The BSE Sensex and NSE Nifty closed in red on Tuesday and snapped three days gaining streak on the back of selling in frontline blue chip counters. Sensex closed 58.09 points down at 27,306.83. Nifty closed 13.40 points down at 8,261.65.
In the 50-share index, Vedanta, Cairn India, Tata Steel, Mahindra & Mahindra and Hindalco dipped between 2.50 per cent and 6.50 per cent. On the other hand, Bosch, Tata Power, TCS, Power Grid and Infosys gained between 1.40 per cent and 2.10 per cent.
Market sentiments remained under pressure after global rating agency Standard and Poor’s ruled out any rating upgrade for India, though it said that improvement in policy making have raised the country’s prospect for economic and fiscal performance.
Traders were seen piling position in power, consumer durables and IT stocks, while selling was witnessed in metal, realty and oil & gas sector stocks. The BSE Power index, Consumer Durables index and BSE IT index gained 1.36 per cent, 0.46 per cent and 1 per cent, respectively.
The BSE Metal and the BSE Oil & Gas slid 1.8 per cent and 0.72 per cent, respectively.
Overall market breadth for the day remained negative as advances to declines ratio for Nifty stood at 17:33 for the day. Volumes for Nifty stocks stood at 1,598 lakh against Monday’s volumes of 1,282 lakh logged for Nifty stocks.
In the previous three sessions, the markets rose on the back of continued foreign fund inflows and a mixed bag of earnings by blue-chips so far
Tata Steel closed 2.96 per cent down at Rs 240.80 on BSE after the company’s Long Products Europe business announced proposals to stop production of steel plate.
Shares of Hero MotoCorp, the largest motorcycle maker, fell 0.71 per cent ahead of earnings to be announced later in the day.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 898.23 crore on Monday, as per provisional data released by stock exchanges.
Asian peers, Nikkei and Shanghai closed 0.42 per cent and 1.14 per cent up at 18,207 and 3,425. Hang Seng closed 0.37 per cent down at 22,989.
Markets through the day
3.30 pm: Domestic equity markets showed a volatile trade on Tuesday swinging between gains and losses and finally snapped a three sessions gaining streak. Sensex closed 58.09 points down at 27306.83. Nifty closed 13.40 points down at 8,261.65.
3.10 pm: Kajaria Ceramics was up over 2 percent to Rs 917.15 after the company announced its September quarter net profit of Rs 587 million.
3.07 pm: European shares fell on Tuesday, with mining and energy stocks extending losses in the wake of weak data this week from China, the world’s second-biggest economy. Sensex was down 40 points 27,324. Nifty was down 12.15 points at 8,263.
2.50 pm: Gati shares were trading under pressure on back of disappointing September quarter numbers. The company reported 16.4 per cent drop in consolidated net profit at Rs 5.79 crore for the quarter ended September 30. Gati shares were down 6.85 per cent at Rs 152.35.
2.46 pm: Dewan Housing Finance Corporation on Tuesday reported results for second quarter ended September 30, 2015. The company has reported 18.51 per cent rise in its net profit at Rs 180.36 crore for the quarter ended September 30, 2015 as compared to Rs 152.19 crore for the same quarter in the previous year. The company’s total income has increased by 25.09 per cent to Rs 1,811.63 crore for the quarter under review from Rs 1,448.31 crore for the corresponding quarter of the previous year. Shares of Dewan Housing were up 0.08 per cent at Rs 237.40.
Dewan Housing Finance Corporation is among the oldest private sector Housing Finance Companies (HFC) in India.
2.40 pm: HCL Technologies shares climbed 0.68 per cent to Rs 862.95 on BSE after Volvo Group divested external IT business and outsourced IT infrastructure operations to HCL Tech.
2.31 pm: Sensex was down 120.53 points at 27,244. Nifty was down 40.20 points at 8,234. Selling was seen in metal, FMCG, healthcare and refinery sectors.
2.00 pm: Home and personal care firm Jyothy Laboratories Ltd (JLL) on Tuesday reported 54.3 per cent increase in consolidated net profit at Rs 38.77 crore for the second quarter ended September 30, 2015-16. The share price of the company was trading 1.31 per cent up at Rs 316. Sensex was down 31 points at 27,333. Nifty was down 10 points at 8,265.
1.41 pm: Jubilant Life Sciences announced that it has received approval from the US health regulator for its generic version of Merck’s acute migraine treatment medicine, Maxalt-MLT. The share price of the company was up 1.26 per cent at Rs 393.20. Sensex was down 21.66 points at 27,343.
1.10 pm: Shares of SKS Microfinance on Wednesday surged nearly 6 per cent after the company posted 37.2 per cent increase in net profit for the second quarter of the current fiscal. At 1.10 pm, SKS Microfinance shares were up 0.27 per cent at Rs 450.15. Sensex was up 35 points 27,400.
12.17 pm: Infosys shares were trading 0.70 per cent up at Rs 1,120. Huawei, a leading global information and communications technology solutions provider and Infosys, a global leader in consulting, technology, outsourcing and next generation services, on Tuesday announced the launch of a Smart Stadium Solution to provide high-speed Wi-Fi access and smart services for users in stadiums and exhibition centers.
12.03 pm: Larsen & Toubro’s Heavy Engineering division (L&T Heavy Engineering) has successfully flagged off its first consignment of Cryostat, part of the International Thermonuclear Experimental Reactor (ITER) fusion reactor facility being built at Cadarache in South of France. This is the first HEL (Heavy Exceptional Load) consignment of ITER program being dispatched to France with a total consignment weight of 460 MT. When complete, ITER will be the world’s largest experimental facility to demonstrate the scientific and technical feasibility of fusion power. The share price of Larsen & Toubro was up 0.71 per cent at Rs 1,591.80.
11.22 am: Mahindra & Mahindra shares were down 0.73 per cent at Rs 1,270.15. Foreign institutional investors (FIIs) have raised stake in Mahindra & Mahindra (M&M) by 257 basis points to 35.56 per cent in Q2FY16 from 32.99 per cent in Q1FY16. However, domestic institutional investors (DIIs) have reduced shareholding in the company by 336 basis points to 19.34 per cent at the end of September 2015 quarter from 22.7 per cent as on June 30, 2015. Sensex was up 11 points at 27,379.
10.54 am: Meanwhile Barclays raised its target price for Reliance Industries shares to Rs 1,125 from 1,065 rupees. The scrip was trading 0.66 per cent down at Rs 957.05 in the morning trade. Sensex was up 29 points at 27,393.
10.30 am: Shares of Hero MotoCorp fell 0.63 per cent to quote at Rs 2,597 ahead of earnings to be announced later in the day. Sensex was up 34 points at 27,399.
10.00 am: Brokers said that apart from profit-booking in recent gainers, a mixed trend at other Asian markets mainly dragged the indices down. Sensex was down 15.20 points at 27,350.
9.47 am: Indian rupee fell 16 paise to 64.96 against the dollar in early trade due to fresh dollar demand from importers. Sensex was down 29.34 points at 27,335.58. Nifty was down 13.20 points at 8,261.85.
9.32 am: Hindustan Zinc shares were trading 1.39 per cent up at Rs 160.60. SKS Microfinance shares were up 2.64 per cent at Rs 460.80. Sensex was up 1.04 points at 27,365.96. Nifty was up 4.45 points at 8,270.60.
9.22 am: In the 50-share index, Ultratech Cements, Infosys, Lupin, Tata Power and TCS were up between 0.45 per cent and 1.45 per cent. On the other hand, Vedanta, ONGC, Bharti Airtel, ACC, ICICI Bank slid between 0.70 per cent and 1.30 per cent.
The BSE Sensex and NSE Nifty opened flat on Tuesday tracking mixed Asian markets. Sensex opened 34.18 points up at 27,399.10. Nifty opened 5.25 points up at 8,280.30.
Nestle India stocks will also be in focus after Karnataka and Gujarat lifted ban on manufacturing and sale of Nestle India’s popular instant food brand Maggi noodles.The share price of the company was up 2 per cent in the opening trade.
BPCL will also be in focus on Tuesday after Barclays cuts the oil marketing company’s stocks to “underweight’ from “overweight” citing re-rating may have gone too far. BPCL shares were up around 1 per cent in the opening trade.
Hero MotoCorp, ACC, Bajaj Finserv, Bajaj Finance, Biocon, Can Fin Homes, DHFL and Everest Industries are some of the companies which may announce their September quarter earnings on Tuesday.
(With inputs from agencies)