Benchmark indices BSE Sensex and NSE Nifty pared their initial losses in the last hour of trade on account of buying in frontline FMCG and healthcare stocks amid firm Asian cues. Sensex closed 163.66 points up at 25,653.23, while Nifty index settled 45.85 points up at 7,860.75.
In the 50-share index, YES Bank, ITC, Bharti Infratel, Bosch, Dr Reddy’s Labs gained between 2.60 per cent and 3.42 per cent. On the other hand, Bank of Baroda, State Bank of India, Cipla, Adani Ports and Idea Cellular slid between 1.27 per cent and 8.13 per cent.
Sectorwise, the BSE FMCG index, BSE Realty and BSE Metal index gained 1.58 per cent, 1.47 per cent and 0.77 per cent, respectively. However, BSE Oil & Gas and BSE Capital Goods index slid 0.41 per cent and 0.32 per cent, respectively.
Nikhil Kamath, co-founder and director, Zerodha, “Markets looked choppy in trade through the first half of the day, the weakness led by the banking sector with SBI correcting over 4 per cent. This was followed by a rally in late trade taking the Nifty back into the positive territory, this was led by IT and the FMCG sector. This recovery could indicate the underlying strength in the market as it came on the back of negative international cues and no macroeconomic news as such.”
Traders also got some support from rupee recovery too, the domestic currency which weakened against the US dollar on concerns about the delay of monsoon and weak macroeconomic data, stabilised erasing all the losses by the second half. Global investment bank HSBC also upgraded its rating on the Indian market to neutral from underweight which also supported market sentiment.
On the global front, despite the weak trade at US markets in last session, the Asian indices logged gains, even shrugging off soft Chinese data released over the weekend. China’s investment, factory output and retail sales all grew at a slower pace in April. Japanese shares that was in jubilant mood from beginning, advanced after a report that the government may delay a planned sales tax increase. Though, the Bank of Japan said that the producer prices in Japan were down 0.3 per cent on month in April. The European markets though made a cautious start and were trading mixed in early deals.
Markets through the day
3.30 pm: Sensex closed 163.66 points up at 25,653.23, while Nifty index settled 45.85 points up at 7,860.75.
3.21 pm: Adani Power Maharashtra, wholly owned subsidiary of Adani Power has shut down its 4 units of 660 MW each out of total 5 units of 660 MW each, situated at Tiroda Plant in Maharashtra due to acute water shortage. Tiroda Power Plant gets water under a long term arrangement from Dhapewada Project of Vidarbha Irrigation Development Corporation. Due to drought condition in the State of Maharashtra, the water dam has dried up and is unable to supply water to the Tiroda Power Plant. The production from these 4 units will resume once the water is available. Shares of Adani Power were trading 0.67 per cent down at Rs 29.45.
3.11 pm: Sensex was up 158 points at 25,648. Nifty was trading 47 points up at 7,861.90.
2.24 pm: Meanwhile HSBC upgraded Indian equity markets to ‘neutral’. The global investment bank had ‘underweight’ rating on domestic stock markets since April 2015. Read more
1.47 pm: IL&FS Transportation Networks shares gained over 2 per cent intraday after it reported a net profit of Rs 31.07 crore for the quarter ended March 31, 2016 as compared to a net loss of Rs 3.35 crore for the same quarter in the previous year. Total income of the company has increased by 80.10 per cent at Rs 1650.50 crore for quarter under review as compared to Rs 916.45 crore for the quarter ended March 31, 2015. Shares of the company were trading 1.86 per cent up at Rs 74.10. Sensex was down 29.12 points at 25,460.45.
Read More: Why YES Bank shares could be a good buy
1.26 pm: In the 30-share index, Dr Reddy’s Labs, Asian Paints, TCS and Maruti Suzuki were up between 0.70 per cent and 3.35 per cent. On the other hand, State Bank of India and ICICI Bank and Bharti Airtel were down between 1.90 per cent and 4.45 per cent. Sensex was down 28 points at 25,490.
1.05 pm: Bharat Heavy Electricals (BHEL) has bagged an order worth Rs 1,600 crore for setting up a coal-based thermal power project in Odisha. The 1×250 MW coal-based thermal unit will be set up at Rourkela Power Project on Engineering, Procurement & Construction (EPC) basis. The order for the Stage-III of the brownfield power project, located in Rourkela district of Odisha, has been placed on BHEL by NTPC-SAIL Power Company (NSPCL), a Joint Venture of NTPC & SAIL. Shares of BHEL were trading 1.79 per cent down at Rs 120.50.
12.34 pm: Ahluwalia Contracts (India) shares gained as much as 6.35 per cent on Monday after the company on Friday post market hours informed bourses that it has secured new orders aggregating to Rs 492.65 crore for construction of institutional and commercial building, including electrical, plumbing and firefighting services.
12.03 pm: Meanwhile, WPI Inflation for April came at 0.34 per cent against -0.85 per cent in March. The 30-share index was trading 77.57 points down at 25,407.
11.50 am: Sensex was trading 110.31 points down at 25,379.26.
11.46 am: Glenmark Pharmaceuticals has posted a fall of 24.27 per cent in its net profit at Rs 507.75 crore for the quarter ended March 31, 2016 as compared to Rs 670.43 crore for the same quarter in the previous year. Total income of the company has decreased by 37.53 per cent at Rs 1,972.67 crore for quarter under review as compared to Rs 3,157.79 crore for the quarter ended March 31, 2015. Glenmark Pharma shares were trading 0.66 per cent up at Rs 874.50. Sensex was down 99 points at 25,390.99.
11.06 am: Raymond was trading 2.34 per cent up at Rs 477.10. The company is in talks with overseas private equity funds KKR & Company and Blackstone to sell 20 per cent in its branded apparel business to fund expansion. India’s largest woollen suiting’s maker has appointed Citibank as investment banker for the deal. The minority stake sale will help expand the apparel business which faces stiff competition from Aditya Birla Group’s Madura Fashion and Arvind Lifestyle, leading apparel makers in India.
10.26 am: After a weak industrial growth numbers, industry body, the Federation of Indian Chambers of Commerce and Industry (FICCI) in its latest survey has hinted at a slower growth in manufacturing and stated that growth of India’s manufacturing sector may decelerate during June quarter due to factors like bleak export outlook, poor demand and high cost of borrowing. Sensex was trading 45 points down at 25,444. Nifty was down 18 points at 7,796.
10.01 am: Srikalahasthi Pipes has begun a project to expand as well as create new facilities, at an investment of over Rs 150 crore. The company’s board recently approved a capital expenditure of Rs 55 crore to put up two units of ferro alloys of 9 MVA capacity each. In addition, a double wall corrugated (DWC) pipes manufacturing unit will be set up. All these new units will come up in the company’s 300 acre complex in Rachagunneri village, about 12 km from Srikalahasthi in Chittoor district of Andhra Pradesh. The company is betting big on DWC pipes, which are increasingly being used worldwide for sewerage and drinking water lines. Shares of Srikalahasthi Pipes were trading 0.08 per cent up at Rs 262.60. Sensex was down 15 points at 25,474.28.
9.54 am: The rupee weakened by 13 paise to 66.90 against the dollar in early trade due to
continued demand for the American currency from banks and importers.
9.30 am: Akzo Nobel India stocks were trading 3 per cent up at Rs 1,405 after the paints and coatings maker reported an increase of 17.76 per cent in its standalone net profit at Rs 52.57 crore for the fourth quarter ended on March 31, 2016. Sensex was trading 60.34 points down at 25,429.23, while NSE Nifty was trading 15.70 points down at 7,799.20.
9.22 am: Sensex was up 4 points at 25,494. Nifty was trading 4 points down at 7,810.85. Bharat Heavy Electricals (BHEL) has successfully commissioned a 660 MW supercritical thermal unit in Maharashtra. The unit has been commissioned at Mouda Super Thermal Power Station (STPS) at Mouda in Nagpur district of Maharashtra. The order for setting up two coal-based thermal units of 660 MW was placed on BHEL by NTPC. Shares of BHEL were trading 0.65 per cent up at Rs 123.50.
9.16 am: Sensex was up 115.45 points at 25,605.02. Nifty was trading 28.10 points up at 7,843. Bank of Baroda was trading 3.94 per cent down at Rs 148.85.
9.15 am: The BSE Sensex opened 39.23 points, or 0.15 per cent, up at 25,528.80. Nifty index opened 16.30 points, or 0.21 per cent, up at 7831.20.
8.55 am: There will lots of important earnings announcements too, to keep the markets in action. Strides Arcolab, Shasun, JK Tyre, Petronet LNG, NBCC, TRF, Mangalam Cement, Tata Coffee, BF Utilities and Gujarat Fluorochemicals, among others are scheduled to announce their results today.
8.44 am: The BSE Sensex and NSE Nifty are likely to open on a flat-to-cautious note on Monday tracking SGX Nifty and mixed global markets.
At 8.27 am (IST), SGX Nifty was down 8 points, or 0.10 per cent, at 7,821.50.
Monsoon rains are expected to arrive on India’s southern Kerala coast by June 7, about a week later than usual, the country’s weather office said on Sunday.
Buoyant Japanese stocks led Asian stocks to modest gains on Monday, helping to offset some of the gloom from soft Chinese data, while the dollar firmed against the euro and yen after receiving a boost from upbeat US indicators. Hang Seng, Nikkei and Shanghai were up 1.35 per cent, 1.04 per cent and 0.37 per cent, respectively, in the morning trade.
On Wall Street, Dow Jones Industrial Average index on Friday slid 1.05 per cent to 17,535.32.
The BSE Sensex plunged 300 points on Friday to fall to a one-week low as investors saw odds of an early rate cut receding after inflation hardened in April amid fears that Sebi’s move to tighten P-Note norms would hit foreign fund inflows. The BSE Sensex slid 1.17 per cent to 25,489.57 on Friday. The NSE Nifty index plunged 1.08 per cent to 7,814.90.
Shares of Bank of Baroda will remain in focus on Monday. The bank has posted a net loss of Rs 3,230.14 crore for the quarter ended March 31, 2016 as compared to a net profit of Rs 598.35 crore for the same quarter in the previous year.
(With agency inputs)