The BSE Sensex and NSE Nifty pared most of their intra-day losses in the late trade on Thursday and closed 97.41 points and 30.50 points lower at 25,622.17 and 7,788.10, respectively.
The 30-share index opened at 25,522.96 and touched a high and low of 25,733.70 and 25,287.50 in trade. Tata Motors, BHEL, Bajaj Auto, Larsen & Toubro and ICICI Bank jumped between 1 per cent and 3 per cent and stood top gainers in the Sensex pack. On the other hand, Hidalco, HDFC, ONGC, State Bank of India and Wipro declined over 1.5 per cent on the performance chart of the key benchmark index.
Barring Capital Goods, Auto and FMCG, rest all other sectoral indices on the Bombay Stock Exchange (BSE) ended in red. The BSE Consumer Durables index slid the most — 1.76 per cent at 10,468.54, it was followed by the BSE TECk index (down 0.79 per cent) and BSE Metal index (down 0.77 per cent).
Achin Goel, head, Wealth Management & Financial Planning, Bonanza Portfolio, said, “Grim cues from Chinese economy and lack of positive cues from the domestic economy kept the Indian markets weak for the day.”
Gaurav Jain, director, Hem Securities, said, “Indian markets opened the day in deep red in line with its global partners which nosedived on the downgrade of Brazil’s credit rating by Standard & Poor’s. However, a sharp recovery in the last half hour of trade triggered gains for the benchmark indices led by short covering. Strengthening rupee also helped the market to recover from day’s low.”
Overall market breadth for the day remained mildly negative as advances to declines ratio for Nifty stocks stood at 23:27
Share price of a biopharma firm Suven Life Sciences surged 11.94 per cent to Rs 231.55 on Thursday after the company announced that it has secured five product patents in five nations including China and Singapore, for a drug used in the treatment of neurodegeneratives diseases.
Asian peers, Hang Seng, Nikkei and Shanghai closed 2.57 per cent, 2.51 per cent and 1.39 per cent, respectively, lower than their previous close.
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Markets through the day
3.30 pm: The BSE Sensex and NSE Nifty closed 97.41 points and 30.50 points down at 25,622.17 and 7,788.10, respectively.
Chokkalingam G, founder & CEO at Equinomics Research & Advisory, said, “Worries over monsoon deficit and weak performance of global markets affected domestic market sentiments today.”
3.02 pm: In the smallcap space, share price of Suven Life Sciences jumped over 11 per cent to Rs 230.85. The BSE Smallcap index was down 0.65 per cent at 10605.60.
2.42 pm: Sensex was down 201.42 points at 25518.16. The BSE Smallcap index also lost 0.63 per cent at 10,607. However, the BSE Midcap index was trading 0.10 per cent higher at 10,445.
2.28 pm: Meanwhile, India Ratings and Research said, “The forecast made by the India Meteorological Department (IMD) about the deficient monsoon is turning out to be true as we reach closer to the end of 2015 monsoon season (September).” For the country as a whole, cumulative rainfall up to September 2, 2015 has been 12 per cent below LPA. Except east and northeast, rainfall has been less than normal in rest of the regions. The worst affected is southern region. Sensex was down 221 points at 25,498.
State-wise % of districts with deficient or scanty Rainfall during 1 June to 2 September 2015
2.02 pm: Index heavyweight and housing finance major HDFC dropped 3 per cent to Rs 1,151. The stock hit high of Rs 1,175 and low of Rs 1,151 so far during the day. Sensex was down 300.21 points at 25,419.37. Nifty was down 92 points at 7,725.
1.13 pm: Shares of Amtek Auto plunged 9 per cent, while that of its subsidiary Castex Technologies lost 5 per cent on Thursday after market regulator Sebi began a probe into alleged manipulation of the latter’s stock price. Sensex was down 226 points at 25,493.
12.56 pm: Hero MotoCorp announced to set up manufacturing facilities in Mexico, Argentina and Brazil and expects to utilise the new Colombian plant as a hub to export to nearby countries. “Going forward in terms of manufacturing facility, we are looking at some other countries in the region like Mexico, Argentina and Brazil,” Hero MotoCorp’s chairman, managing director and CEO Pawan Munjal told PTI. The share price of Hero MotoCorp was trading 0.29 per cent lower at Rs 2340.85 in the after noon trade. Sensex was down 286 points at 25,432.
12.14 pm: Benchmark indices pared some of their initial losses in the noon trade. The BSE Sensex was down 207 points at 25,512. The index opened at 25,522.96 and had touched a high and low of 25,550.69 and 25,287.50, respectively, in trade so far. NSE Nifty was down 73.75 points at 7,745.
11.59 am: Meanwhile, Bank of America Merrill Lynch in a research note said, “We believe that the imposition of ‘safeguard duty’ will benefit SAIL and JSW Steel the most led by higher realisation and lower costs.” The Directorate General (DG) of Safeguards has recommended a 20 per cent safeguard duty on import of “hot-rolled flat products of non-alloy and other alloy steel in coils of a width of 600mm or more” for next 200 days. Sensex was down 222 points at 25,496.
S&P BSE Sensex @ 11.59 am
11.26 am: Vedanta shares fell as much as 4.7 per cent on BSE in the morning trade on Thursday on reports that rating agency Standard & Poor’s on Wednesday said that the completion of the proposed merger of Cairn India with Vedanta appears uncertain. The scrip was trading 2.05 per cent lower at Rs 97.80. Sensex was down 292 points at 25,427.
11.07 am: Sun Pharma was trading 0.52 per cent lower at Rs 835.65. The company said it is looking to divest a manufacturing plant in Ireland as it tries to control costs that have spiralled since it bought Ranbaxy Laboratories. Sensex was down 305 points at 25,414.
10.41 am: Credit rating agency, CARE has revised rating of Essar Oil’s long term bank facilities worth Rs 9,077.58 crore to ‘A’ from ‘A-’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 16000 crore to ‘A1’ from ‘A2’. Essar Oil shares were trading 2.39 per cent higher at Rs 191. Sensex was down 296.33 points at 25,423. Nifty was down 110.75 points at 7,707.85.
10.20 am: All the sectoral indices, led by realty, metal, consumer durables and power were trading in the negative zone. The BSE Realty index was down over 2 per cent at 1,254.
10.14 am: Brokers said besides profit-booking by speculators and sustained capital outflows by foreign funds, likely delay in the implementation of key GST after the government on Wednesday gave up plans to reconvene a session of Parliament dampened sentiments. Sensex was down 337 points at 25,382.
10.09 am: In the 30-share index, Hindalco, Vedanta and State Bank of India were trading down 3.92 per cent, 2.90 per cent and 2.91 per cent at Rs 75.60, Rs 96.95 and Rs 225.05, respectively. Sensex was down 348.13 points at 25,371.
9.48 am: The rupee turned weak in early trade today and fell by 32 paise to 66.73 against the US currency at the Interbank Foreign Exchange on foreign fund outflows amid appreciation in the US currency overseas. The NSE Nifty index was down 111 points at 7,706.
9.45 am: Share price of IL&FS Transportation Networks gained over 2 per cent in the morning trade on Thursday after the company informed BSE that the Concession Agreement for development of 4-laning of Amravati-Chikhli (Package-I) section of NH-6 in the State of Maharashtra from Km 166.000 to Km 360.000 has been signed by Amravati Chikli Expressway Limited, a wholly owned subsidiary of the company with National Highways Authority of India on Build Operate Transfer (BOT) basis on September 08, 2015. Sensex was down 361.62 points at 25,357.
9.25 am: Bharti Airtel, India’s largest telecom service provider, has entered into an exclusive discussion with Axiata Group Berhad (Axiata) to explore the possibility of combining the business operations of their telecommunication subsidiaries in Bangladesh; namely, Robi Axiata and Airtel Bangladesh. There is no certainty that this discussion will lead into the execution of binding definitive agreements between the parties. Share price of Bharti Airtel was down 1.72 per cent at Rs 349.10 in the early trade. Sensex was down 323.10 points at 25,396.
9.20 am: Sensex was down 406 points at 25,313. Dr Reddy’s Laboratories has entered into a multi-country supply and licensing agreement with PanTheryx, Inc., a global medical nutrition company based in Boulder, Colorado. The agreement grants Dr Reddy’s the exclusive right to market and distribute PanTheryx’s breakthrough nutritional intervention, DiaResQ, for infectious diarrhea in India and Nepal and in process for Russia, Myanmar, Vietnam, Ukraine, Sri Lanka, Kazakhstan, Belarus, Jamaica, and select LATAM markets. The pharma major will market the product in India and Nepal under the ‘Reliqua’ brand. Dr Reddy shares were trading 1.18 per cent lower at Rs 3,990.60 apiece in the early trade.
The BSE Sensex and NSE Nifty opened in red on Thursday tracking weak global markets. The BSE Sensex opened 196.62 points lower at 25,522.96. NSE Nifty opened 89.55 points down at 7729.05.
All the sectoral indices on Bombay Stock Exchange (BSE) also opened lower than their previous close.
Asian stocks fell on Thursday after lacklustre Chinese and Japanese economic data added to heightened worries about slackening global growth, sapping investors’ appetite for riskier assets.
Back home, domestic equity markets gained over 1.50 per cent on Wednesday on the back of positive feelers from global markets and a slew of reforms.
(With inputs from agencies)