3.30 pm: The BSE Sensex and NSE Nifty closed in red on Monday after manufacturing sector activity dropped to a four-month low in April amid disappointing corporate results and weak global cues. The 30-share index closed 169.65 points down at 25,436.97, while NSE Nifty settled 43.90 points down at 7,805.90.
Traders were seen buying in consumer durables, metal and oil & gas stocks while selling was witnessed in banking, IT, realty and TECK sector stocks.
In the 50-share index, GAIL, Hindalco, BHEL, Aurobindo Pharma and Ambuja Cements gained between 1.10 per cent and 2.12 per cent. On the other hand, ICICI Bank, Dr Reddy’s Labs, Adani Ports, Tech Mahindra and State Bank of India plunged between 1.60 per cent and 4.15 per cent.
In scrip specific development, InterGlobe Aviation closed 4.51 per cent down on reporting flat growth in net profit at Rs 579.31 crore for the quarter ended March 2016. The largest domestic airline by market share had posted a net profit of Rs 577.33 crore in the same period a year ago. Oberoi Realty closed 2.33 per cent down as the company’s consolidated net profit fell 37.34 per cent to Rs 64.55 crore on 32.06 per cent fall in total income to Rs 237.35 crore in Q4 March 2016 over Q4 March 2015.
ICICI Bank closed 4 per cent down after it posted a fall of 76 per cent in its January-March net profit on Friday.
Karthik Rangappa, VP-education and research, Zerodha said, “The broader markets remained weak throughout the trading session, but we did witness some buying activity in select pockets. We expect the weakness in the markets to continue and probably see a decline of about 3-4 per cent from where we are, spread across few trading sessions. However the underlying sentiment is still bullish, therefore we could expect a sharp reversal in the markets soon. Long term portfolio investors can look at repurchasing the portfolio at this stage.”
The seasonally-adjusted Nikkei India Manufacturing Purchasing Managers’ Index (PMI) — a composite indicator of manufacturing performance — fell from 52.4 in March to 50.5 in April, pointing to the weakest improvement in business conditions in the current four-month sequence of above 50 readings.
A reading above 50 represents expansion while one below this level means contraction.
Asian equity markets ended lower on Monday, with downbeat US data, falling commodity prices and a surging yen weighing on markets in a holiday-affected trading session. Chinese manufacturing data for April also cast doubt over strength of a pick-up in the world’s second-largest economy. Activity in China’s manufacturing sector expanded for the second month in a row in April but at a slower pace. The PMI fell to 50.1 from 50.2 in March. The PMI for the non-manufacturing sector stood at 53.5 in April, down from 53.8 in March. Japanese shares tumbled as the dollar notched a fresh 18-month low against the yen, fetching 106.14 yen at one time compared with 106.40-50 yen in New York Friday, after the Bank of Japan opted to hold off on further monetary easing. Markets in China, Hong Kong, Taiwan, Singapore and Malaysia were closed for observance of Labour Day.
3.21 pm: Meanwhile, Housing finance major HDFC Ltd reported a 30.76 per cent surge in consolidated net profit to Rs 3,460.46 crore for the quarter ended March 31. The company’s net profit after taxes was Rs 2,646.35 crore in January-March quarter of 2014-15. Shares of HDFC were trading 0.43 per cent up at Rs 1,093.50.
3.12 pm: Sensex was trading 169 points down at 25,436. Nifty was down 43.15 points at 7,806.
3.09 pm: Drug major Lupin is looking to strengthen its branded and specialty business in the US by launching new products, brand acquisitions and even buyout of other specialty companies which complement its therapy focus. The company focuses on various therapeutic areas like paediatric, women’s health, inhalation, derma and ophthalmology. The US is Lupin’s largest market and contributed 45 per cent to the company’s revenue during 2014-15. The company’s brands business contributed around 8 per cent of its US revenues of over $800 million in 2014-15. Shares of Lupin were trading 0.66 per cent up at Rs 1,618.30.
3.06 pm: Realty firm Godrej Properties has acquired 49 per cent stake in its subsidiary Happy Highrises from Karelides Traders for Rs 248.50 crore. Godrej Properties earlier had 51 per cent stake in Happy Highrises. Post the acquisition, it has increased its shareholding to 100 per cent by acquiring the remaining 49 per cent stake. Karelides Traders was a strategic investor in Happy Highrises, which is developing a real estate project in Kolkata. Shares of Godrej Properties were trading 0.26 per cent up at Rs 341.90.
2.58 pm: Marksans Pharma share price soared as much as 13 per cent on Monday after the company informed bourses that it has received approval from the US health regulator for its Metformin Hydrochloride tablets, used for treatment of diabetes, in the American market.
2.37 pm: HDFC Ltd consolidated net profit surges 30.76 per cent to Rs 3,460.46 crore in fourth quarter of FY16. Shares of the company were trading 0.29 per cent up at Rs 1092.00. Sensex wa trading 171.22 points down at 25,435.40, while NSE Nifty was trading 48.40 points down at 7,801.40.
1.51 pm: European equities edged higher in early trading on Monday, with a sharp decline in the previous session prompting some investors to look for bargains. The euro zone’s blue-chip Euro STOXX 50 index was up 0.1 percent, while both Germany’s DAX and Frances CAC were up 0.3 percent. Trading volumes were thin as the UK market is closed for a holiday. Sensex was trading 156.40 points down at 25,450.22, while NSE Nifty was down 42.65 points at 7,807.15.
1.36 pm: Alembic Pharma has received final approval from the US health regulator for Lacosamide tablets, used for treatment of partial-onset seizures, in the American market. Shares of the company were trading 0.90 per cent down at Rs 597.50. Sensex was trading 143.26 points down at 25,463.36, while NSE Nifty was trading 41.15 points down at 7,808.65.
1.20 pm: Cholamandalam Investment and Finance stocks were trading 6.95 per cent up at Rs 851.15 after the company on Friday reported a 42 per cent growth in net profit at Rs 192 crore for the March quarter, helped by higher disbursements and reduction in cost of funds. Sensex was trading 153.94 points down at 25,452.68, NSE Nifty was trading 38.45 points down at 7,811.35.
12.58 pm: Sensex was down 195 points at 25,410. Batliboi shares surged over 16 per cent after it informed bourses that it has concluded the process of sale of its land situated at plot no. 25/26, Deonar Ancillary Estate, off Ghatkopar Mankhurd link Road, Govandi (West), Mumbai. Further, the company has entered into Memorandum of Understanding (MoU) for sale of its industrial land situated at Plot No. 24, Veerasandra Industrial Area in Survey Nos. 32 and 33 (Pt.) of Veerasandra Village, AttibeleHobli, Anekal Taluka, Bangalore District.
12.19 pm: Shriram Transport Finance Corporation (STFC) shares surged over 12 per cent despite the company reported 73.25 per cent year-on-year fall in its consolidated net profit figures at Rs 84.23 crore. STFC has posted net profit of Rs 314.89 crore in the same quarter last year.
12.11 pm: Sensex was down 130 points at 25,476. Nifty was down 33.85 points at 7,815.
11.59 am: The IPO of microfinance player Ujjivan Financial Services has been oversubscribed 1.22 times during the morning trade on the last day of the offer on Monday. Read More
11.38 am: Oberoi Realty shares slipped as much as 6.39 per cent in morning trade on Monday after the real estate major on Friday registered a 37.34 per cent fall in consolidated net profit at Rs 64.55 crore for the quarter ended March 2016. It had posted a net profit of Rs 103.02 crore in the same period a year ago. Read More
11.15 am: InterGlobe Aviation shares plunged as much as 6 per cent in morning trade on Monday after the aviation major on Friday after market hours reported flat growth in net profit at Rs 579.31 crore for the quarter ended March 2016.
10.43 am: Reserve Bank of India (RBI) has allowed foreign investors to buy up to 60 per cent stake in the Yes Bank. Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from existing 49 per cent up to 60 per cent under the Portfolio Investment Scheme (PIS). Shares of YES Bank were trading 0.67 per cent up at Rs 950.
10.38 am: In a bid to meet the regulatory norm for a small bank licence, Micro-lender Ujjivan Financial Services is planning open 100 odd bank branches. Identification process for such new branches has begun and the company which would become the holding company for the proposed Ujjivan Small Bank would meet the criteria once the bank is launched. The company offers a diverse range of loan products to cater to the specific requirements of its customers. Its products can be classified under two broad categories, namely, group loans and individual loans. Read more: Ujjivan IPO subscribed 83% on Day 2: 10 things to know before investing
10.22 am: ICICI Bank shares were trading 4.29 per cent down at Rs 226.45. Should you invest?
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9.58 am: Rupee weakened by 8 paise to 66.41 against the dollar in early trade at the Inter-bank Foreign Exchange market on increased demand for the American currency from importers and banks.
9.32 am: The BSE Sensex plunged further and was trading 207.16 points down at 25,399. Nifty was down 55.10 points at 7,794.
9.27 am: Interglobe Aviation shares were trading 4.53 per cent down at Rs 1023.60. Shares of IndiGo dipped after aviation turbine fuel (ATF), or jet fuel, price was hiked by 1.5 per cent on Sunday. ATF price in Delhi was raised by Rs 627 per kilolitre, or 1.48 per cent, to Rs 42,784.01 per kl. The hike comes on the back of a steep 8.7 per cent or Rs 3,371.55 per kl hike on April 1. Prior to that, rates were hiked by steep 12 per cent, or Rs 4,174.49, on March 1. Other aviation stocks such as Jet Airways and SpiceJet were also trading lower by 0.78 per cent and 0.74 per cent, respectively.
9.16 am: Sensex was down 150.21 points at 25456, Nifty was trading 41.60 points down at 7808. Bharti Airtel was trading 0.15 per cent down at Rs 363.25.
9.15 am: The BSE Sensex opened 41.18 points, or 0.16 per cent, down at 25565.44, while Nifty 50 index opened 27.10 points, or 0.35 per cent down at 7,822.70. ICICI Bank shares were trading over 3 per cent down at Rs 228.
9.10 am: Airtel Business, the enterprise arm of Bharti Airtel, has partnered with networking player GBI to increase its direct reach in West Asian countries. Airtel Business only offers enterprise services to its clients in Middle East. The partnership will help extend its network reach to Airtel’s customers and to further enhance the benefits of our value propositions for customers and partners. GBI owns and operates a multilayer carrier neutral network providing connectivity to West Asian countries.
8.46 am: Key benchmark indices BSE Sensex and NSE Nifty are likely to open lower on Monday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global markets.
At 8.29 am (IST), SGX Nifty was trading 54 points, or 0.69 per cent, down at 7,838.50.
Asian shares fell in early trading on Monday, with Japan’s Nikkei plunging after the dollar notched a fresh 18-month low against the yen. Nikkei was quoting 604 point, or 3.62 per cent, down at 16,062 at the same time.
Markets in Hong Kong and China are closed on Monday.
On Friday the Dow fell 57.12 points or 0.32 per cent to 17,773.64, while the S&P fell 10.51 points or 0.51 per cent at 2,065.30 and NASDAQ fell 29.93 points or 0.62 per cent to 4,775.36.
Domestic benchmark Sensex on Friday moved sideways for the most part and ended little changed at 25,607, breaking its two-week winning streak, as muted earnings weighed heavy on gains in oil stocks.
Shares of ICICI Bank will remain in focus in Monday’s trade. Private sector lender ICICI Bank on Friday reported 75.97 per cent decline in standalone net profit at Rs 701.89 crore for the fourth quarter ended March 31 on account of 2-fold rise in provisioning for bad loans.
IndiGo’s parent InterGlobe Aviation on Friday saw its net profit remain flat at Rs 579.31 crore in the three months ended March as higher expenses hit the no-frills carrier even as it flew more passengers during the period.
(With agency inputs)