1. Markets live: Sensex barely above 30300 at close as selling pressure rises amid India-Pak cross border tensions

Markets live: Sensex barely above 30300 at close as selling pressure rises amid India-Pak cross border tensions

Indian benchmark indices end at lowest in the last ten trading sessions, turning red in the afternoon amid rising cross-border tensions between India and Pakistan. Tata Motors (up 4.3%) ends in lead. The major losers include L&T, Dr Reddy's, Cipla, Coal India, SBI and Lupin.

By: | Updated: May 24, 2017 5:07 PM
The NSE Nifty ends down 0.27% at 9,360.55 points while BSE Sensex ends down 0.21% at 30,301.64 points.

Indian benchmark indices opened slightly higher today on fresh buying by investors amid better- than-expected earnings. Speculators covering up their short positions ahead of the May derivatives contract expiry tomorrow added to the upward move. The BSE Sensex was up 81 points at 30,446.77 points while the NSE Nifty firmed up 24 points at 9,410.9 points. in the opening bell. Meanwhile, Asian shares edged lower in early trade on Wednesday, while the Australian dollar and the offshore Chinese yuan slipped after Moody’s cut its sovereign credit rating on China. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent despite modest gains on Wall Street overnight.

The global credit-rating agency, Moody’s Investors Services downgraded China’s long-term local and foreign currency issuer ratings on Wednesday citing expectations that the financial strength of the world’s second biggest economy would erode in the coming years. The rating agency also changed its outlook for China to stable from negative.The downgrade one notch to an A1 rating from AA3 comes at a time when the Chinese government is grappling with the challenges of slowing economic growth and soaring debt.

Moody’s cited the growing leverage in China for the downgrade and warned about slowing economic growth. China’s massive debt been at the centre of concerns among economists and Beijing in recent months and has roiled global financial markets since late last year.“The downgrade reflects Moody’s expectation that China’s financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows,” Moody’s said in a statement. Chinese authorities have stepped up regulatory curbs to defuse financial risks and cracked down on risky lending practises, with the central bank shifting toward more tighter policy.

Here are the live updates:

05:00 pm: Abbott India, ABG Shipyard, Amara Raja Batteries, Aurobindo Pharma, Bhagyanagar India, Burnpur Cement, Chromatic India, Divi’s Laboratories, DS Kulkarni Developer, Energy Development Company, Gammon India, Glenmark Pharmaceuticals, Hanung Toys and Textiles, Housing & Urban Development Corporation, IDBI Bank, Inox Wind, IOL Chemicals and Pharmaceuticals, JMT Auto, Khaitan Electricals, Kaushalya Infrastructure Development Corporation, Reliance Communications, Religare Enterprises and S Chand And Company were among 93 stocks that hit their 52-week low on Wednesday as Nifty ended below the 9,400 mark.

04:45 pm: Leading bourse National Stock Exchange (NSE) has asked brokers to submit net worth certificate in electronic format for the half-year ended March 31, by the end of this month.In case the reported net worth is less than the minimum requirement or has a variation of 25 per cent or more as compared to the previous half-yearly (April-September) net worth reported, brokers are required to mention the reason for the same.

04:30 pm: Shares of Jubilant Life Sciences today soared 7 per cent after the company’s consolidated net profit zoomed nearly 14-fold for the March quarter. The stock jumped 6.60 per cent to settle at Rs 723 on BSE. Intra-day, it surged 12.45 per cent to Rs 762.70. At NSE, shares of the company gained 7 per cent to close at Rs 723.30. The company’s market valuation went up by Rs 713 crore to Rs 11,516.03 crore. On the volume front, 4.67 lakh shares of the company were traded on BSE and over 32 lakh shares changed hands at NSE during the day.

04:15 pm: India’s largest port developer and the logistics arm of Adani Group APSEZ today posted a jump of 27 per cent in consolidated net profit to Rs 1,179 crore for the fourth quarter ended March, on back of higher income. Adani Ports and Special Economic Zone Limited (APSEZ) had clocked a net profit of Rs 928 crore in the corresponding quarter of FY16. The company’s “profit after tax grew by 27 per cent from Rs 928 crore in the fourth quarter of FY16 to Rs 1,179 crore in the fourth quarter of FY17,” the company said in a statement. 

04:00 pm: Markets reeled for the second day as the Sensex today logged a fall of 64 points to end at 30,302, with no let-up in selling by foreign investors amid profit- booking at higher levels amid mixed global cues. May derivatives contracts are set to expire tomorrow, which also held back investors.

03:30 pm: Indian benchmark indices end at lowest in the last ten trading sessions, turning red in the afternoon amid rising cross-border tensions between India and Pakistan. The NSE Nifty ends down 0.27% at 9,360.55 points while BSE Sensex ends down 0.21% at 30,301.64 points. Tata Motors (up 4.3%) ends in lead. The major losers include L&T, Dr Reddy’s, Cipla, Coal India, SBI and Lupin.

03:15 pm: Lupin shares cracks over 2% after the drugmaker’s earnings almost reduced to half. Lupin March-quarter consolidated profit down about 49 % at Rs 3.8 billion while the March-quarter consolidated revenue stood at Rs 42.53 billion. The company’s board recommended a final dividend of Rs 7.5 per share.

03:00 pm: Voltas shares rallied over 10 per cent on Wednesday after the Tata Group company posted a 22.06 per cent rise in consolidated net profit at Rs 200.47 crore for the fourth quarter ended March 31 as against net profit of Rs 164.23 crore in the January-March quarter a year ago. At 1.51 pm, Voltas shares were up 8.85 per cent at Rs 446.0 The share price opened at Rs 421.40 and touched a high and low of Rs 451.25 and Rs 421.40. Voltas stocks rose 10.12 per cent intraday to touch its one-year high of Rs 451.25 on BSE, while at NSE shares of the company hit its 52-week high by jumping 9.99 per cent to Rs 450.80.

02:40 pm: Indian markets continue to trade lower. Shares of Tata Motors (up 4.24%), GAIL (up 2.21%) and Hindustan Unilever (up 1.69%) lead the Sensex while the laggards include Cipla (down 2.71%), SBI (down 2.2%), Larsen & Toubro (down 2.15%), Dr Reddy’s (1.9%), Mahindra & Mahindra (down 1.87%).

This image shows the Sensex 30 stocks, which are pulling it up and which are dragging it down. (Image Source: BSE)

02:30 pm: Domestic markets extend the losses, the broader Nifty fell further, down 33 points or 0.35% to 9,353.05 points while the benchmark Sensex slid to 30,289.85 points, washing off 75 points.

02:10 pm: Adani Ports shares jump over 3% to Rs 342.5 on NSE. The Company has posted a 29% rise in the consolidated Q4 earnings for the financial year 2017 while the consolidated March quarter total income stood at Rs 25.55 billion. The board has recommended dividend of 2 rupees per share.

02:00 pm: Indian markets continue the choppy trade. Shares of Tata Motors, GAIL and Adani Ports continue to lead while Cipla, SBI and Mahindra & Mahindra drag, Adani Ports to watch.

01:40 pm: Domestic equity markets wiped off their early gains in afternoon trade on Wednesday and were trading negative terrain as selling pressure intensified. At 1.24 pm, BSE Sensex was trading 71.16 points down at 30,294.09, while NSE Nifty was trading 26.15 points down at 9,360.00. Earlier, stock markets have opened firm on Wednesday even as their global counterparts skidded following Moody’s downgrade of China’s sovereign credit rating on China. Moody’s move added to concerns over the global impact of slowing growth and rising debt in Asia’s economic powerhouse.

01:25 pm: Indian markets dives to nine trading session’s low. BSE Sensex slips below 30,300 points, down 73 points or 0.24% at 30,292.04 points while NSE Nifty breaks further below 9,400 points, down 31 points or 0.33% at 9,354.95 points.

01:10 pm: China’s main stock indexes recouped earlier losses to end roughly flat on Wednesday, as strong gains in small-caps partially offset Moody’s downgrading of China’s debt ratings. The blue-chip CSI300 index was unchanged at 3,424.17 points, while the Shanghai Composite Index added 0.1 percent to 3,064.08 points. The benchmark stock indexes fell more than 1 percent shortly after the market opened, but recouped most of the losses to close roughly flat.

12:55 pm: Domestic equity markets wiped off their early gains in afternoon trade on Wednesday and were trading negative terrain as selling pressure intensified. The benchmark Sensex dips below 30,400 points to 30,388.63 points while the broader Nifty 50 edges below 9,400 to 9,385.35 points.

12:40 pm:  Indian markets trade speculatively flat, BSE Sensex hovers around 30,400 level at 30,414.87 points while Nifty dips below 9,400 to 9,392.5 points. Some shares of pharma sector hit their 52-week lows, Divi’s Lab at Rs 555.1; Glenmark Pharma at Rs 632.15; Dr Reddy’s at Rs 2,518.1.

12:25 pm: Indian shares rose on Wednesday with Tata Motors Ltd leading the gains after the automaker reported a better-than-expected quarterly profit. However, gains were capped as investor sentiment remained tepid after India on Tuesday said it attacked Pakistani army posts in Kashmir, while a slip in Asian shares after a Moody’s downgrade on its sovereign credit rating on China also hurt risk appetite.

12:10 pm: Arvind Subramanian stands vindicated today. Moody’s downgrade of China’s sovereign rating by one notch may have reposed some faith in the ratings agencies’ methodologies, and raised hopes of a possible review of the parameters to compute India’s credit risk profile. India’s Chief Economic Advisor Arvind Subramanian has repeatedly slammed rating agencies for their inconsistent treatment while rating India and China, as they consistently refused to upgrade India’s sovereign rating despite significant improvement in economic fundamentals over the years.

11:50 am: Indian markets pare off morning gains but continue to trade higher, BSE Sensex up 0.31% or 94 points at 30,459.93 points while NSE Nifty manages above 9,400, up 0.23% or 21 points at 9,407.85 points. Shares of Tata Motors (up 3.75%), GAIL (up 2.83%), Adani Ports (up 2.64%) leads on Sensex.

11:25 am: The rupee pared its early gains to trade down by 5 paise at 64.94 against the dollar on the emergence of demand for the US currency from importers and banks despite higher local equities. The rupee resumed lower at 64.91 per dollar as against the yesterday’s closing level of 64.89 per dollar at the Interbank Foreign Exchange (Forex) Market.

Meanwhile, the dollar index was up by 0.06 per cent at 97.40 against a basket of six global currencies in the global market.

11:10 am: The benchmark Sensex holds near 30,500 level with the industry heavyweights contribution. Shares of HDFC (+49.01 points), Tata Motors (+34.96 points), TCS (+ 13.39 points), L&T (+ 7.88 points) and Reliance Industries (+7.85 points) contributes the most.

This image shows the point-wise contribution of top 15 stocks in Sensex. (Image Source: BSE)

10:55 am: Gold prices drifted lower by Rs 70 to Rs 28,741 per 10 gram in futures trade today as participants lightened their positions, largely in tandem with a weak trend overseas. In futures trading, gold for delivery in June was trading Rs 70 or 0.24 per cent down at Rs 28,741 per 10 gram at the Multi Commodity Exchange with a business turnover of 241 lots. Silver prices slumped by Rs 409 per kg to Rs 39,549 per kg in futures trade today as speculators cut down their bets at prevailing levels amid a weak trend in global markets.

In futures trading, gold for delivery in June was trading Rs 70 or 0.24 per cent down at Rs 28,741 per 10 gram at the Multi Commodity Exchange.

10:40 am: China stocks fell more than 1 percent before recouping some of the losses incurred on Wednesday morning in the wake of Moody’s downgrading of China’s debt ratings – aggravating a market already worried by tighter regulation, rising borrowing costs and signs of an economic slowdown. Moody’s Investors Services downgraded China’s long-term local and foreign currency issuer ratings before China’s markets started trading on Wednesday, citing expectations that the country’s financial strength would erode in coming years.

10:20 am: Indian markets holds the gain, the broader Nifty 50 up 25 points or 0.27% at 9,411.15 points while the BSE 30-share barometer firms up 117 points or 0.39% at 30,482.82 points. Shares of Tata Motors (up 3.51%), HDFC (up 1.92%), Adani Ports (up 1.36%) leads on Sensex.

10:10 am: Tata Motors shares rallied over 5 per cent on Wednesday after the company fourth quarter earnings beat estimates. The auto major posted a fall of 16.79 per cent in net profit at Rs 4,336.43 crore for the quarter ending March 31, 2017. The company cited the slowdown in the domestic business behind the Q4 fall.

09:55 am: The benchmark BSE Sensex recovered about 121 points and the Nifty regained the 9,400-mark in early trade today on fresh buying by investors amid better- than-expected earnings. Speculators covering up their short positions ahead of the May derivatives contract expiry tomorrow added to the upward move. Sectoral indices led by auto, capital goods, power, realty and metal were in the green, adding up to 0.99 per cent.

09:40 am:  The rupee edged higher by 9 paise to 64.80 against the dollar in early trade today at the Interbank Foreign Exchange on fresh selling of the US currency by banks and exporters. A higher opening in domestic equity market also supported the rupee but the dollar’s strength against some currencies overseas capped the rupee’s gain. The rupee had slumped by a whopping 34 paise to end at a fresh seven-week low of 64.89 against the American currency in yesterday’s trade on the back of frantic dollar demand.

09:30 am: Shares of Tata Motors DVR (up 3.36%), Tata Motors (up 3.05%), Adani Ports (up 2.04%), HDFC (up 1.12%) and NTPC (up 0.92%) lead the gains on the broader Nifty 50 index in the wee hours of trade. The top 15 gainers on NSE Nifty 50 includes 4 scrips of Tata Companies, i.e., Tata Motors DVR, Tata Motors, Tata Power, Tata Steel.

This image shows the top 15 stocks of Nifty 50 with their absolute and relative changes, along with open, high, low and LTP values. (Image Source: NSE)

09:15 am: All the sectoral indices trade in green on NSE, with Nifty Auto (up 0.79%), Nifty Media (0.46%), Nifty Realty (0.41%), Nifty Fin Service (0.24%), Nifty Bank (up 0.18%) rising the most in the opening session. Shares of the blue-chip automaker, Tata Motors (up 3.5%) are driving the upsurge in Nifty Auto.

09:10 am:  Indian markets open higher, with the BSE Sensex up 0.27% or 81 points at 30,446.77 points while the NSE Nifty up 0.26% or 24 points at 9,410.9 points. From the perspective Q4 earnings announcement the shares of Adani Ports, Adani Enterprises, Lupin, Zee Media are in focus today.

With input from Reuters and PTI.

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