1. Markets live: Sensex, Nifty ends slightly higher; ITC, HUL at record highs; all sectors but FMCG, IT drags

Markets live: Sensex, Nifty ends slightly higher; ITC, HUL at record highs; all sectors but FMCG, IT drags

Indian stock markets close marginally higher after a strong opening, the benchmark Sensex up 0.35% or 100 points at 30,570.97 points while the broader Nifty 50 ends up 0.11% or 10 points at 9,438.25 points. Shares of ITC and HUL shine hit a new a lifetime high of Rs 304.8 and Rs 1,028.2.

By: | Updated: May 22, 2017 4:54 PM
Indian stock markets close marginally higher after a strong opening, the benchmark Sensex up 0.35% or 100 points at 30,570.97 points while the broader Nifty 50 ends up 0.11% or 10 points at 9,438.25 points.

Indian benchmark stock indices opened higher buoyed by the positive openings of the Asian markets and upcoming corporate earnings, today the state-run lender, Bank of India is going to announce the Q4 results. The BSE Sensex surged over 170 points in the opening bell to 30,638.88 points while the NSE Nifty firmed 52 points to 9,480.7 points.

Meanwhile, Asian stocks posted their biggest daily rise in a month on Monday following modest gains in US shares, though the dollar came under renewed pressure as Washington’s political turmoil undermines confidence in US economic policy.  US stocks ended up on Friday but closed below their session highs on renewed concerns about Donald Trump’s presidency, following two new media reports of possible coordination between Russia and Trump’s election campaign.

Here are the live updates:

04:40 pm: Indian benchmark indices started the first day of expiry week on a positive note with both the indices closing in the green after remaining in the positive throughout today’s trading session. BSE Sensex ended up 106.05 points or 0.35% at 30,570.97 points, while NSE Nifty, the broader benchmark, closed flat, up 10.35 or points 0.11% at 9,438.25 points. ITC, Bharti Infratel and Larsen & Toubro gained the most on both indices, while State Bank of India and Lupin lost the most.

03:30 pm: Indian stock markets close marginally higher after a strong opening, the benchmark Sensex up 0.35% or 106 points at 30,570.97 points while the broader Nifty 50 ends up 0.11% or 10 points at 9,438.25 points. Shares of ITC and HUL hits a new a lifetime high of Rs 304.8 and Rs 1,028.2.

03:15 pm: Hong Kong’s benchmark share index ended Monday at its highest closing level in 22 months, helped by buoyant sentiment in Asian markets and steady money inflows from mainland China, which helped push index heavyweight Tencent to a fresh record. The Hang Seng index rose 0.9 percent to 25,391.34 points, while the China Enterprises Index gained 1.0 percent to 10,374.32 points.

03:05 pm: Gold prices recovered by Rs 50 to Rs 29,150 per 10 grams at the bullion market today on scattered buying by local jewellers even as the metal weakened overseas. Silver, however, strengthened by Rs 300 to Rs 39,500 per kg on the back of increased offtake from industrial units and coin makers. Traders attributed the rise in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.

Globally, gold fell 0.07 per cent to USD 1,254.70 an ounce in Singapore.

02:55 pm: NASSCOM, the Indian IT industry body, which has been reassuring that things are well in the $ 155 billion industry even as the number of Indian IT employees that may reportedly lose their jobs keeps growing by the day, has stepped up its lobbying with the American lawmakers significantly with an over one-third increase in money spent on such activities. According to the latest lobbying disclosure reports filed with the US Senate, NASSCOM paid a total amount of $1,50,000 (nearly Rs 1 crore) to its two registered lobbyists, The Lande Group and Wexler & Walker, in the first quarter of 2017.

02:40 pm: SKIL Infrastructure and 34 other entities have settled a case related to alleged violation of capital market norms with regulator Sebi after payment of Rs 1.38 crore. “The pending adjudication proceedings initiated against the noticees (35 entities)… are disposed of,” Sebi said in a settlement order last week, adding that it would not initiate any enforcement action for the alleged defaults.

Sebi had initiated its probe against SKIL Infrastructure (earlier known as Horizon Infrastructure) and other entities for allegedly violating the provisions of Listing Agreement and PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) norm.

02:25 pm: The shares of Bank of India dives over 10% on BSE post announcement of the results. Bank of India has narrowed net loss to Rs 1,045.54 crore in the fourth quarter of last fiscal as it contained bad loans. The state-owned bank had, in contrast, reported a net loss of Rs 3,587.11 crore in the January-March quarter of the previous fiscal, 2015-16. Bank of India said no dividend has been proposed for 2016-17 due to non-availability of profit. Total income during January-March quarter of 2016-17 was higher at Rs 12,335.71 crore, from Rs 11,384.91 crore in the year-ago period.

02:10 pm: Indian markets trade in the morning range, again recovers marginally, BSE Sensex up 0.5% or 151 points at 30,616.5 points while NSE Nifty up 0.29% or 26 points at 9454.8 points. Almost all the sectors faces heat except to that of FMCG, IT and Media on NSE.

01:50 pm: The Nifty PSU Bank index of NSE plunges to weekly low, down 4.2% or 158 points at 3,610.75 points. The shares of Bank of India (down 10.46%), Syndicate Bank (down 4.78%), SBI (down 4.69%), Oriental Bank of Commerce (down 4.38%), Andhra Bank (down 4.38%), Allahabad Bank (down 4.18%) witness a major drop.

This Image shows the PSU bank stocks falling on NSE. (Image Source: NSE)

 

01:40 pm: Commerce & Industries Minister Nirmala Sitharaman has asked the Indian IT professionals not to panic as the number of visas they currently get will not decline. She said that only the selection for such visas is getting tougher, but the ‘numbers are not changing’. “No need of getting panicky… because the number of H-1B visas that we have got, we will continue to get that,” Ms Sitharaman said. “The lottery process is something I suppose they (the US) wanted to do a correction on. The numbers are not something they are changing… the numbers will not come down,” she added.

01:20 pm: Indian markets extend losses, FMCG stocks helps to gain while PSU banks and pharma stocks deep dives. ITC (up 5.03%), Adani Ports (up 1.6%), HCL Tech (up 1.57%), Tata Motors (up 1.55%) and Hindustan Unilever (up 1.47%) leads, on the other hand SBI (down 3.56%), Lupin (3.25%), Sun Pharma (down 2.13%), Dr Reddy’s (down 1.61%), Aurobindo Pharma (down 1.67%) drags on NSE Nifty.

01:05 pm: Indian equities off from their days high but still trade above previous closes, BSE Sensex up 0.33% or 100 points at 30,565.38 points while NSE Nifty up 0.19% or 18 points at 9,446.15 points. The Nifty PSU Bank (down 2.35%) and Nifty Pharma (down 1.51%) indices of NSE fall sharply.

12:50 pm: With the implementation of GST, India’s biggest ever tax overhaul, six weeks away, Revenue Secretary Hasmukh Adhia has said that inflation will come down by two percent after GST is implemented adding that the unified tax regime will create buoyancy in the economy through better compliance and ease of doing business. “I don’t think inflation will at all go up because of GST. We have taken special care to ensure inflation does not go up. Our internal estimate is that after the rates are decided, inflation should come down by two percent,” Adhia said.

12:35 pm: The shares of ITC (up 5.05%), Tata Motors (up 1.63%), Adani Ports (up 1.6%), Hindustan Unilever (1.53%) and L&T (up 1.47%) lead the gains on the benchmark Sensex while Lupin (down 3.43%), SBI (down 3.16%) and Sun Pharma (down 2.06%) drags.

This image is showing the 30 stocks which are pulling the Sensex up and dragging it down. ITC (up 5.05%), Tata Motors (up 1.63%), Adani Ports (up 1.6%), Hindustan Unilever (1.53%) and L&T (up 1.47%) lead the gains. (Image Source: BSE)

12:15 pm: The blue-chip Automaker, Tata Motors is going to announce the Q4 earnings for the financial year 2016-2017. The Shares of the company trading higher, up 1.8% at Rs 451.3, remain in the top five gainers on NSE.

12:00 pm: Consumer stocks are gaining on the back of GST tax rates, which have been broadly in favour of FMCG stocks,” said Dharmesh Kant, head of Retail Research at Motilal Oswal Securities Ltd. The NSE FMCG index gained as much as 2.9 percent to a record high. ITC Ltd rose as much as 4.8 percent to an all-time high, while Hindustan Unilever Ltd gained 2 percent.

11:45 am: Gold prices fell by Rs 46 or 0.16 per cent to Rs 28,589 per 10 grams in futures trade today as participants trimmed their positions after a weak trend overseas.  At the Multi Commodity Exchange, gold for delivery in June declined by Rs 46, or 0.16 per cent, to Rs 28,589 per ten grams in business turnover of 255 lots.

11:30 am: The GST rates announced have triggered mixed responses from analysts and leaders within the FMCG sector, with some viewing it as positive, while many others have expressed disappointment. Post GST implementation, most FMCG companies will be able to generate substantial savings in logistics and distribution costs as the need for multiple sales depots will be eliminated. At the moment, FMCG companies pay nearly 24-25% taxes including excise duty, VAT and entry tax. With a tax rate of 18% under GST, there could be a significant reduction of 6-7% in taxes. Most FMCG companies will also gain as a result of the shift from unorganised retail to organised retail. Major benefactors would include Hindustan Unilever, Colgate, GlaxoSmithKline, Asian Paints.

11:10 am: Indian markets regain marginal losses, BSE Sensex up 0.52% or 157 points at 30,622.16 points while NSE Nifty up 0.34% or 32 points at 9,460.2 points. Shares of the FMCG major, ITC (up 4.33%) continues to soar, leads on BSE as well as NSE.

10:50 am: Shares of HDFC Bank, the biggest private sector lender by market capitalisation, hits a fresh all-time high of Rs 1,575 on NSE.

10:35 am: Shares of United Spirits rose over 7%, lead the FMCG index of NSE. The stock is trading up 7.4% at Rs 2,063 while the shares of United Breweries trades firm, up 2.45% at Rs 794 on NSE.

This image shows the intraday chart of United Spirits which rose over 7% in the wee hours of trade. (Image Source: NSE)

10:20 am: Shares of ITC hits the record high of Rs 299.95 on NSE, up 3.58% at Rs 296.45 and HUL up 0.69 at Rs 1,015 on NSE. The finalisation of GST tax brackets on for nearly 1211 items under four broad categories of 5%, 12%, 18% and 28%, continues to boost the FMCG sector stocks.

10:05 am: After ending Friday’s volatile session on a flat note, Indian markets today opened on a strong positive note today as GST rates announced last week continue to boost investor sentiment and the impact of uncertainty over Donald Trump’s future wanes away. BSE Sensex opened 173.96 points higher at 30638.88 points while NSE Nifty, the broader gauge, opened 52.35 points higher at 9,480.25 points. At 9:40 am, BSE Sensex was trading at 30,643.51 points, up 0.59% while NSE Nifty was trading at 9465.55 points, up 0.40%.

Current Gainers on the BSE include ITC up 4.58% to Rs 299.00; Adani Ports up 2.10% to Rs 365.55; TCS up 1.63% at Rs 2,547.65, while current laggards include Sun Pharma down 1.45% at Rs 643.00; GAIL down 1.45% at Rs 395.30 and SBI down 1.35% at Rs 304.00.

09:55 am: Indian Markets hold the morning gains, the benchmark Sensex trade firm, up 0.41% or 126 points at 30,590.98 while the broader Nifty 50 up 0.3% or 27 points at 9,455.75 points. FMCG stocks continue to rise on the back of GST finalisation.

09:45 am: The rupee strengthened by 15 paise to 64.49 per dollar in early trade on selling of the US dollar by banks and exporters. The US dollar’s strength against major global currencies overseas capped the rupee’s gain. The rupee had closed with gains of 20 paise at 64.64 a dollar at the Interbank Foreign Exchange market on Friday.

The rupee strengthened by 15 paise to 64.49 per dollar in early trade on selling of the US dollar by banks and exporters.

09:40 am: Shares of Motherson Sumi hit a fresh all-time high of Rs 437.95 after reporting strong Q4 earnings earlier on Friday evening. The Auto component maker Motherson Sumi Systems Ltd (MSSL) reported 20.20% increase in its consolidated net profit at Rs705.86 crore for the fourth quarter ended March 31.

09:25 am: Almost all the sectoral indices of NSE trade in green, Nifty bank (up 0.38%), Nifty FMCG (up 2.03%), Nifty Metal (up 0.81%), Nifty Realty (up 1.13%), Nifty Auto (0.43%) while Nifty Pharma (down 0.37%) and Nifty PSU Bank (down 0.23%) trade in red.

This image shows the sectoral indices of NSE, Nifty bank (up 0.38%), Nifty FMCG (up 2.03%), Nifty Metal (up 0.81%), Nifty Realty (up 1.13%), Nifty Auto (0.43%) while Nifty Pharma (down 0.37%) trade in green. [Column 1- Index Name, Column 2- Index Value, Column 3- Percentage Change] (Image Source: NSE)

09:15 am: Indian markets open higher on the global cues, the BSE Sensex up 0.57% up or 173 points at 30,638.88 points while the NSE Nifty up 0.56 or 52 points at 9,480.7 points.

With input from Reuters and PTI.

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