Benchmark indices BSE Sensex and NSE Nifty ended in red on Wednesday on account of selling in front line blue chip counters. Sensex closed 254.91 points, or 0.91 per cent down at 27836.51, while Nifty settled 76.05 points, or 0.88 per cent, down at 8615.25. The sentiments were under pressure as funds and retail investors hit the sell button tracking a sluggish global trend due to tumbling oil prices. In the 50-share index, Idea Cellular, Kotak Mahindra Bank, Hero MotoCorp, Bharti Airtel and Maruti Suzuki gained between 1.44 per cent and 4.13 per cent. On the other hand, Axis Bank, Tata Motors DVR, Tata Steel, Tata Motors and ICICI Bank slipped between 3.69 per cent and 8.20 per cent.
3.19 pm: Sensex was down 232 points at 27,859. Nifty was trading 72.20 points down at 8,619.
2.17 pm: Syndicate Bank reported 75.20 per cent drop in its net profit at Rs 82.42 crore for the quarter ended September 30, 2016 as compared to Rs 332.37 crore for the same quarter in the previous year. Total income of the Bank decreased by 1.43 per cent at Rs 6574.93 crore for the quarter under review as compared Rs 6670.19 crore for the corresponding quarter previous year. Shares of the bank were trading 2.99 per cent down at Rs 74.75. Sensex was down 222.41 points at 27869.01. Nifty was down 55.65 points at 8635.65.
1.29 pm: Sensex was down 215 points at 27876. Nifty was down 54 points at 8,637.
12.57 pm: Asian Paints has received its board’s approval for the scheme of amalgamation of Asian Paints (International), Mauritius, wholly owned subsidiary of the company with Itself (Asian Paints). The Scheme will come into effect subject to the approval from the Stock Exchanges, Bombay High Court and such other statutory authorities as may be required in India and Mauritius. The proposed Scheme has been reviewed and recommended for approval by the Audit Committee of the Board of the Company at its meeting held on October 24, 2016. Shares of the company were trading 1.47 per cent up at Rs 1,123.20. Sensex was down 275.54 points at 27815.88. Nifty was down 70.85 points at 8620.45.
12.53 pm: Sensex was trading 269.23 points down 27822.19. Nifty was down 63.65 points down at 8627.65.
12.11 pm: Sunil Hitech Engineers has informed that the Board of Directors of the Company had decided the October 28, 2016 to be a record date for the Sub-division of each equity share of the Company having a face value of Rs 10 each fully paid-up into 10 equity shares of the face value of Re 1 each fully paid-up. However, on account of pendency of some regulatory approvals the Board hereby withdraws the said Record Date and the new record date shall be announced on receipt of requisite approvals. Shares of the company were trading 0.46 per cent down at Rs 435.20.
11.14 am: Varun Beverages IPO subscribed by 1 per cent on the first day of the offer till 11 am. The public offer received bids for 1,67,739 shares against 1,76,50,000 shares offered by the company. Should you invest?
10.51 am: JK Cement has rebuild/restored and made operational the clinker silo roof at Karnataka which earlier caved in. The CF Silo which had earlier developed two horizontal cracks has been safely brought down. Due to removal of debris and maintenance the clinker production will remain suspended for about two weeks. However the production of cement will continue from the available stock of clinker. Shares of the company were trading 0.90 per cent up at Rs 944. Sensex was down 224.83 points at 27866.59.
10.18 am: Axis Bank was trading 7.47 per cent down at Rs 489.55. Read more
9.32 am: In the Nifty 50 index, Bharti Airtel, Kotak Mahindra Bank, IndusInd Bank and Idea Cellular were up between 0.45 per cent and 1.68 per cent. On the other hand, Axis Bank, ICICI Bank, Bharti Infratel, Tata Motors and Tata Motors DVR were down between 1.16 per cent and 5.69 per cent.
9.18 am: Meanwhile, BSE Sensex cracked over 200 points to 27890. Nifty was down 46.50 points at 8,644.
9.16 am: Sensex was down 153.77 points at 27937. Nifty was down 37.35 points at 8653.95. Axis Bank shares were trading over 6 per cent down at RS 494 post Q2 results.
The BSE Sensex opened 40.87 points, or 0.15 per cent, down at 28050.55, while NSE Nifty opened 34 points, or 0.39 per cent, down at 8,657.30.
Domestic equity markets are likely to open in red on Wednesday tracking SGX Nifty and global cues. At 8.06 am, SGX Nifty was trading 32.50 points, or 0.38 per cent, down at 8665.50, indicating a gap-down opening for benchmark indices. Asian peers tumbled in early trade, following in the footsteps of Wall Street, which pulled back on disappointing earnings, while the dollar inched down from a seven-month high and oil prices slid.
Shares of IDFC Bank and Axis Bank will remain in focus on Wednesday. Private sector lender IDFC Bank on Tuesday reported over six-fold jump in net profit to Rs 387.76 crore for the second quarter ended on September 30, 2016. The bank had reported a net profit of Rs 59.63 crore in the corresponding quarter a year ago.
Axis Bank posted 83 per cent decline in net profit for the July-September quarter at Rs 319 crore mainly due to higher provisioning for bad loans. The bank had posted a net profit of Rs 1,915.64 crore for the July-September period of FY2015-16.