Benchmark indices BSE Sensex and NSE Nifty pared their day’s gain the last half an hour of the trade and closed almost flat on Thursday on account of profit booking. Sensex closed 5.11 points down at 24,677.37, while Nifty closed 13.80 points up at 7,512.55.
In the 50-share index, BPCL, Ambuja Cement, Tech Mahindra, GAIL and ACC gained between 3.30 per cent and 5.69 per cent. On the other hand, Lupin, HDFC, Mahindra & Mahindra, Sun Pharma and HDFC Bank slid between 1.32 per cent and 4.65 per cent.
Sectorwise, the BSE Healthcare index declined the most — 1.24 per cent, followed by the BSE Realty (down 0.94 per cent) and BSE Auto (down 0.19 per cent), rest all other sectoral indices ended in green. The BSE Oil & Gas index, BSE Capital Goods index and BSE TECk index climbed 2.26 per cent, 1.08 per cent and 0.88 per cent, respectively.
Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “FED’s status quo on interest rate added a positive momentum in the market, but the early gains were capped down by profit booking.”
Pharma stocks plunged on report that the sector in India could witness an immediate loss of Rs 1,000 crore due to the government ban on combination drugs that include cough syrups, anti-diabetic medicines and flu treatments.
Domestic equity markets made a gap-up opening on Thursday as traders remained encouraged after the Federal Reserve scaled back its projection for interest-rate hikes, keeping its policy rate unchanged at the end of its two-day rate-setting meeting and has once again ignited the call of rate cut from the Reserve Bank of India. Sentiments also remained up-beat with foreign institutional investors (FIIs) pumping in nearly $2 billion, as compared to a withdrawal of nearly $3 billion in the first two months of calendar year 2016 (CY16). The 30-share index opened the day at 24,852.18 and touched a high and low of Rs 24,948.30 and Rs 24,576.52, respectively, in trade.
Sensex reversed momentum and entered into red in last leg of trade as investors opted to book profit at higher levels, but volatility in dying hour of trade helped markets to end flat.
Selling also got accelerated after European counters making a weak start with all CAC, DAX and FTSE were declining around a per cent in early deals. However, Asian markets ended mostly in green as risk appetite revived after the Federal Reserve reduced the number of interest rate hikes expected this year, while the dollar nursed substantial losses.
China stocks rose more than 1 per cent as bargain hunting in technology stocks offset weakness in financial shares. Meanwhile, Japanese shares bucked the regional uptrend to end slightly lower as the dollar briefly hit a three-week low against the yen.
Markets through the day
3.30 pm: Benchmark indices pared day’s gain in the last leg of trade. BSE Sensex closed 5.11 points down at 24,677.37, while Nifty closed 13.80 points up at 7,512.55.
3.25 pm: Sensex was down 95.94 points at 24,586. Nifty was down 13.45 points at 7,485.
3.20 pm: The BSE Sensex and NSE Nifty pared their day’s gains and were trading in red. Sensex was down 43.91 points at 24638. Nifty was down 5.50 points at 7,493.
3.11 pm: Videocon Industries shares surged as much as 17 per cent intraday after its telecom arm Videocon Telecommunications (VTL) inked agreement with Bharti Airtel whereby the latter will acquire VTL’s spectrum in six circles in the 1800 MHz Band for a consideration of Rs 4,428 crore. Shares of Videocon Industries were trading 0.55 per cent up at Rs 110 in the last leg of trade. Sensex turned flat after soaring over 250 points in the early trade. The 30-share index was trading 18.32 points up at 24,700.
3.09 pm: Sensex was up 50.18 points at 24,732. Dhanuka Agritech has informed that the Board of Directors of the company at its meeting held on March 17, 2016, has declared second interim dividend at the rate of 200 per cent (i.e. Rs 4 per equity share having face value of Rs 2 each) for the financial year 2015-16. The payment date of the second interim dividend shall be on or before April 16, 2016.
2.40 pm: Shares of Marksans Pharma surged over 10 per cent after the company informed stock exchanges that pursuant to the UK MHRA GMP inspection of the Marksans’s Goa plant conducted from November 23, 2015 to November 25, 2015 and subsequent to the company’s response to the UK MHRA observations, the company has received communication from UK MHRA informing that they are issuing a “Restricted GMP Certificate” allowing Marksans Pharma to continue manufacture and marketing of critical products for the UK markets. Sensex was up 90.54 points at 24,773. Nifty was trading 49.30 points up at 7,548.
2.09 pm: Lycos Internet shares surged over 8 per cent in the past 15 minutes. The scrip was trading 8.92 per cent up at Rs 20.75. Sensex was up 179 points at 24,862.
2.00 pm: VST Tillers Tractors has entered into an agreement with the Karnataka Government for establishment of 92 Custom Hire Service Centres (CHSC) in nine districts. This will be a boon to small farmers and will revolutionise farm mechanisation in Karnataka. Shares of VST Tillers Tractors were trading 1.18 per cent up at Rs 1,500.25. Sensex was trading 178 points up at 24,861.
1.45 pm: European shares rose on Thursday, as the US Federal Reserve’s indication that it would reduce the number of interest rate hikes expected for this year buoyed world stock markets. The shares of top mining and energy companies were among the best performers, as the Fed’s latest update weakened the US dollar on currency markets, thereby making commodities less expensive for consumers paying with other currencies. The pan-European FTSEurofirst 300 index rose 0.4 per cent. Britain’s FTSE climbed 0.7 per cent, while Germany’s DAX advanced 0.6 per cent.
1.21 pm: Sensex was up 157 points at 24,840. Barring the BSE Healthcare index (down 0.65 per cent), rest all other sectoral indices were trading in green. The BSE Oil & Gas index and BSE Telecom index were up 2.81 per cent and 1.57 per cent, respectively.
12.46 pm: NESCO was trading 0.83 per cent up at Rs 1514. The company informed bourses that the board of the company at its meeting held on March 17, 2016, has declared an interim dividend of 85 per cent i.e., at Rs 8.5 per equity share of Rs 10 each for the financial tear ending March 31, 2016. Sensex was up 144 points at 24,826.
12.27 pm: Sensex was trading 150.73 points up at 24,833. In order to align the domestic rates of the automobile fuels with global benchmark, oil marketing companies (OMCs) have hiked the price of petrol and diesel by Rs 3.07 per litre and Rs 1.90 per litre respectively. The new rates announced by OMCs which includes state levies came into effect from midnight March 16/17.
12.02 pm: Sasken Communication Technologies has informed that the board of the company at its meeting held on March 17, 2016, has declared payment of interim dividend of Rs 4 per equity share of Rs 10 each (40 per cent); and special dividend of Rs 25 per equity share of Rs 10 each (250 per cent). The dividend will be disbursed on and from March 31, 2016. Shares of Sasken were trading 0.64 per cent down at Rs 406. Sensex was up 134 points at 24,817.
11.53 am: Sensex was up 182.47 points at 24864, while Nifty was quoting 69.40 points up at 7,568. In the 50-share index, BPCL, Ambuja Cement, Bharti Airtel, ACC and Adani Ports were up between 2.80 per cent and 5.80 per cent. On the other hand, Lupin, Sun Pharma, HDFC, HDFC Bank and M&M were down between 0.12 per cent and 2.11 per cent.
11.45 am: Bharti Airtel shares were trading 2.94 per cent up at Rs 349.65. Meanwhile, Bharti Airtel informed BSE that the copmany has entered into a definitive agreement with Videocon Telecommunication (VTL) to acquire, at an aggregate consideration of Rs 4,428 crore, rights to use 2 x 5 MHz spectrum in the 1,800 MHz Band allotted to VTL by the government of India on April 5, 2013 for six circles.
11.04 am: Sensex was up 156 points at 24,839. OIL India shares gained over 1 per cent on inking definitive agreement to acquire stake in TYNGD.
10.46 am: KEC International shares surged over 4 per cent after it informed bourses that the company has secured new orders worth of Rs 1,041 crore. Shares of KEC International were trading 4.06 per cent up at Rs 123. Sensex was up 165 points at 24,847.
10.30 am: Stocks of Oil Marketing companies like IOC, HPCL and BPCL were trading up 3.72 per cent, 3.02 per cent and 5.46 per cent at Rs 402.95, Rs 756.50 and Rs 860.90 as petrol price was hiked by Rs 3.07 a litre, reversing its 3-month declining trend, while diesel rates went up by Rs 1.90 per litre. Sensex was trading 157.82 points up at 24,840.30, while NSE Nifty was trading 57.35 points up at 7,556.10.
10.19 am: Tata Motors shares were trading 1.17 per cent at Rs 364.05 as it expects a 10-12 per cent yearly growth in revenue from defence exports in the next few years. Sensex was trading 184.11 points up at 24,866.59, while NSE Nifty was trading 63.55 points up at 7,562.30.
10.05 am: Sensex was up 205 points at 24,888. Market experts believe trading sentiments buoyed largely in tandem with a rally at other Asian markets after the US Federal Reserve kept interest rates unchanged and signalled a slower pace of interest-rate hikes this year.
9.57 am: The rupee strengthened by 38 paise to 66.84 against the dollar at the Interbank Foreign Exchange in early trade today on increased selling of the US currency by exporters and banks amidst higher opening in the domestic equity market. Sensex was up 205 points at 24,887.
9.41 am: The 30-share index Sensex surged further and was trading 258.83 points, or 1.05 per cent, up at 24941.31. Nifty was up 82.15 points at 7,580.90.
9.32 am: Financial Technologies (India) (FTIL) shares were trading 5.20 per cent up at Rs 79.85. The company on Wednesday informed bourses that it has concluded the transaction relating to sale of its 13 per cent stake in DGCX to Dubai Multi Commodities Centre (DMCC), a Government of Dubai enterprise. This is pursuant to the approval received from Reserve Bank of India (RBI). With the conclusion of the above transaction, FTIL has completely exited from DGCX. Sensex was trading 225 points up at 24,908.
9.31 am: SKS Microfinance has completed the sixth securitization transaction during FY16 for a pool value of Rs 214.61 crore. With this transaction, the total sum of securitization completed during FY16 (YTD) is Rs 1,781.82 crore. Shares of SKS were trading 1.11 per cent up at Rs 529.20.
9.28 am: Idea Cellular has unveiled its high-speed 4G services across 28 towns in its leadership market of Maharashtra and Goa, expanding its high-speed mobile broadband LTE coverage to 10 circles. With this launch, company’s 4G footprints encompass over 300 towns and the company is planning to target over 750 towns by June 2016. Shares of Idea Cellular were trading 1.93 per cent up at Rs 100.25.
9.17 am: Sensex climbed 233.21, or 0.94 per cent, to 24,915.69 in the early trade. Nifty was trading 67.55 points up at 7566.30. Bhushan Steel shares were trading over 3 per cent up in the early trade.
9.15 am: Domestic equity markets opened on a firm note on Thursday on account of firm global markets. Sensex opened 169.70 points up at 24852.18, while Nifty 50 opened 58.65 points up at 7557.40.
9.00 am: Biocon will also remain in focus as the company on Thursday informed stock exchanges that Biocon, through its wholly owned subsidiary Biocon SA, has entered into a co-development and commercialisation agreement with Laboratories PiSA SA de CV of Mexico for generic recombinant human insulin (rh-insulin) for the US market. This is a cost and profit sharing agreement with Biocon SA being responsible for clinical development, regulatory approvals and commercialisation of the product in the US. The drug substance will be made by Biocon while the drug product will be made by PiSA at its facility in Mexico.
8.44 am: The BSE Sensex and NSE Nifty are likely to open higher on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global markets.
At 8.30 am (IST), SGX Nifty was trading 88.50 points, or 1.16 per cent, up at 7,614.
Asian shares gained across the board on Thursday and the dollar was on the defensive after suffering substantial losses as risk appetite revived after the US Federal Reserve reduced the number of interest rate hikes expected this year.
Wall Street gained on Wednesday after the US Federal Reserve left interest rates unchanged and signaled fewer rate hikes for the year. The Dow Jones industrial average closed 74.23 points, or 0.43 per cent, up at 17,325.76, the S&P 500 gained 11.29 points, or 0.56 per cent, to 2,027.22 and the Nasdaq Composite added 35.30 points, or 0.75 percent, to 4,763.97.
Back home, fag-end buying saved the day for the domestic market on Wednesday as BSE Sensex reversed all of its early losses to settle 131 points higher at 24,682.48, tracking a strong opening in Europe as investors awaited the US Federal Reserve’s policy meet outcome.
The 50-issue NSE Nifty after crossing the crucial 7,500-mark advanced to a high of 7,508 and finally settled 38.15 points or 0.51 per cent higher at 7,498.75.
Shares of Procter and Gamble (P&G) and Tata Motors will remain in focus on Thursday. The company on Wednesday said it will resume manufacturing and sale of its popular brand ‘Vicks Action 500 Extra’ after the Delhi High Court stayed government’s order banning fixed dose combination drugs.
Tata Motors on Wednesday said it expects a 10-12 per cent yearly growth in revenue from defence exports in the next few years.
(With inputs from agencies)