The BSE Sensex and NSE Nifty closed flat on Friday after ICICI Bank Q4 results disappointed markets amid weak global cues. The BSE Sensex closed 3.52 points up at 25,606.62, while NSE Nifty closed 2.55 points up at 7,849.80.
“Benchmark indices toed the flat line for most of the day, before succumbing to selling pressure. Both the Sensex and the Nifty hit a two week low in trade today on the heels of negative global cues. Global markets traded lower after a lack of further stimulus action by the Bank of Japan (BOJ) disappointed market participants. On the sectoral front, PSU banks, auto and IT stocks came under selling pressure while the likes of pharma and media eked out marginal gains,” Shreyash Devalkar, fund manager – Equities, BNP Paribas Mutual Fund said.
The BSE Sensex touched a high and a low 25755.43 and 25424.03, respectively. The broader indices made a mixed closing; the BSE Mid cap index ended up by 0.22 per cent, while Small cap index declined by 0.05 per cent.
Among the sectoral indices, the top gainers were Realty up by 1.18 per cent, Power up by 0.93 per cent, Metal up by 0.51 per cent, Oil & Gas up by 0.39 per cent and Bankex up by 0.33 per cent, while Consumer Durables were down by 0.97 per cent, TECK down by 0.62 per cent, IT down by 0.45 per cent, Capital Goods down by 0.24 per cent and Auto down by 0.21 per cent were the top losing indices on BSE.
The top gainers on the Sensex were Lupin up by 1.94 per cent, Cipla up by 1.89 per cent, HDFC Bank up by 1.69 per cent, Maruti Suzuki up by 1.24 per cent and Adani Ports & Special up by 1.21 per cent. Bharti Airtel shares were down by 2.32 per cent, SBI down by 1.67 per cent, Reliance Industries down by 1.48 per cent, ICICI Bank down by 1.48 per cent and Hindustan Unilever down by 1.14 per cent were among the top losers.
The CNX Nifty touched a high and low 7,889.05 and 7,788.70, respectively.
Among the top gainers on Nifty were Zee Entertainment up by 2.47 per cent, Kotak Mahindra Bank up by 2.05 per cent, NTPC up by 1.96 per cent, Lupin up by 1.82 per cent and Cipla up by 1.75 per cent. HCL Tech down by 6.21 per cent, Idea Cellular down by 6.09 per cent, Bharti Airtel down by 2.31 per cent, Bank of Baroda down by 1.90 per cent and Bosch down by 1.79 per cent were the top losers.
Asian equity markets ended lower on Friday following the overnight sell-off on Wall Street. Oil prices slid in Asian deals after sharp overnight gains, and the yen continued its rise against the dollar, keeping investors cautious.
Chinese and Hong Kong shares fell as a spate of bond defaults as well as increasing volatility in the commodity market despite a government crackdown on speculation kept investors on edge ahead of the Labor Day holiday.
Japanese markets were closed for the Showa Day holiday after steep losses in the previous session amid the stronger yen stemming from disappointment that the Bank of Japan held off on further easing. Though, Amazon posted its biggest quarterly profit ever and a slew of other US companies also reported better-than-expected results after the US closing bell, helping to limit the downside across the region.
Markets through the day
3.27 pm: Force Motors reported a 59.31 per cent rise in standalone net profit at Rs 73.73 crore for the quarter ended March 31, on better sales. Sensex was trading 10.40 points down at 25,592.70, while NSE Nifty was trading 1.10 points down at 7,846.15.
3.09 pm: Ajanta Pharma stocks were trading 1.14 per cent down at Rs 1517.85 after it reported a 43.39 per cent rise in consolidated net profit to Rs 106.31 crore for the quarter ended March 31, mainly on account of robust sales. Sensex was trading 52.51 points up at 25,655.61, while NSE Nifty was trading 16.00 points up at 7,863.25.
2.39 pm: Britain’s FTSE 100 shed 0.8 percent to 6,268.49. On Thursday, the CAC 40 retreated by 0.7 percent, the DAX shed 0.4 percent and the FTSE 100 was off 0.2 percent. Sensex was trading 90.92 points down at 25,512.18 while Nifty traded 26.10 down at 7,821.15
2.04 pm: ICICI Bank shares were trading 2.58 per cent down at Rs 233.95 after it 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. Sensex was trading 154.07 points down at 25,449.03, while NSE Nifty was trading 47.35 points down at 7,799.90.
1.30 pm: Stocks of Hindustan Construction Company (HCC) were trading 6.14 per cent down at Rs 20.65 after it reported a 7.31 per cent decline in its standalone net profit at Rs 19.14 crore for the March quarter. Sensex was trading 108.73 points down at 25,494.37, while NSE Nifty was trading 39.50 points down at 7,807.75.
1.10 pm: Disappointing results continue to weigh down HCL Technologies stocks as it was trading 5.66 per cent down at 754.65. The IT company reported lower-than-expected financial results for the third quarter ended March 2016. It posted 0.3 per cent quarter-on-quarter (qoq) rise in its consolidated net profit figures at Rs 1,926 crore in Jan-March 2016 period. Revenue of the IT company jumped 3.4 per cent qoq at Rs 10,698 crore. Sensex was trading 125.37 points down at 25,477.73, while NSE Nifty was trading 44.70 points down at 7,802.55.
12.52 pm: Glenmark Pharmaceuticals shares were trading 0.84 per cent up at Rs 825.30 after it received tentative approval from the US health regulator USFDA for the generic version of Galderma Laboratories LP’s Epiduo gel used in the treatment of acne. Sensex was trading 61.02 points down at 25,542.08, while NSE Nifty was trading 21.80 points down at 7,825.45.
12.13 pm: ICICI Bank posts the fourth quarter net profit at 702 cr. The company’s gross NPAs were at 5.8 per cent and net NPAs are at 2.98 per cent. Stocks of the private lender were trading 0.75 per cent down at Rs 238.35. Sensex was trading 25.11 points down at 25,577.99, while NSE Nifty was trading 5.50 points down at 7,841.75.
11.40 am: Special court orders framing of charges against industrialist Naveen Jindal and other accused in Amarkonda Murgadangal coal block allocation case. Jindal Steel and Power Ltd shares were trading 8.43 per cent down at Rs 68.45. Sensex was trading 19.59 points up at 25,622.69, while NSE Nifty was trading 5.1 points up at 7,852.40.
11.28 am: Dabur stocks were trading 2.26 per cent up at Rs 275.50 after it reported a 16.56 per cent increase in consolidated net profit at Rs 331.93 crore for the fourth quarter ended March 31, 2016. The company had reported a net profit of Rs 284.76 crore in the January-March quarter of 2014-15. Sensex was trading 24.22 points up at 25,627.32, while NSE Nifty was trading 6.35 points up at 7,853.60.
10.58 am: Lupin shares were trading 1.96 per cent up at Rs 1608.05 after the pharma company strengthened its brand portfolio in the US market with the introduction of its Methergine oral tablets used for the prevention and management of excess blood loss after delivery, in the US. Sensex was trading 39.22 points up at 25,642.32, while NSE Nifty was trading 10.00 points up at 7,857.25.
10.15 am: Indian rupee recovered by 7 paise to 66.45 against the US dollar in early trade on fresh selling of the American currency by exporters amid sustained foreign fund inflows. Sensex was trading 79.10 points up at 25,682.20, while NSE Nifty was trading 19.35 points up at 7,866.60.
9.49 am: Tata Metaliks were trading 12.72 per cent up at Rs 127.60 after its board of directors recommended a dividend of Rs 8.50 per non-cumulative redeemable preference shares of Rs 100/- each and a dividend of Rs 2/- per equity share of Rs 10/- each for the year ended March 31, 2016. Sensex was trading 127.01 points up at 25,730.11, while NSE Nifty was trading 35.70 points up at 7,882.95.
9.45 am: Jubilant Life Sciences was trading 1.78 per cent up at Rs 405.40 after it said it is seeking stakeholders’ nod to raise up to $200 million (around Rs 1,330 crore) to fund expansion including acquisition and additional working capital needs, among others. Sensex was back in the positive terrain and was trading 68.78 points up at 25,671.88, while NSE Nifty was trading 18.95 points up at 7,866.20.
9.26 am: Vedanta stocks were trading 2.80 per cent up at Rs 102.80 after it reported a consolidated net loss of Rs 11,181.26 crore in the march quarter last fiscal due to a non-cash impairment charge of Rs 12,304 crore largely relating to Cairn India. Sensex was trading 67.45 points up at 25,535.65, while NSE Nifty was trading 20.75 points down at 7,826.50.
9.15 am: Sensex was trading 19.25 points down at 25,583.85, while NSE Nifty was trading 14.35 points down at 7,832.90; Idea Cellular was trading 1.98 per cent down at Rs 124.05 after its net profit declined by 39 per cent to Rs 575.6 crore in the last quarter of 2015-16 due to a spike in finance costs.
The BSE Sensex and NSE Nifty are expected to open lower on Friday tracking SGX Nifty and global cues.
At 8.42 am, SGX Nifty was trading 32.51 points or 0.41 per cent down at 7,877.00.
On Thursday, the domestic equity markets nosedived over 1.50 per cent on account of selling in frontline blue chip counters amid F&O expiry. The sentiments came under pressure after Bank of Japan kept the monetary policy steady defying market expectations. BOJ also surprised investors by deciding against any fresh market stimulus despite shocking data that underlined the huge problems facing the country’s economy. The 30-share index closed 461.02 points, or 1.77 per cent down at 25,603.10, while the 50-share index slid 132.65 points at 7,847.25.
Asian stocks were mixed Friday after Wall Street slid and Japan’s central bank surprised markets by putting off possible additional stimulus.
Data showed that the US economy grew at a slower-than-expected pace in the first three months of this year. The US Dow Jones Industrial Average ended 1.17 per cent lower in Thursday’s trade.
Stocks of telecom operator Idea Cellular will be in focus as its net profit declined by 39 per cent to Rs 575.6 crore in the last quarter of 2015-16 due to a spike in finance costs. The company had posted a net profit of Rs 941.77 crore in the January-March quarter of 2014-15 financial year.
Mining major Vedanta will also be in focus after it reported a consolidated net loss of Rs 11,181.26 crore in the march quarter last fiscal due to a non-cash impairment charge of Rs 12,304 crore largely relating to Cairn India.
With agency inputs