The Sensex and Nifty broadly remained volatile on Monday ahead of economic data due later in the day amid concerns that the monsoon could be deficient this year. The BSE Sensex closed 109.29 points, or 0.41 per cent lower at 26,283.09. NSE Nifty closed 30.65 points, or 0.38 per cent, down at 7971.30.
In the 50-share Nifty index, Cipla (3.66 per cent), Lupin (3.45 per cent) and Dr Reddy’s Laboratories (2.81 per cent) gained the most. On the other hand, share price of BHEL and Power Grid Corporation of India declined 3.64 per cent and 3.51 per cent, respectively, and stood on the bottom of the performance chart of the index.
Alex Mathews, head research, Geojit BNP Paribas Financial Services, said, “The domestic markets on Monday opened with a negative note tracking the global cues. After that the markets remained sideways as of the lack of major triggers. Also the investors trimmed some of their long positions ahead of the GDP data which will be come out today after markets hours.”
India’s gross domestic product (GDP) is expected to have grown 7.4 per cent in April-June, a Reuters poll showed, just below 7.5 per cent in January-March.
Investors are hopeful that upbeat data will give the Reserve Bank of India enough ammunition to cut interest rates at its next policy meeting on Sept. 29.
However, investors and policy makers are also keeping a close eye on the progress of the monsoon as a strengthening El Nino weather pattern is likely to trim rainfalls in August-September, raising fears of the first drought in six years.
2.47 pm: Bharti Airtel was down 2 per cent at Rs 355. With regard to recent media reports that the company has revived plans to sell its Sri Lanka and Bangladesh operations, Bharti Airtel after market hours on 28 August 28, clarified that the company keeps evaluating various opportunities on an ongoing basis in the ordinary course of business and that the company will make necessary disclosures as and when required.
According to media reports, Bharti Airtel is planning to sell its Sri Lanka and Bangladesh operations as part of broader plan to consolidate its operations, reduce debt and get out of unproductive, low-margin business. According to the reports, Airtel will separately look at selling its towers business in Sri Lanka and Bangladesh. Bharti Airtel has about 2,500 telecom towers of Sri Lanka and 4,000 in Bangladesh, according to reports.
Sensex was down 62.38 points, or 0.24 per cent, at 26,330.
2.11 pm: The BSE Midcap index was down 61.26 points or 0.57 per cent at 10,698. The BSE Smallcap index was down 55 points or 0.51 per cent at 10,937. Sensex was down 156 points, or 0.59 per cent, at 26,233.
1.51 pm: Godrej Consumer Products (GCPL) shares rose over 4 per cent on Monday after the Reserve Bank of India (RBI) said foreign investors can buy up to 40 per cent of the paid-up capital in GCPL under the portfolio investment scheme (PIS).
1.42 pm: Sensex down over 60 points at 26,331.
1.33 pm: Sensex was up 61.67 points at 26,454. Nifty was up 18.35 points at 8,020.
12.54 pm: Meanwhile, Japanese stocks tumbled amid profit taking on Monday as sentiment soured over soft domestic industrial output data and fresh uncertainty over when the US Federal Reserve will begin to raise interest rates. Nikkei was down 1.28 per cent at 18,890. Sensex was up 0.13 per cent at 26,425.
12.48 pm: The BSE Healthcare index was up 1.66 per cent at 17937 as rupee edged lower against the dollar. Piramal Enterprises (up 6.56 per cent), Vivimed Labs (up 4.90 per cent), FDC (up 3.03 per cent) and Lupin (up 2.80 per cent) edged higher.
12.42 pm: Sensex pared its initial losses and was trading 50 points higher at 26,447. The broader NSE Nifty reclaimed the 8,000-level in late morning deals. Buying in healthcare, oil and gas, realty and consumer durable stocks cushioned the fall.
12.28 pm: Sensex was up 27 points at 26,420. In the 30-share index, Lupin, Gail and Sun Pharma were up over 2 per cent.
11.31 am: Punj Lloyd shares gained over 8 per cent in the morning trade on Monday after the company announced that it has secured a lump-sum turnkey contract for the EPCC Package 2 at Haldia Refinery, West Bengal from Indian Oil Corporation for a value of Rs 1,094 crore.
11.21 am: The BSE Sensex was trading flat in late morning trade on Monday as investors eye GDP data due to be released later in the day.
11.10 am: NSE Nifty was up 11.75 points at 8,013.
10.49 am: Sensex turns flat and was trading 53.33 points down at 26,339.05. Nifty down 5.05 points at 7,996.90 during the same time. Metal stocks down over 1.18 per cent, healthcare stocks up 1.13 per cent at 10.51 am.
10.20 am: Larsen & Toubro (L&T) announced that the water and effluent treatment strategic group of L&T Construction has won turnkey orders worth Rs 1,489 crore in August 2015, in three packages, from Public Health Engineering Department, Ajmer, under the Rajasthan Rural Water Supply and Fluorosis Mitigation Project (Naguar). L&T shares were trading 0.15 per cent lower at Rs 1,614.
Sensex was down 115 points at 26,276.
9.36 am: Aurobindo Pharma shares rose over 3 per cent to Rs 779.70 in the early trade on BSE after the company on August 29 said it has received the final approval from the US Food & Drug Administration to manufacture and market Raloxifene Hydrochloride Tablets USP 60mg. Sensex was down 132.95 points at 26,259. NSE Nifty was down 35.30 points at 7,967.
9.26 am: Sensex was down 158.78 points at 26,233.60.
Domestic equity markets opened in green on Monday. The BSE Sensex and NSE Nifty opened 77.04 points and 7.3 points higher at 26,469.42 and 8009.25, respectively.
Shares of healthcare and information technology were trading in positive zone in the early trade.
The government will release gross domestic product (GDP) data for Q1 June 2015 today.
Asian stocks fell on Monday after a US Federal Reserve official suggested a September interest rate hike still was possible and Japanese factory activity weakened.
The Shanghai Composite Index fell 2 per cent to 3,167.76 and Tokyo’s Nikkei 225 shed 1.1 per cent 18,920.90. Hong Kong’s Hang Seng retreated 0.3 per cent to 21,539.59.
(With inputs from Reuters)