The BSE Sensex and NSE Nifty snapped a three-day falling streak on Thursday on the back of value buying in frontline blue chip counters amid positive global cues. Besides, covering of short positions also supported market sentiment as the BSE Sensex closed 115.11 points up at 24338.43. Nifty settled 42.20 points up 7,404.
In the 50-share index, Vedanta gained the most 11.27 per cent to Rs 68.60, followed by Cairn India (6.59 per cent), Tata Power (3.68 per cent), Hindalco (3.60 per cent) and ONGC (3.14 per cent). On the other hand, Lupin, Idea Cellular and YES plunged 2.88 per cent, 2.80 per cent and 2.10 per cent, respectively.
Traders were seen piling position in Metals, Capital Goods, Consumer Durables and Power sector stocks. Pharma stocks were trading under pressure after the United States government reportedly made it mandatory for Active Pharmaceutical Ingredients (API) to be manufactured locally. This decision is likely to significantly impact Indian pharmaceutical exporters as it will impact drug exports. The BSE Healthcare index declined by 1.56 per cent on Thursday.
Anand James, co head technical research desk, Geojit BNP Paribas Financial Services, said, “With oil prices recovering, the lower stock prices after Wednesday’s sharp drop encouraged investors to look for value buying again, lifting markets higher. Though volatility remained, sentiments were boosted by Draghi suggesting that more policy easing may be needed. This comes in the wake of Japan adopting negative interest rates, and US stress results also giving similar indications. Finance Minister, Arun Jaitely’s comments at the India Investment Summit that GST will be a reality soon, also played hopes for a good union budget, which is scheduled for February 29.”
In a scrip specific development, Hexaware Technologies shares closed 5.21 per cent up at Rs 235.30 after the company on Wednesday (post trading hours) reported 13.87 per cent rise in its consolidated net profit figures to Rs 99.36 crore for the quarter ended December 2015. The company posted net profit of Rs 87.26 crore in the corresponding quarter a year ago.
Pharma giant Pfizer too remained in limelight after the company reported a two-fold increase in its Q3 profits year on year, from Rs 18.37 crore in Q3-FY14-15 to Rs 40.34 crore in Q3-FY15-16. The stock was up by more than 6.5 per cent intraday over the news.
Asian equity markets ended mostly in green on Thursday, with sentiment supported by a late rebound on Wall Street overnight, higher oil prices and speculation about the Federal Reserve putting interest-rate increases on hold. Chinese shares closed higher, as yuan worries eased and China’s central bank stepped up efforts to stave off potential liquidity squeeze heading into the week-long Lunar New Year holidays next week. However, Japanese shares bucked the uptrend to end at a one-week low as a result of a firmer yen and weak earnings forecasts from Panasonic and Hitachi.
|Asian Indices||Last Trade||Change in Points||Change in %|
Source: Ace Equity
Markets through the day
3.30 pm: Firm global cues supported market sentiments on Thursday. The BSE Sensex closed 115.11 points up at 24338.43, NSE Nifty settled 42.20 points up 7,404.
3.19 pm: Tata Power company Ltd shares were trading 3.94 per cent up at Rs 59.35 after it informed the bourses that it has through its joint venture company Industrial Energy (IEL), has synchronized the 67.5 MW Unit 1 of its 3 x 67.5 MW IEL Kalinganagar project. These units are designed to cater to the requirement of LP steam, which is supplied to Tata Steel, which got commissioned from December, 2015. Sensex was trading 126.59 points up at 24,349.91. NSE Nifty was trading 44.25 points up at 7,406.05.
3.04 pm: BSE Capital Goods index was trading 1.66 per cent up. Sensex was trading 78.26 points up at 24,301.58. NSE Nifty was trading 27.45 poits up at 7,389.25.
2.46 pm: Gold prices surged for the fifth straight day on Thursday, rising by Rs 175 to Rs 27,575 per 10 grams on the back of wedding season demand and a firming trend overseas. Silver also gained for the second day and advanced by Rs 650 to Rs 35,700 per kg due to increased offtake by industrial units and coin makers. Sensex was trading 51.87 points up at 24,275.19. NSE Nifty was trading 18.70 points up at 7,380.50.
2.36 pm: European equities bounced back in early trading on Thursday, with commodities-related shares surging after a sharp decline in the US currency that made dollar-priced crude oil and metals cheaper for holders of other currencies. Sensex was trading 108.93 points at 24,332.25. NSE Nifty was trading 44.30 points at 7,406.10.
2.21 pm: Bajaj Auto reported 4.67 per cent rise in its net profit at Rs 901.49 crore for the quarter ended December 31, 2015 as compared to Rs 861.24 crore for the same quarter in the previous year. The company’s total income increased by 0.21 per cent to Rs 5,764.58 crore for the quarter under review from Rs 5,752.44 crore for the corresponding quarter of the previous year. Shares of Bajaj Auto were trading 1.64 per cent down at Rs 2,309.50. Sensex was up 168 points at 24,392.
1.51 pm: Domestic equity markets continued to trade firm in the afternoon trading session on the back of value buying in frontline blue-chip counters amid positive global cues. Besides, covering of short positions by speculators helped market sentiment to improve. Further, some support came in as Finance Minister Arun Jaitley expressed the hope of passage of the Constitutional Amendment Bill for the Goods and Services Tax and the Insolvency Code in the forthcoming Budget Session of Parliament. Appreciation in the Indian rupee too supported the sentiment. Rupee recovered by 27 paise to 67.80 against the dollar in early trade, snapping the three-day falling streak on fresh selling of the US currency by banks and exporters. Sensex was up 133 points at 24,356. Nifty was up 50.85 points at 7,412.
1.37 pm: Sunteck Realty, a Mumbai-based premium real estate developer, has inked a definitive agreement with leading global investment firm KKR under which KKR’s investment vehicles would provide up to Rs 150 crore ($22.4 million) of funding to Sunteck’s flagship luxury residential developments in Mumbai, Signia Isles and Signia Pearl. Shares of Sunteck Realty were trading 2.19 per cent up at Rs 233.60.
1.00 pm: Dish TV shares were trading 4.67 per cent up at Rs 80.70. The company on Wednesday reported a net profit at Rs 100.39 crore for the quarter ended December 31, 2015 as compared to net loss of Rs 2.87 crore for the same quarter in the previous year. The company’s total income has decreased by 12.66 per cent to Rs 616.17 crore for the quarter under review from Rs 705.45 crore for the corresponding quarter of the previous year. Sensex was up 270 points at 24,493. Nifty was up 89.15 points at 7,450.95.
12.37 pm: ABB India shares rallied as much as 18.5 per cent on Thursday after the company reported 53.57 per cent rise in net profit figures to Rs 129 crore for the fourth quarter ended December 2015 against Rs 84 crore in the same quarter last year. At 12.37 pm, shares of ABB India were trading 12.77 per cent up at Rs 1133.60. Sensex was up 207.26 points at 24,430.58. Nifty was up 68.30 points at 7,430.10.
12.10 pm: Hindustan Unilever (HUL) shares were trading 0.83 per cent up at Rs 828.25. BOFA Merrill upgrades HUL rating on the stock to “Buy” from “Neutral,” and raises target price to Rs 933 from Rs 891.
12.06 pm: Sensex was up 188 points at 24,411. Crompton Greaves shares which fell 22 per cent on Wednesday were trading 5.66 per cent up at Rs 138.20.
11.16 am: Hero MotoCorp shares were trading 0.40 per cent up at Rs 2,494. The world’s largest two-wheeler manufacturer has unveiled an exciting new range of products and concepts at the Auto Expo — The Motors show 2016. The new products include Splendor iSmart 110cc, Xtreme 200S, XF3R, Duet-E.
10.50 am: Shares of Sun Pharma Advanced Research Company (SPARC) were trading 3.37 per cent down at Rs 276.55. The company on Wednesday reported a net loss of Rs 41.02 crore for the quarter ended December 31, 2015 as compared to net loss of Rs 18.91 crore for the same quarter in the previous year.
10.46 am: Barring the BSE Healthcare sector, rest all the sectoral indices on the BSE were trading in green led by Capital Goods, Realty, Power, Oil & Gas, Telecom and Auto. The market breadth on BSE was positive in the ratio of 1189: 857 while 91 scrips remained unchanged. Sensex was up 109 points at 24,333.
10.38 am: Crude oil futures extended gains from the previous session on Thursday as a weaker dollar and unconfirmed talk of producers potentially meeting to discuss output cuts lifted the market despite record US stocks due to overproduction.
10.26 am: Brokers said value-buying in blue-chips after recent losses and covering of short positions by speculators helped market sentiments to improve. Sensex was up 101 points at 24,325. Nifty was up 36.65 points at 7,397.
9.53 am: Mphasis shares gained as much as 6.44 per cent in the morning trade on Thursday on stake sale reports. According to reports, Blackstone, Apollo are in race with Tech Mahindra to acquire India’s Mphasis. Shares of Mphasis were trading 3.26 per cent up at Rs 448.05. Sensex was up 126 points at 24,350.
9.49 am: Rupee recovered by 31 paise to 67.76 against the dollar in early trade, snapping the three-day falling streak on fresh selling of the US currency by banks and exporters. Sensex was up 163 points at 24,387.
9.26 am: Orient Cement shares fell as much as 10 per cent in the early trade on Thursday after the company on Wednesday reported net loss of Rs 13.07 crore for the quarter ended December 2015 against net profit of Rs 31.10 crore in the corresponding quarter a year ago.
9.17 am: Sensex was up 204.51 points, or 0.84 per cent, at 24427.83. In the 30-share index, ONGC, Adani Ports and State Bank of India were up 2.25 per cent, 2.01 per cent and 1.57 per cent. NSE Nifty was up 66.20 points at 7,428.
9.15 am: The BSE Sensex opened 163.13 points up at 24386.45. NSE Nifty opened 49.65 points up at 7411.45.
8.50 am: The BSE Sensex and NSE Nifty are likely to open in green on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global markets.
At 8.37 am, SGX Nifty was up 56.50 points, or 0.76 per cent, up at 7,426.
Asian shares rebounded on Thursday as speculation the US Federal Reserve might opt to not raise interest rates at all this year hammered the dollar and sparked a huge rally in oil prices.
The Dow ended Wednesday up 1.13 per cent, while the S&P 500 added 0.5 per cent and the Nasdaq Composite eased 0.28 per cent.
Back home, Stocks fell for the third straight day on Wednesday as the benchmark Sensex closed 316 points down at 24,223.32.
The NSE Nifty too remained under pressure and slipped below the 7,400-level by dropping 93.75 points, or 1.26 per cent, to close the day at 7,361.80.
Shares of the Tata Consultancy Services and JSW Steel will remain in focus on Thursday. The IT major has been rated as the world’s most powerful brand in Information Technology Services by a leading global brand valuation firm.
Moody’s Investors Service on Wednesday said it has downgraded JSW Steel’s corporate family rating
(CFR) and senior unsecured notes ratings to Ba3 from Ba1. The outlook on all ratings remains negative, the agency said in a statement.
(With agency inputs)