The BSE Sensex and NSE Nifty snapped their four-day losing streak and closed on a positive note on Friday on account of value-buying in blue-chip stocks and recovery in the rupee amid firm Asian cues.
Sensex closed 82.50 points or 0.33 per cent up at 24,934.33, while NSE Nifty settled 33.05 points or 0.44 per cent up at 7,601.35. For the week, both the indexes recorded steep fall with the Sensex tumbling 1,226.57 points or 4.68 per cent while Nifty tanked by 361.85 points or 4.54 per cent.
Indian rupee recovering from a three-week low by rising 33 paise to 66.60 against the dollar (intra-day) also supported the market sentiments.
“Key benchmark indices in India traded in the positive zone on Friday in the wake of stability seeping into the Chinese stock market after the authorities removed a controversial new circuit breaker system which failed to reign in volatility at the bourses. After four consecutive days of a steep slide, investors cautiously expressed buying interest with select energy and IT stocks attracting flows. In a complete volte face from Thursday, all sectoral indices on the NSE traded in the green today. Buying interest was also witnessed in mid and small cap stocks, with the BSE Mid-Cap index and the BSE Small-Cap index outperforming the benchmark Sensex, ” Shreyash Devalkar, fund manager – Equities, BNP Paribas Mutual Fund said.
On the global front, the Asian markets were higher after China suspended its market circuit breaker system and set a firmer midpoint rate for the yuan. The stock markets will eye the earnings season starting next week when Tata Consultancy Services and Infosys report their quarterly results.
Gold prices continued its rising streak for a fifth straight day and edged up by Rs 20 to Rs 26,350 per ten grams at the bullion market on Friday.
In the 50-share index, Tata Power(up 3.09 per cent), Tata Motors (up 3.01 per cent), Tech Mahindra (up 2.58 per cent), PowerGrid (up 2.53 per cent) and BPCL (up 2.45 per cent) were among the major gainers. On the other hand, Larsen and Toubro (down 2.45 per cent), Cipla (down 2.11 per cent), Bajaj Auto (down 1.99 per cent), Adani Ports (down 1.49 per cent) and Coal India (down 1.35 per cent up) were among the top losers.
Out of the 30-share Sensex pack, 17 closed in the green and 13 finished lower. In the Sensex kitty, Tata Motors(up 2.99 per cent) and Tata Steel(up 1.44 per cent) were among the gainers. Cipla(down 2.61 per cent) and Larsen and Toubro(2.19 per cent) were among the biggest losers.
Markets through the day
3.30 pm: Sensex closed 82 points up at 24,934.33. Nifty settled 33.05 points up at 7,601.35.
3.20 pm: Tata Motors shares were trading 2.94 per cent up at Rs 353.30. Sensex was trading points 89.61 points up at 24,941.44. NSE Nifty was trading 33.35 points up at 7,601.65.
3.06 pm: Continuing restructuring of its top management, Wipro has appointed Bhanumurthy BM as President and COO. The company has also formed a new unit, Marketing, Innovations and Technology (MIT), which will be headed by Wipro’s Global Infrastructure Services (GIS) Head G K Prasanna. Shares of Wipro were trading 1.36 per cent up at Rs 557.25. Sensex gained 85.63 points to trade at 24,937.46. NSE Nifty was trading 26.95 points up at 7,595.25.
2.46 pm: Lupin shares gained 0.43 per cent to Rs 1725.75 after the pharma Major informed bourses that it has received final approval for its Kaitlib Fe Tablets from the United States Food and Drug Administration (FDA) to market a generic version of Warner Chilcott’s Generess Fe Chewable Tablets. Sensex was trading 115.72 points up at 24,967.55. NSE Nifty was trading 39.65 points up at 7,607.95.
2.28 pm: BSE Realty index was trading 3.17 per cent up (with Housing development & Infrastructure gaining 7.27 per cent) followed by BSE Utilities 2.24. Sensex was trading 166.35 points up at 25,018.18. NSE Nifty was trading 59.10 points up at 7,627.40.
1.55 pm: European shares inched higher on Friday, signalling a possible stabilisation from this week’s earlier sell-off as Chinese stocks rose after the country’s circuit breaker mechanism was axed to calm investor sentiment. By 0816 GMT, the pan-European FTSEurofirst 300 index was up 0.2 percent but was still on track for its steepest weekly drop since late August. The euro zone’s blue-chip Euro STOXX 50 index also advanced by 0.1 percent. Sensex was trading 150.59 points up at 25,002.42. NSE Nifty was trading 44.10 points up at 7,612.40.
1.47 pm: Sensex was trading 114.06 points up at 24,965.89. NSE Nifty was trading 35.65 points up at 7,603.95. Oil prices rose more than 2 per cent on Friday, following China shares higher after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes, although a persistent global crude surplus kept a lid on gains. Brent rose 75 cents to $34.50 a barrel by 0743 GMT, near an intraday high of $34.72. It was more than $2 away from Thursday’s $32.16, a level last seen in 2004.
1.24 pm: Sensex was trading 155.97 points at 25,007.80. NSE Nifty gained 49.85 points up at 7,618.15.
1.03 pm: Glenmark Pharmaceuticals on Friday announced discovery and initiation of enabling studies of an investigational new drug (IND) molecule targeted at cancer treatment. Shares of Glenmark were trading 0.04 per cent up at Rs 866.90. Sensex was trading 127.70 points up at 24,979.53. NSE Nifty was trading 41.05 points up at 7,609.35.
12.37 pm: BSE Power and BSE Oil and Gas index was up 1.63 per cent and 1.37 per cent respectively. Sensex was trading 124.96 points up at 24,976.79. NSE Nifty was trading 31.25 points up at 7,599.55.
12.27 pm: Larsen & Toubro (L&T) shares were trading 2.11 per cent down at Rs 1180.80 after CLSA’s strategist Christopher Wood replaced L&T with Reliance Industries in his Asia ex-Japan long-only portfolio. Sensex was trading 86.71 points up at 24,938.54, while NSE Nifty was trading 25.05 points up at 7,593.35.
12.09 pm: IVRCL shares were trading 4.60 per cent up at Rs 9.78 after the company has bagged orders worth Rs 350.96 crore under its Irrigation Division and Water Division. Sensex was trading 83.56 points up at 24,935.39. NIfty was trading 24.35 points up 7,592.65.
11.37 am: Canara Bank shares were trading 0.53 per cent up at Rs 220.10 after it informed BSE that as per the powers delegated by the Board of the Bank, the Bond Committee has decided to raise Basel III Compliant Tier -II Bonds amounting to Rs 900 Crore (as Series – II) by way of Private Placement. Sensex was trading 101.37 points up at 24,953.20. Nifty was trading 24.10 points up at 7,592.40.
11.15 am: Coal India shares were trading 2.77 per cent down at Rs 317.50. Sensex was trading 71.38 points up at 24,923.21. Nifty was trading 16.70 points up at 7,585.00.
10.58 am: Sensex was trading 85.36 points up at 24,937.19. NSE Nifty was trading 26.35 points up at 7,594.65. China’s major stock indexes rose strongly on Friday after Beijing ditched a circuit breaker mechanism that halted trading twice this week and had been blamed for exacerbating the market sell-offs it was designed to limit. The People’s Bank of China also raised its guidance rate for the yuan for the first time in nine trading days, having allowed the currency’s biggest fall in five months on Thursday, sending shivers through regional currencies and global stock markets as investors feared it would trigger competitive devaluations. With the circuit breaker deactivated late on Thursday, the CSI300 index was up 3 per cent at 3,393.61 points in early afternoon trade(10.59 am IST) on Friday, while the Shanghai Composite Index was up 2.8 percent at 3,211.12 points. The CSI300 had lost around 12 per cent in the first four trading days of 2016, giving up all the gains made in 2015.
10.25 am: Tech Mahindra stocks were trading 1.82 per cent up at Rs 520.75 as the software firm has entered into a strategic alliance with US-based MetricStream to deliver governance, risk and compliance (GRC) solutions across the globe. Sensex was trading 108.11 points up at 24,959.94. Nifty was trading 27.65 points up at 7,595.95.
10.02 am: Tata Steel was trading with gains of 0.96 per cent at Rs 252.50 after its Sukinda Chromite Mine (SCM) in Odisha’s Jajpur district become the first mine in India to roll out a pilot project on Sustainable Development Framework (SDF), a concept proposed and promoted by Union Mines Ministry for the development of culture of sustainable mining. Sensex was trading 114.40 points up at 24,966.23. Nifty was trading 36.35 points up at 7,604.65.
9.44 am: Indian rupee recovered from its three-week low by surging 30 paise to 66.63 against the US dollar in early trade at the Interbank Foreign Exchange on fresh selling of the American currency by exporters and banks. Sensex gives up some gains and was trading 110.93 points up at 24,962.76. NSE Nifty was trading 32.25 points up at 7,600.55.
9.31 am: Axis Bank stocks were trading 1.44 per cent up at Rs 415.25 after the government is considering diluting its 11.7 per cent stake in Axis Bank it holds in the bank through the Specified Undertaking of the Unit Trust of India (SUUTI) to meet shortfall in disinvestment proceeds and revenue collection during the current fiscal. Sensex was trading 167.77 points up at 25,019.60. NSE Nifty was trading 49.65 points up at 7,617.95.
9.18 am: Sensex was trading 206.52 points up at 25,058.35. NSE Nifty was trading 46.55 points up at 7,614.85.
9.15 am: After a sharp fall of over 550 on Thursday, Sensex stages smart recovery after China markets recovered and rose more than 2 per cent in early trade on Friday after Beijing deactivated a circuit breaker mechanism blamed for aggravating market crashes this week. Sensex was trading 161.82 points up at 25,013.65. NSE Nifty was trading 46.55 points up at 7,614.85.
8.40 am: The BSE Sensex and NSE Nifty are likely to open flat with a positive bias on Friday tracking SGX Nifty and China markets.
At 8.39 am, SGX Nifty was trading 12 points or 0.16 per cent up at 7,584.50.
Asian shares are on course to post their biggest weekly fall in more than four years as investors dumped risk assets on fears over China’s economy and its turbulent financial markets. Hang Seng and Nikkei were up 0.90 per cent and 0.39 per cent, respectively.
US stocks sold off further on Thursday, giving the Dow and S&P 500 their worst four-day starts to a year ever, dragged down by another drop in Chinese equities and oil prices at 12-year lows.
On Thursday, BSE Sensex and NSE Nifty fell for fourth day in a row, tumbling by over two percentage points as China accelerated the depreciation of the yuan, sparking sharp falls in regional equity and currency markets. Markets ended at 4-month low as the benchmark BSE Sensex ended 554.50 points down at 24,851.83. NSE Nifty on the other hand plunged 172.70 down at 7,568.30.