The BSE Sensex reclaimed 25,000-mark and NSE Nifty cross the psychological 7,700-level on Wednesday led by buying in metal, banking and real estate stocks amid firm global markets. The sentiments remained on firm note with Finance Minister’s statement that he will reach out to the Congress again to persuade it to support the much delayed GST bill in second half of the Budget Session beginning next month. Sensex closed 438.12 points up at 25,338.58, while NSE Nifty settled 138.20 points up at 7,735.20.
Firm global cues also supported market sentiments. Asian markets mostly ended the day in green, while the European markets were trading on optimistic note.
In the 50-share index, GAIL, Lupin, ICICI Bank, Vedanta and BPCL gained between 2.34 per cent and 3.03 per cent. On the other hand, Zee Entertainment, HDFC, Kotak Mahindra Bank, Maruti Suzuki and Bosch slid between 0.05 per cent and 1.21 per cent.
Dipen Shah, senior vice-president and head of private client group research, Kotak Securities, said, “Markets reversed Tuesday’s losses on strong buying in front-line stocks ahead of the fiscal end. Expectations of rate cut by RBI led to strong gains for the banking sector. Dovish comments from Janet Yellen also boosted sentiments.”
Barring the BSE Telecom index (down 0.13 per cent), rest all other sectoral indices settled in green. The BSE Realty index surged the most — 3.85 per cent, followed by BSE Bankex (3.13 per cent) and BSE Metal index (up 3.06 per cent).
In scrip specific development, Healthcare Global Enterprises, the cancer-care network operator, made weak debut on bouses today. The share price of HealthCare Global slipped 21.58 per cent to Rs 170.95 on BSE. The scrip plunged 19.01 per cent to Rs 170.25 on NSE.
Shares of sugar manufacturers remained on buyers’ radar on expectation of lower production for sugar season 2016-17. Upper Ganges Sugar and Dhampur Sugar Mills surged 19.28 per cent and 15.45 per cent to Rs 111.05 and 95.30, respectively. Balrampur Chini Mills gained 7.78 per cent to Rs 108.05.
Overall, market breadth remained in favour of advances, as there were 1,872 shares on the gaining side against 755 shares on the losing side while 152 shares remain unchanged.
Markets through the day
3.30 pm: Sensex closed 438.12 points up at 25,338.58, while NSE Nifty settled 138.20 points up at 7,735.20.
3.05 pm: Aurobindo Pharma has received final approval from the USFDA to manufacture and market Vancomycin Hydrochloride for Injection USP, 5 g/vial and 10 g/vial (Pharmacy Bulk Package). This product is expected to be launched in the later part of FY16-17. Shares of Aurobindo Pharma were trading 1.04 per cent up at Rs 743.05.
2.31 pm: Ruchi Soya shares were trading 5.84 per cent up at Rs 31.70. The company has launched the Nutrela RiceBran Plus cooking oil in West Bengal. The rising health concerns and the growing awareness of benefits of rice bran oil made it inevitable for the company to lead to its introduction. Sensex was up 402.09 points, or 1.61 per cent, at 25,302.55. Nifty was trading 126.80 points up at 7,723.80.
2.02 pm: Lupin was trading 4.46 per cent up at Rs 1463. The scrip plunged nearly 10 per cent in the past three trading sessions. Sensex was up 369 points at 25,269. Nifty was trading 123.45 points up at 7,720.45.
1.23 pm: Lancer Container Lines is coming out with an initial public offering (IPO) of 15,40,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 12 per equity share. The issue will open on March 31, 2016 and will close on April 5, 2016. The company will use the issue proceeds for Procurement of new containers, Issue expenses and General corporate purposes. The shares will be listed on SME platform of BSE. The share is priced at 1.2 times of its face value of Rs 10. The book running lead manager to the issue is Pantomath Capital Advisors, while the compliance officer for the issue is Nirali Mehta.
1.03 pm: Meanwhile, Nifty crossed the psychological level of 7,700 and was trading 104.70 points up at 7701.70. Sensex was trading 341 points up at 25,241.
12.51 pm: Tata Steel shares were trading nearly 4 per cent up on Wednesday after it informed bourses that the company has put its entire UK business up for sale to stem heavy losses. Sensex was up 308 points at 25,208.97. Nifty was trading 97.40 points up at 7,694.40.
12.24 pm: Meanwhile, Credit Suisse said, “India’s return on equity (ROE) has nearly halved to 12.3 per cent from its 2005 peak of 23.4 per cent.”
12.14 pm: Rating agencies Standard & Poor’s and Fitch have assigned investment grade ‘BBB-‘ corporate credit rating with stable outlook to Adani Transmission. Shares of Adani Transmission were trading 4.10 per cent up at Rs 34.30. Adani Enterprises shares were trading 6.92 per cent up at Rs 71.80.
11.55 am: State Bank of India (SBI) shares were trading 1.06 per cent up at Rs 191.50. SBI has inaugurated second SBI INTOUCH hi-tech branch in Visakhapatnam. SBI INTOUCH will be a digital branch in which the customer can open an account all by himself or herself, take out the passbook, deposit or withdraw cash, and also get wealth management advice. The branch will have all the facilities for the customers such as video conferencing, ATM, CDM, and others available throughout day and night in a separate enclave. Sensex was up 249 points at 25,149.
11.23 am: Meanwhile, Cupid hit lower circuit as the scrip plunged 5 per cent to Rs 290. The BSE on Monday decided to suspend trading in Cupid shares along with another 30 shares from March 31. For complete list click here.
11.15 am: Sugar stocks were trading firm in morning trade. Upper Ganges Sugar was trading 12.46 per cent up at Rs 104.70. Balrampur Chini Mills and Shree Renuka Sugars were up 5.49 per cent and 3.60 per cent at Rs 105.75 and Rs 14.40, respectively. Sensex was trading 253.42 points up at 25153.88, while Nifty was up 78.55 points at 7,675.
10.53 am: Sun Pharmaceutical Industries share price gained as much as 2.64 per cent in the early trade on Wednesday after the company announced the acquisition of 14 established prescription brands from Novartis AG and Novartis Pharma AG in Japan.
10.30 am: Healthcare Global shares were trading 17.89 per cent down at Rs 179 on BSE. Sensex was up 204 points at 25,104. READ MORE
10.04 am: HealthCare Global Enterprises (HCG) made a weak debut on bourses on Monday as shares of the cancer-care network operator listed at Rs 209.80 on BSE against the issue price of Rs 218.
9.56 am: Sensex was up 187 points at 25,087.66. Nifty was up 56.45 points at 7,653.45. Brokers said fresh spell of buying by investors and foreign funds, triggered by a firming trend in global markets, after the US Federal Reserve Chair Janet Yellen signalled that a rate hike was not likely to come before June, helped the key indices to regain their crucial levels. Besides, hopes of a rate cut by the RBI at its monetary policy review on April 5 accelerated buying activity.
9.47 am: Extending its rising streak for the fourth day, the rupee appreciated by 16 paise to 66.38 against the US dollar in early trade today on increased selling of the American currency by exporters and banks amidst continued foreign fund inflows.
9.28 am: In the 50-share index, Lupin, Tata Motors, Tata Steel, Sun Pharma and ICICI Bank were up between 1.65 per cent and 2.91 per cent. On the other hand, Zee Entertainment was the only loser in the index. The scrip was trading 0.45 per cent down at Rs 380.20.
9.26 am: PNC Infratech has received letter of acceptance (LoA) for the project of construction of three lane road on both sides of Sharda Sahayak Feeder Canal from Lucknow-Faizabad Road to Lucknow-Sultanpur Road, in the state of Uttar Pradesh on March 28, 2016, for which it was declared the lowest bidder (L1) on February 10, 2016. Shares of PNC Infratech were trading 3.22 per cent up at Rs 509.30.
9.16 am: Sensex was trading 208.78 points up at 25,109.24, while Nifty was up 63 points at 7,660.60. Shares of Tata Steel surged over 2 per cent in the early trade. READ MORE: Ten stocks in focus today
8.36 am: Key benchmark indices BSE Sensex and NSE Nifty are set to open higher on Wednesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global markets.
At 8.22 am (IST), SGX Nifty was trading 60.50 points, or 0.79 per cent, up at 7,674.
Asian shares gained on Wednesday as markets scaled back expectations for how fast and far US interest rates might rise this year, bruising the dollar and boosting sovereign bonds.
On Wall Street, technology shares led gains in major indices and both the S&P 500 and Dow closed at their highs for 2016. The Dow rose 0.56 per cent, while the S&P 500 gained 0.88 per cent and the Nasdaq 1.67 per cent.
Back home, the BSE Sensex closed 65.94 points or 0.26 per cent down at 24,900.46 on Tuesday. The broader NSE Nifty closed 18.10 points or 0.24 per cent lower at 7,597.
The FIIs as per Tuesday’s data were net buyers in equity segment, while they were net sellers in debt segments, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 5,513.53 crore against gross sell of 3,264.25 crore. Thus, FIIs stood as net buyers of Rs 2,249.28 crore in equities.
In the debt segment, the gross purchase was of Rs 432.83 crore with gross sales of Rs 745.33 crore. Thus, FIIs stood as net sellers of Rs 312.50 crore in debt.
Tata Steel will remain in focus on Wednesday. Tata Steel, Britain’s largest steelmaker, is considering the sale of its entire UK business to stem heavy losses, a move that would draw a line under its almost decade-long foray into Britain’s declining steel industry.
(With agency inputs)