1. Markets live: Sensex, Nifty settles at record highs; FMCG stocks gain, pharma, realty slumps

Markets live: Sensex, Nifty settles at record highs; FMCG stocks gain, pharma, realty slumps

The benchmark Sensex close above 31,100 for the first time, up 0.26 % or 81.07 points at 31,109.28 points whereas NSE Nifty ends at the record high, up 0.1% or 9.8 points at 9,604.9 points. The shares of heavyweights companies, HUL (up 3.07%), ITC (up 2.38%), HDFC (up 3.29%), Power Grid (up 2.76%), Cipla (up 2.55%) ends in lead on Sensex.

By: | Updated: May 29, 2017 4:08 PM
The benchmark Sensex close above 31,100 for the first time, up 0.26 % or 81.07 points at 31,109.28 points whereas NSE Nifty ends at the record high, up 0.1% or 9.8 points at 9,604.9 points.

Indian benchmark indices lower today on the account of weak Q4 earnings report of some major blue-chips earlier last week. BSE Sensex edged below 31,000, down 83 points at 30,944.38 points while NSE Nifty opened below 9,600, down 35 points at  9,560.05 points. Today more than 600 listed companies are going to announce the Q4 earnings including Aurobindo Pharma, Bajaj Electric, BHEL, Coal India, GE Power India, JP Associates, Jubilant Foods, Manpasand Beverages, MMTC Ltd., NTPC, Sundaram Finance, Larsen & Toubro, Oil India Ltd.

Meanwhile, Asian stocks edged up on Monday, taking cues from Wall Street shares hovering around record highs, while the pound nursed losses after a poll showed a shrinking lead for Prime Minister Theresa May’s party in Britain’s upcoming elections. Japan’s Nikkei edged up 0.2 percent while Australian shares dipped 0.4 percent. China’s markets are closed on Monday and Tuesday for a holiday.

Here are the live updates:

03:30 pm: Indian markets close marginally higher after hitting the record intraday highs and passing through the earnings sentiments of investors. The benchmark Sensex close above 31,100 for the first time, up 0.26 % or 81.07 points at 31,109.28 points whereas NSE Nifty ends at the record high, up 0.1% or 9.8 points at 9,604.9 points. The shares of heavyweights companies, HUL (up 3.07%), ITC (up 2.38%), HDFC (up 3.29%), Power Grid (up 2.76%), Cipla (up 2.55%) ends in lead on Sensex.

03:10 pm: Ashok Leyland last week announced its fourth quarter results and reported a net profit of Rs 476 crore for the f% or quarter ended March 31 as compared to a net loss of Rs 141 crore during the same period of previous fiscal. Brokerage Houses Sharekhan and Edelweiss have recommended a ‘Buy’ rating to on the stocks. We look at observation they have made on the company post fourth-quarter results.

03:00 pm: Domestic markets edges lower after making new intraday record highs but continue to trade in green. BSE Sensex up 0.29% at 31,117.92 points whereas NSE Nifty holds above 9,600, trade up 0.15% at 9,610,1 points. A couple of pharma sector stocks hit new 52-week lows today with Sun Pharma (at Rs 492.65), Aurobindo Pharma (at Rs 503.05), Glenmark (at Rs 600), GSK (at Rs 2,301.75), Dr Reddy’s (at Rs 2,380.35), Lupin (at Rs 1080.1) and Divi’s Laboratories (at Rs 532.65).

02:40 pm: Gold prices rose by Rs 100 to Rs 29,350 per 10 grams at the bullion market today on increased buying by local jewellers even as the metal weakened overseas. However, silver receded by Rs 5 to Rs 40,265 per kg on reduced offtake by industrial units. Increased buying by local jewellers to meet rising wedding season demand at domestic spot market mainly led to the rise in gold prices but a weak trend overseas capped the gain.

02:13 pm: Indian markets recoup after continuous weak trade till the mid-morning session. The benchmark Sensex up 0.56% at 31,203.16 points while the broader Nifty 50 firms above 9,600 to trade up 0.4% at 9,633.4 points.

01:50 pm: Goods and Service Tax (GST) implementation will have a modest impact on the CPI inflation, ICRA said on Monday. It also added that Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) will keep the repo rate unchanged in the upcoming policy review in June 2017 on the back of progress of monsoon and GST transition. However, the tone of the policy statement is expected to be far less hawkish than the April 2017 statement as well as the minutes of the MPC’s April 2017 meeting, given the ebbing of some inflation risks in the intervening period.

01:30 pm: Shares of construction firm PSP Projects made a tepid debut at the bourses today, falling 9.5 per cent from the issue price of Rs 210. The stock listed at Rs 199, down 5.23% from the issue price on BSE.  At NSE, shares of the company opened at Rs 190, tumbling 9.52 per cent against the issue price.

01:20 pm: The shares of mobile carrier, Reliance Communications slump as much as 23.5% to a record low of Rs 19.7 after posting its second straight quarterly loss over the weekend because of a price war in the sector. The shares prices have tanked over 44% from the last month’s high of Rs 35.2.

01:00 pm: Domestic indices continue to trade flat with the benchmark Sensex up 0.18 points or 57.34 points at 31,085.55 while the broader Nifty 50 shy away few points from 9,600, trade up 0.04% or 3.55 points at 9,598.65 points. The shares of Cipla (up 3.14%), HUL (up 2.69%), HDFC (up 2.52%), ITC (up 2.49%), Indiabulls Housing Finance (up 1.73%) lead the gains whereas Tech Mahindra (down 11.78%), Sun Pharma (down 10.52%), Adani Ports (down 5.86%) remain the major losers on NSE Nifty.

12:45 pm: The March quarter earnings overall have been disappointing so far. According to The Financial Express newspaper, the numbers appear impressive because of a clutch of metal players —Vedanta, JSW Steel, Tata Steel, Hindustan Zinc. These companies have all turned around swinging from loss to profit. The rest of India Inc appears to be struggling; for a sample of 1,182 companies (excluding Reliance, oil marketers, and metal players) net sales have gone up just 5% y-o-y. Even if the environment is a relatively disinflationary one, the top line growth has been rather subdued. We take a look at results of some of the companies and the ratings which the brokerage houses have recommended post their Q4 results.

12:30 pm: After the government’s repeated denials of plans to privatise the Air India over the last one year, Finance Minister Arun Jaitley has finally spoken openly about the intent to exit the ailing state-run carrier, in order to lighten the debt load without apparently losing much of the value that it provides to the country’s aviation industry. “History has given us a second chance that a good investor should come, which has credibility so civil aviation ministry will consider it,” Arun Jaitley said, referring to proposed disinvestment of Air India, in an interview to Doordarshan TV, aired over the weekend.

12:10 pm: Key equity indices faltered by giving up their record hit in the early part of the day as the Sensex was barely above 31,000 and the Nifty hovered around 9,600. Buying in heavyweight stocks, as well as key FMCG and consumer durables, kept the upside going. The sentiment was muted as most of the major world markets were shut today. Investors waited for the next batch of corporate results due for release today. Realty, healthcare, IT, technology, industrials, capital goods, banks and auto segments saw investors taking profit off the table. The BSE 30-share Sensex resumed on a negative note, but bounced to a fresh life high of 31,155.40, surpassing its previous high of 31,074.07 recorded on May 26. At 1119 hours, the index traded at 31,068.90, up 40.69 points, 0.13 per cent.

11:50 am: Shares of Videocon Industries fell for the sixth straight day even as the BSE revised circuit limits for the consumer electronics company. BSE had on Friday changed the circuit limits to 5% from 10%, in order to kerb excessive volatility and to ensure that the stock price does not fluctuate beyond a prescribed level during a session. These new limits are applicable from today, 29 May 2017.

Continuing the trend from last week, today as well the company’s shares were locked in a lower circuit within minutes of commencement of trade as investors continued to dump the stock. Trading in the scrip was halted at 9:15 am with prices falling 4.97% to Rs 44.95.

11:30 am: Indian markets trade flat with BSE Sensex up 0.08% at 31,054.02 points while NSE Nifty down 0.04% at 9,591.45 points. The shares of ITC, Hindustan Unilever and HDFC trades up over 2% each, lead the gains on Sensex while on the other hand Sun Pharma and Adani Ports drags.

11:15 am: Shares of Reliance Communications Ltd nose dive 20 percent, triggering the lower circuit, to an all-time low of Rs 20.60 on the NSE, after the beleaguered company reported a consolidated net loss of Rs 948 crore for the quarter ended March 31, 2017. The company had posted a net profit of Rs 79 crore in the same quarter of the previous year. A heavy debt load – Rs. 42,800 crore of net debt as on December 31 – also weighed on the performance of Reliance Communications, which incidentally happens to be the most leveraged among listed Indian telecommunication carriers.

11:00 am: The top gainers equals the point-wise contributors on the BSE Sensex. The shares of heavyweights, ITC (+ 73 points), HDFC (+ 48 points), Reliance Industries (+ 31 points), HDFC Bank (+ 18 points), Hindustan Unilever (+ 13 points) contributes the most in the index gains.

This image shows the point-wise contribution of top five stocks of Sensex which are pulling it up. (Image Source: BSE)

10:40 am: Share prices of Tech Mahindra Ltd, India’s fifth-largest IT firm, tanked as much as 16.9% on the NSE in the opening minutes of trade to hit an intraday low of Rs 356.65. This sharp fall in stock price came after the company announced results for Q4FY17 after market hours on Friday. The IT major reported a 30.2% sequential drop in net profit at Rs 589.6 crore for the quarter ended 31st March 2017, down 32.6% on-year basis as compared to Rs 876.1 crore.

10:28 am: Indian market turns down, BSE Sensex trade lower 28 points at 30,999.67 points while NSE Nifty slips over 22 points to 9,572.75 points.

10:15 am: Sun Pharma stocks fell over 12% on Monday after the pharma major announced its fourth quarter results on Friday after market hours. Sun Pharma stocks were trading 12.06% down at Rs 500. The share price opened at Rs 532.80 and touched a high and low of Rs 532.80 and Rs 498.55, respectively. Sun Pharma’s consolidated net profit for the March quarter stood at Rs 1,223 crore, registering a decline of 14% as compared to net profit of Rs 1,416 crore for the same period of previous fiscal.

10:00 am: The shares of eight blue-chip companies hit the 52-week high on NSE Nifty 50. ITC (at Rs 319.85), Hindustan Unilever (at Rs 1,063.6), BPCL (at Rs 769.25), IndusInd Bank (at Rs 1,504.7), HDFC Bank (at Rs 1,648), Maruti Suzuki (at Rs 7,100), Hindalco (at Rs 204.9) and Tata Steel (at Rs 520.65). Meanwhile, the broader Nifty 50 hold the gains, trade up 0.1% at 9,604.55 points.

09:45 am: The Rupee weakens by 13 paise to 64.57 against the US dollar in early trade on increased month-end demand for the American currency from importers and banks. The US dollar’s gain against other currencies overseas and a lower opening of the domestic equity market put pressure on the rupee.

The US dollar’s gain against other currencies overseas and a lower opening of the domestic equity market put pressure on the rupee.

09:28 am: Domestic markets recover, trade above the record highs. BSE Sensex up 77 points or 0.24% at 31,105.84 points while NSE Nifty firms above 9,600, trade up 10 points or 0.11% at 9,60525 points. The shares of HDFC, HDFC Bank, ITC, Hindustan Unilever and Reliance Industries lead the gains on Sensex.

09:25 am: Tech Mahindra Ltd, India’s fifth-largest IT firm, on Friday reported a 30.2% sequential drop in net profit at Rs 589.6 crore for the quarter ended 31st March 2017. The stock tanked 16.71% on the BSE in the opening minutes of trade to hit an intraday low of Rs 357.60. Videocon Industries tanked for the fourth consecutive session and hit the lower circuit again on BSE in pre-opening trade. Investors have been continuously dumping the stock after Dena Bank and Central Bank of India declared the debt given to the company as a non-performing asset.

09:20 am: Indian Benchmark indices open in the negative amid broad selling pressure. Due to decline in US sales, Sun Pharma, India’s largest drugmaker, on Friday reported a net profit of Rs 1,223.71 crore in Q4 FY17. The stock tanked 12.84% on the BSE in the opening minutes of trade to hit an intraday low of Rs 495.55.

09:15 am: Indian markets open lower today, with the BSE Sensex down 0.26% or 83 points at 30,944.38 points while the NSE Nifty opens in red, down 0.37% or 35 points at 9,560.05 points.. The shares of blue-chips companies Aurobindo Pharma, Bajaj Electric, BHEL, Coal India, Jubilant Foods, MMTC Ltd, NTPC, Sundaram Finance, Larsen & Toubro, Oil India Ltd are in focus ahead of the corporate earnings.

With inputs from Reuters and PTI.

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