Benchmark indices BSE Sensex and NSE Nifty tumbled a percentage point on Wednesday following weak global cues. Markets also remained cautious as Rajya Sabha debated the crucial Goods and Services Tax Bill (GST). The 30-share index closed 284.20 points down at 27,697.51, while Nifty settled 78.05 points down at 8,544.85.
In the 50-share index, HCL Technologies, Bharti Infratel, Cipla, Asian Paints and Bosch gained between 1.28 per cent and 3.13 per cent. On the other hand, BHEL, ITC, Tata Motors DVR, Tata Motors and Eicher Motors slid between 2.42 per cent and 3.72 per cent.
Barring the BSE Telecom (up 0.15 per cent) and Metal index (up 0.07 per cent), rest all other sectoral indices ended the day in red. The BSE Realty index tumbled the most — 2.15 per cent, followed by FMCG (down 2.04 per cent), Capital Goods (down 1.74 per cent) and Consumer Durables (down 1.73 per cent).
Asian peers, Hang Seng and Nikkei closed down by 1.76 per cent and 1.88 per cent, respectively. However, Shanghai settled higher by 0.24 per cent.
3.22 pm: Sensex was down 314.66 points, or 1.12 per cent, at 27,667.05. Nifty was trading 91.20 points down at 8,531.70.
3.14 pm: Shares of Titan Company slid over 6 per cent after the company reported 16.35 per cent year-on-year fall in net profit at Rs 126.69 crore for the quarter ended June 30, 2016. Sensex was down 289 points at 27,688. Nifty was trading 71.60 points down at 8,551.
2.37 pm: Dilip Buildcon IPO oversubscribed by 4.72 per cent on the last day of offer till 2 pm.
2.30 pm: Midcap stocks were among top losers. The BSE Midcap index were trading 0.94 per cent down at 12511.29. The BSE Smallcap was down by 0.69 per cent. Bajaj Finance was trading 7.79 per cent down at Rs 10100.45. Page Industries and Godrej Industries were down by 3.86 per cent and 3.48 per cent, respectively.
2.19 pm: Meanwhile, GST Bill tabled in the Upper House of Parliament. Sensex was down 204 points at 27,775. Nifty was up 51.15 points at 8,570.
1.41 pm: Dwarikesh Sugar tumbled 10 per cent post Q1 results. Sensex was down 240 points at 27,747.
1.18 pm: Sensex was down 267 points at 27714. Nifty was trading 75.45 points down at 8547. Read more: GST countdown begins; 18% rate to hit Ashok Leyland, Bharti Airtel, Parag Milk Foods among others
11.56 am: Meanwhile, Dilip Buildcon IPO subscribed 89 per cent on the last day of offer till 11.30 pm. Sensex was trading 224 points down at 27756. Nifty was down 60 points at 8,562.
11.36 am: UFO Moviez shares were trading over 5 per cent down post Q1 results. Read more
11.01 am: GST Bill is set to table in Rajya Sabha today. On the passage of the key bill and its impact on stock markets, Jimeet Modi, chief executive officer, SAMCO Securities said, “The adage ‘buy on rumors sell on news’ seems most appropriate for the GST. The moment Bill is passed by the lawmakers, the same will become historical fact for the market well discounted in the prices. There is no surprise element now and therefore to that extent will not cause any significant move in the near term, although from country standpoint, this is a huge forward looking piece of legislation to take the economic activities into the next orbit of growth. But since the stock market is futures discounting machine, the same is well discounted at the current juncture and hence no major impact. The market will sail in the normal course which most likely will be sideways correction for some time. The long term is still solidly up for few more years to come.”
10.26 am: Torrent Power was trading 1.55 per cent lower post Q1 results. Sensex was down 133 points at 27,848.
9.45 am: Sensex plunged 214 points to 27,767.60. Index heavyweights such as ITC, Power Grid, HDFC and HUL were trading down by 2.21 per cent, 2.18 per cent, 1.68 per cent and 1.25 per cent, respectively. Nifty was down 45.90 points at 8,570.
9.30 am: In the 50-share index, HCL Technologies, Tata Motors DVR, Tata Motors, Bosch and Ambuja Cement were up between 0.86 per cent and 3.89 per cent. On the other hand, TCS, Aurobindo Pharma, HDFC, ZEEL and BPCL were down between 1.17 per cent and 1.78 per cent.
9.20 am: Sensex plunged further and was trading 104.30 points down at 27877.41. Nifty was down 17.95 points at 8,605.
9.16 am: Sensex was trading 70 points down at 27911, while Nifty was down 16.75 points at 8606. HCL Technologies shares were trading over 4 per cent at Rs 834.55 post Q1 results.
9.14 am: BSE Sensex up 26.81 points, or 0.10 per cent, up at 28008.52 in the pre-opening session, while Nifty opened 12.30 points, or 0.14 per cent, up at 8635.20.
9.07 am: Meanwhile, HCL Technologies posted 6 per cent quarter on quarter increase in consolidated net profit at Rs 2055.20 crore for the quarter ended June 30, 2016. Read more
8.11 am: The BSE Sensex and NSE Nifty are likely to open in red on Wednesday tracking SGX Nifty and weak global cues. At 8.06 am (IST), SGX Nifty was down 30 points at 8,630.
Asian peer, Nikkei was trading nearly 147 points down at 16245 in the morning trade as the rising yen pressured exporter stocks while financials slid by over nearly per cent. Hang Seng was down by 363 points, while Shanghi was trading 1.65 points down in the morning trade.
On Wall Street, the Dow Jones Industrial Average index declined 0.49 per cent on Tuesday, while the S&P 500 slid 0.64 per cent and the Nasdaq lost 0.9 per cent.
Back home, the much-awaited GST Bill will be tabled on in Rajya Sabha on Wednesday for consideration and approval amid robust optimism that the Bill would be backed by the Congress and other major parties. On Tuesday Sensex opened in green, however closed 21.41 points lower at 27,981.71.
Shares of Torrent Power, Dishman Pharma and PC Jeweller will remain in focus on Tuesday. Torrent Power on Tuesday registered nearly 80 per cent year-on-year fall in consolidated net profit to Rs 45.62 crore for the first quarter ended June 30.
Dishman Pharma and PC Jeweller will announce their results for the first quarter ended June 30, 2016 on Wednesday.