552.92 while NSE Nifty closed 20.50 points down at 8,040.20.
3.21 pm: Shares in DLF gained as much as 4.77 per cent after the Supreme Court rejected the market regulator’s plea to prevent DLF from selling stake in its rental arm.
3.10 pm: Shares of Reliance Infrastructure gained around 2 per cent after the company reported 4.62 per cent rise in its consolidated net profit figures at Rs 451.13 crore for the quarter ended September 30, 2015. The company posted net profit of Rs 431.19 crore in the same quarter last year. Sensex was down 55 points 26,535. Nifty was down 23 points at 8037.35.
2.58 pm: Financial Technologies shares slid around 2 per cent after the company reported a net loss of Rs 34.99 crore for the quarter ended September 30, due to fall in other income. The company had reported a net profit of Rs 327.41 crore
in the year-ago period.
2.20 pm: Shares of Tata Motors surged over 6 per cent on Wednesday amid reports that sales of Jaguar Land Rover (JLR) in the US rose in October. BSE Sensex was up 64.20 points 26,654.
1.38 pm: Share price of Nestle India were trading 3.09 per cent up at Rs 6427.00 after company said that Maggi noodles are safe and all samples sent from newly manufactured stocks tested by 3 laboratories have been cleared. Sensex was up 112.64 points at 26,703.23. Nifty was up 22.15 points at 8,082.85 during the same time.
1.15 pm: Shares of PTC India gained over 2 per cent after the company posted 4.52 per cent rise in its net profit at Rs 100.60 crore for the quarter ended September 30, 2015. Bottomline figures of the power trading firm stood at Rs 96.31 crore in the corresponding quarter a year ago. The BSE Power index was up 0.10 per cent at 1928.24. Sensex was up 114 points at 26,704.
12.42 pm: Nifty was up 26.25 points at 8,086.95. Meanwhile, Karthik Rangappa, vice president, education and research, Zerodha, said, “We get a sense that the market will consolidate around the present levels. 8000 on Nifty is likely to attract some buying interest in the market, which is likely to prevent markets from sliding further. Although the overall valuations are still on the higher side there are few large cap stocks where valuations are attractive. We like Sun Pharma and Infosys at current levels.”
12.31 pm: Oberoi Realty shares were trading 1.05 per cent up at Rs 287.50. The share price of the realty major jumped after reports that it has managed to sell 68 per cent of Oberoi Sky City in Borivali within two days of launch. The company confirmed 543 apartments of the 800 units on offer had been bought, at a price starting at Rs 2.5 crore. Sensex was up 122.36 points at 26,712.
11.37 am: Share price of Finolex Cables slid as much as 3 per cent in the morning trade on BSE after the company reported a 17.77 per cent dip in standalone net profit at Rs 64.91 crore for the second quarter ended September 30, 2015. The company posted a net profit of Rs 78.94 crore for the corresponding period of the previous fiscal. The BSE Midcap and BSE Smallcap index were up 0.50 per cent and 0.38 per cent, respectively.
11.10 am: India’s services sector activity touched an eight-month high in October driven by a significant rise in new business orders even as growth in manufacturing output eased, a Nikkei survey said. Sensex was up 108 points at 26,698. Nifty was up 20.45 points at 8,081.
11.02 am: The rupee pared its initial gains, but was still higher by 6 paise to 65.58 against the US currency in late morning trade on sustained bouts of dollar selling by banks and exporters. Sensex was up 91.33 points at 26,681. DLF was trading up over 1 per cent in the morning trade.
10.28 am: Meanwhile, Angel Broking in a research note said, “We have a positive view on the markets, as we believe that favourable macro cues such as low inflation, declining interest rates, cheap global commodities and strong governance are likely to drive improvement in corporate performance over the next 18-24 months.”
Stocks like Amara Raja Batteries, Ashok Leyland, HDFC Bank, Inox Wind, Radico Khaitan, Surya Roshni are among the Diwali top picks of Angel Broking.
10.25 am: The government in the next couple of days will announce a major policy for the stressed power sector, which has been reeling under high debt, Finance Minister Arun Jaitley said on Wednesday.
10.23 am: Brokers said a firming trend at other Asian markets following a strong closing in US markets buoyed trading sentiment here. Besides, value-buying in recently battered bluechips too supported the rise. Sensex was up 104.38 points at 26,694.
10.07 am: Jain Irrigation shares jumped as much as 4 per cent in the early trade on Wednesday after the company informed BSE before market hours that it has bagged Maharashtra State Electricity Distribution Company’s (MSEDCL) most awaited tender worth Rs 473 crore for supply and installation of 8,959 solar agri-pumps. This is the first pilot phase out of the world’s biggest solar agri-pump project for 500,000 pumps launched by Government of Maharashtra through MSEDCL.
9.44 am: The rupee appreciated by 11 paise to 65.53 against the dollar in early trade on Wednesday on selling of the American currency by exporters and banks.
9.20 am: Sensex was up 201.36 points at 26,791.95. GAIL and Maruti Suzuki India shares were trading 1.68 per cent and 0.46 per cent down at Rs 302.30 and Rs 4,460.
9.18 am: Sensex was up 182 points at 26,772.60. In the 30-share index, Tata Motors and Hindalco were trading 4.24 per cent and 1.64 per cent up at Rs 398.25 and Rs 83.60. Tata Motors on November 1 reported 1 per cent growth in total sales at 43,486 vehicles for October 2015 compared to 42,862 units in the same month of last year.
9.15 am: The BSE Sensex and NSE Nifty opened on a firm note on Wednesday following positive global markets. Sensex opened 101.56 points up at 26660.71. Nifty opened 44.2 points up at 8,104.90.
Rest of Asian shares also rose on Wednesday, taking early cues from overnight Wall Street gains, while investors’ sharper risk appetite lifted US debt yields and supported the dollar. Dow Jones Industrial Average index gained 0.50 per cent on Tuesday.
Hang Seng, Nikkei and Shanghai were up around 2 per cent in the morning trade.
Activity in China’s services sector expanded at its fastest pace in three months in October, thanks to stronger new business, a private survey showed on Wednesday, easing concerns over persistent weakness in the economy as the manufacturing sector falters.
The Caixin/Markit Purchasing Managers’ Index(PMI) rose to 52.0 in October from September’s 14-month low of 50.5, hitting the highest level since July 2015.
Back home, the BSE Sensex and NSE Nifty swung between gains and losses on Tuesday as concerns about earnings continued to weigh, although higher Asian shares supported sentiment. Sensex closed 31.44 points up at 26,590.59 and snapped its 6-day losing streak. Similarly, Nifty closed 9.90 points up 8,060.70.
Tech Mahindra’s stocks will be in focus as country’s fifth largest IT services firm on Tuesday reported 9.1 per cent increase in consolidated net profit to Rs 785.63 crore for the quarter ended September 30.
Companies such as Voltamp, Bajaj Hind, Neyveli Lignite, KSB Pumps, Pricol, Omaxe, SCI, Bata India, Punjab Chemicals, Canara Bank, JK Lakshmi, Sparc, Century Ply and JB Chem Pharma may announce their earnings on Wednesday.
(With inputs from agencies)