The BSE Sensex and NSE Nifty snapped four-day winning streak on Tuesday on account of profit-booking amid a lacklustre trade in Asian markets. Sentiments also remained low since morning as investors remained jittery ahead of the Union Budget 2016-17, which is due on February 29. Sensex closed 378.61 points down at 23,410.18, while Nifty settled 125 points down at 7,109.55.
Barring Asian Paints shares which jumped 0.40 per cent on Tuesday, rest all other 49 components in the Nifty 50 index settled in red. Bank of Baroda shares dipped the most — 4.81 per cent, followed by Cairn India (down 4.32 per cent), Punjab National Bank (down 4.10 per cent), Coal India (down 3.95 per cent) and State Bank of India (down 3.85 per cent).
Sectorwise, the BSE Bankex, BSE Realty index and BSE Oil & Gas index slid 2.82 per cent, 2.49 per cent and 1.87 per cent, respectively, on Tuesday. Other sectoral indices also ended ended the day in red.
Anand James, co head technical research desk, Geojit BNP Paribas Financial Services, said, “With F&O expiry, Rail Budget, Economic survey G20 finance ministers meet, as well as Union Budget lined up ahead, investors obviously retracted into a risk off mode, and the profit booking that ensued, dragged prices sharply away from the eight day peaks.”
Gaurav Jain, director, Hem Securities, said, “Markets snapped 4-day winning streak led by profit booking. Indices slip on account of continued selling pressure by foreign portfolio investors, weak global markets and slipping of crude oil prices.”
Shares of oil marketing companies BPCL (down 3.03 per cent), HPCL (down 4.87 per cent) and IOC (down 4.04 per cent) edged lower amid concerns that government may impose customs duty on crude oil imports in the forthcoming Union Budget 2016-17.
Mahindra CIE Automotive shares corrected by more than 12.3 per cent intraday after the automotive firm reported a 61 per cent decline in its net profit figures at Rs 5 crore from Rs 13.1 crores reported in the same quarter the previous fiscal. Company’s total revenue grew marginally by 2.3 per cent year on year in Q3. The scrip closed 8.32 per cent down at Rs 176.90.
Sentiments also remained low on report that exports of over half of the sectors, out of the 30 closely monitored by the Commerce Ministry, were in the negative zone in January due to a fall in global prices and demand. Selling got intensified further after European counters have made a weak start, with falling commodities prices and disappointing updates from Standard Chartered and BHP Billiton putting pressure on the market.
Asian shares retreated from a seven-week high and ended mostly in red on Tuesday as the oil price rally that boosted global equity markets reversed, while the euro and sterling were hit by uncertainty over Britain’s membership in the European Union.
Source: Ace Equity
Markets through the day
3.30 pm: Sensex closed 378.61 points down at 23,410.18, while Nifty settled 125 points down at 7,109.55.
3.21 pm: Sensex plunged further and was trading 408.16 points down at 23380.63. Nifty was trading 130.60 points down at 7,103.
2.54 pm: Sensex was down 280 points at 23,508. Nifty was trading 94.90 points down at 7,139. Shares of cement companies gained ahead of the Feb 29 Union Budget amid hopes of an increase in infrastructure spending.
2.47 pm: Only 3 gainers in the Nifty 50 pack.
2.16 pm: Lupin informed stocks exchanges that the Allotment Committee of Directors at its meeting held on February 23, 2016 has allotted 25,038 fully paid up equity shares of Rs 2 each. These shares have been allotted upon exercising of options granted to the employees under Stock option plans of the Company. In view of the above, the issued and paid up capital of the Company has been increased to Rs 901,117,144 consisting 450,558,572 equity shares of Rs 2 each. Shares of Lupin were trading 1.87 per cent down at Rs 1,777. Sensex was down 344 points at 23,444.
1.46 pm: Sensex was down 394 points at 23,394. Nifty was trading 124.30 points down at 7,110.25.
1.34 pm: Shares of Hero MotCorp were trading 1 per cent down at Rs 2,677. India’s largest two-wheeler maker Hero MotoCorp on Monday said production and dispatches from its four plants in Haryana, Rajasthan and Uttarakhand have been impacted due to the ongoing agitation of Jats demanding job reservation. Sensex was down 332 points at 23,456.
1.14 pm: Quick Heal shares were trading nearly 12 per cent down at Rs 222.45. Quick Heal shares made a weak debut on BSE and NSE last week. Sensex was down 359 points at 23,429. Nifty was trading 118 points down at 7,116.
1.02 pm: Sensex was down 341 points at 23,447. Nifty was trading 116.05 points down at 7118.50. The broader market traded in line with benchmark indices with the BSE midcap and BSE smallcap indices trading with losses of 1.31 and 1.21 per cent, respectively. Meanwhile, some investors remained on the sidelines and refrained from any buying activity ahead of the Railway Budget and derivatives expiry.
12.20 pm: Sensex was trading 265 points down at 23,522. Nifty was down 90.05 points at 7,144. Mahindra CIE Automotive shares hit fresh 52-week low of Rs 169 after the company on Monday reported 62.24 per cent fall in its net profit figures to Rs 4.97 crore for the quarter ended December 2015. Mahindra CIE earned Rs 13.16 crore in the corresponding quarter a year ago.
11.53 am: Meanwhile, institutional portion of NTPC’s Rs 5,030-crore public offer fully subscribed. Shares of NTPC Limited were trading 1.97 per cent down at Rs 124.50. Sensex was down 238 points at 23550.
11.38 am: Richa Industries shares were trading nearly 3 per cent up after the company informed bourses that it has secured an order of Rs 23 crore from IRCON International, a government company incorporated by the Ministry of Railways, for the construction of five Pre Engineered Buildings (PEB) at Rourkela, Orissa for Indian Railways. Sensex was down 215 points at at 23,573. Nifty was trading 75 points down at 7,159.
11.09 am: Sensex was trading 186 points down at 23,601. Nifty was down 57 points at 7,177.55. NTPC shares were trading 1.89 per cent down at Rs 124.60. Read: NTPC OFS opens today; here is why you should subscribe.
10:42 am: Kotak Mahindra Bank was down 1.90 per cent as JP Morgan downgraded the stock to ‘neutral’ from ‘overweight’, adjusting valuations after cutting earnings forecasts by 18-24 per cent for FY 2016-18. Sensex was down 212.67 points at 23,576.12.
10.11 am: In the 50-share index, Sun Pharma, Hindalco, Tata Steel, Tata Motors and Maruti Suzuki were up between 0.65 per cent and 1.30 per cent. On the other hand, Bajaj Auto, NTPC, PNB, ITC and Hindustan Unilever were down between 1.27 per cent and 2.90 per cent. Nifty50 index was trading 59.80 points down at 7,174.75. Sensex was trading 180 points down at 23,607.
9.55 am: Sensex was trading 143 points down at 23645. Nifty was down 49.70 points at 7184.85. Brokers said that apart from profit-booking in recent gainers, a weak Asian trend after the crude oil rally fizzled out influenced sentiment.
9.35 am: The rupee was marginally higher by two paise to 68.59 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters.
9.26 am: The 30-share index plunged further and was trading 114.44 points down at 23674.35. The 50-share index was down 36.90 points at 7197.65. According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 297.96 crore in index futures and options segments, as per Monday’s data, February 22, 2016.
FIIs were net sellers of index futures to the tune of Rs 378.32 crore and they bought index options worth Rs 80.36 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 353.80 crore, while they sold stock options worth Rs 67 crore.
9.23 am: NTPC shares were trading 2.01 per cent down at Rs 124.30. Sensex was down 91.39 points at 23,697.
9.18 am: Sensex was down 56.68 points at 23,732.11. Nifty was trading 19.50 points down at 7,215. Tata Motors (DVR) shares were trading nearly 5 per cent up at Rs 253.15. Read: Cairn India, Vedanta, PNB to exit from Nifty 50
9.15 am: The BSE Sensex opened 61.62 points up at 23,850.41. Nifty opened 5.75 points up at 7,240.30.
9.10 am: Government will sell 5 per cent stake in India’s largest power producer NTPC on Tuesday at a floor price of Rs 122 per share to raise Rs 5,029 crore.
8.45 am: The BSE Sensex and NSE Nifty are likely to open on a flat note with positive bias on Tuesday tracking Nifty futures on the Singapore Stock Exchange and global markets.
At 8.29 am (IST), SGX Nifty was up marginally 4 points, or 0.06 per cent, at 7,240.50.
Asian shares rose to a seven-week high on Tuesday as investors took heart from signs of life in battered energy and commodity markets while European currencies are hampered by worries Britain could exit the European Union.
Wall Street saw S&P 500 Index gaining 1.45 per cent to 1,945.50 overnight, edging near this month’s high of 1947.20, led by a 2.2 per cent increase for the energy sector.
Domestic equity markets gained for the fourth straight session on Monday as the benchmark BSE Sensex rose by almost 80 points to end at over a two-week high of 23,789 on widespread gains, led by oil and gas stocks after crude oil rebounded amid a firming trend in the global market.
At the close, the NSE Nifty was up 23.80 points, or 0.33 per cent, at 7,234.55.
Shares of Tata Motors (DVR), Aurobindo Pharma, Eicher Motors and Bharti Infratel will remain in focus on Tuesday. Cairn India, Punjab National Bank and Vedanta will be dropped from the National Stock Exchange’s Nifty 50 index with effect from April 1. In their place, Aurobindo Pharma, Bharti Infratel, Eicher Motors and Tata Motors Ltd (DVR) will be included in the index.
(With agency inputs)