The BSE Sensex and NSE Nifty gave up all the early gains in the second half of trading session on Tuesday and declined over 2 per cent tracking weak European markets and as sentiment turned cautious ahead of the expiry of monthly derivatives contracts later this week. Sensex closed 541.14 points down at 25,651.84 while Nifty lost 165.10 point at 7,812.
All sectoral indices on the Bombay Stock Exchange closed in red. The BSE Metal index declined the most — 4.24 per cent at 6,976.62, followed by BSE Capital Goods index (down 3.1 per cent), BSE Power index (down 3.09 per cent) and BSE Bankex (down 3.04 per cent).
In the 50-share index, Wipro remained the only gainer and jumped 0.30 per cent at Rs 594. On the other hand, Hindalco, Vedanta, Coal India, Tata Motors and YES Bank plunged between 4.80 per cent and 6.70 per cent.
Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “Sell-off in the European market led to sharp correction in India which is under expiry mode. The European markets are under concern post the Fed decision of September 17 to hold the rate. Since then, we are seeing an appreciation in US dollar which is leading to volatility in developed market. As far as India is concerned we should continue to be cautious till the RBI policy, where the consensus of views expects a 25 basis points cut in rate.”
Overall market breadth for the day remained positive as advances to declines ratio for Nifty stood at 1:49 for the day.
Globally, FTSE fell over 2 per cent while France’s CAC and the pan-European Euro Stoxx were down up to 3.5 per cent. The Shanghai Composite index, however, rose 0.92 per cent.
Markets through the day
3.30 pm: Sensex closed 541.14 points down at 25,651.84 while Nifty lost 165.10 point at 7,812. Sentiment dampened after European markets declined in early trade as investors weighed Federal Reserve pointers that global growth concerns that delayed a rate hike last week could be temporary. Furthermore, fresh weakness in the rupee, which depreciated over 15 paise to Rs 65.8450 (intra-session) against the dollar, also hit dented market mood.
S&P BSE Sensex
3.24 pm: Rupee was trading 15 paise down at 65.8450 against dollar. Sensex was down 555 points at 25,633.
2.47 pm: Sensex was down 520 points at 25673.21. Nifty was down down 173 points at 7803.45. Metal stocks fell after London copper hit a two-week low on Tuesday. The BSE Metal index tumbled 3.91 per cent at 7,000.41. Shares of Hindalco and Vedanta lost over 5 per cent in the afternoon trade.
The European mining index has slumped about 25 percent so far this year mainly on concerns about the pace of economic growth in China, the world’s biggest metals consumer. Prices of major industrial metals such as copper, aluminium and nickel have fallen sharply this year.
2.26 pm: Meanwhile, shares of Scooters India gained over 4 per cent after the company informed BSE that hon’ble bench of Board for Industrial & Financial Reconstruction, New Delhi during recent hearing held on September 15, 2015 has considered discharge of the Company from BIFR on submissions made by operating Agency (State Bank of India) to the effect that Networth of the Company as on March 31, 2014 has turned positive. The statement of proceedings of the said hearing is awaited and shall be submitted soon after receipt of the same. Scooters India was up 4.07 per cent at Rs 25.60.
2.24 pm: Domestic equity markets swung between gains and losses on Tuesday, with losses in financial and energy stocks elbowing out gains in defensives, ahead of the expiry of September derivatives contracts on Thursday.
2.07 pm: Weak global market hit market sentiments in the afternoon trade. European equities retreated on Tuesday after strong gains in the previous session, with basic resources companies facing a heavy sell-off after copper prices fell sharply on concerns about a global surplus of the industrial metal. Shares in Volkswagen fell more than 5 per cent, after slumping nearly 19 per cent in the previous session, after an investigation into possible cheating over emissions tests spread to Asia.
Back home, Sensex plunged 424 points at 25,768. Nifty was down 128.55 points at 7,848.55.
1.59 pm: Sensex fell further, down 332.73 points at 25,860. Meanwhile, credit rating agency, CRISIL has downgraded its outlook on Bharat Heavy Electricals’ (BHEL) long-term bank facilities to ‘negative’ from ‘stable’, as the company’s project execution and profitability is expected to remain vulnerable to structural issues plaguing the power sector. BHEL shares were down 2.29 per cent at Rs 202.65 apiece.
1.51 pm: MindTree shares jumped over 3 per cent after the company announced that it has been selected by Molnlycke Health Care – a world-leading provider of single-use surgical and wound care solutions, to enhance business efficiency using the SAP application suite. This will help Molnlycke Health Care optimise the time to market of its products. The scrip was trading 3.36 per cent higher at Rs 1,463.25. Sensex was 266 points at 25,926. Nifty fell 100 points at 7,877.30
1.46 pm: The BSE Midcap index was down 0.48 per cent at 10,641. Sensex was down 152 points at 26,040. Meanwhile, India Index Services & Products Limited (IISL), an NSE group company and India’s leading index provider, announced the rebranding of all the existing IISL indices including CNX Nifty, CNX 100, CNX 200, CNX 500, CNX Midcap, CNX Smallcap etc. NSE’s flagship “CNX Nifty” index will be rebranded as “Nifty 50” index.
1.38 pm: Sensex down 102.66 points at 26,090.32. Nifty was trading 46.15 points down at 7,930.95. BSE Information Technology index up 1.25 per cent.
1.02 pm: Sensex inched up 20.15 points at 26,213. Nifty was flat at 7976.45. The 50-share index closed at 7977.10 on Monday. On the global front, Asian markets were trading largely in green, stabilising from sharp declines in the previous session, as Wall Street ended higher overnight.
12.53 pm: Benchmark indices wiped off their gains and were trading in red. Sensex was down 14 points at 26,178.46. In the 50-share index, Infosys and Wipro were trading over 2.45 per cent and 1.5 per cent up at Rs 1,131.90 and Rs 601.70, respectively.
12.18 pm: It has been a good session so far for pharma companies as the BSE Healthcare index climbed 0.87 per cent. Shares of Pfizer was up over 3 per cent while Wockhardt gained 2.04 per cent during the session. HSBC said in a note to investors published last week that the fall in US FDA approvals for Indian players and supply chain consolidation issues raised concerns about the pharma sector however the sector continues to benefit from rising prices and specialty focus. It also said the M&As for the industry will peak in 2015. Sensex was up 62 points at 26,255. Nifty was up 0.23 per cent at 7,995.
11.25 am: The BSE IT index was up 1.79 per cent at 11,430. Infosys and Tech Mahindra gained 2.48 per cent and 2.43 per cent, respectively. Sensex was up 76 points at 26,268.
Motherson Sumi Systems was trading 5.19 per cent down at Rs 248.55 on BSE.
10.38 am: Lupin was trading 0.24 per cent higher at Rs 1,885.80. Nomura upgraded Lupin shares to ‘buy’ from ‘neutral’. It also raised target price to Rs 2,149 per share from Rs 1,698 rupees earlier. Sensex was up 42 points at 26,235. Nifty was up 9.5 points at 7,987.
10.00 am: Brokers said fresh foreign capital inflows and renewed prospects of a rate cut by the Reserve Bank at its policy meet later this month largely due to positive macroeconomic numbers, including easing inflation, influenced mood. Sensex was up 82 points at 26,275. Nifty was up 19.65 points at 7,996.
9.56 am: The rupee edged higher by 17 paise to 65.56 against the US dollar in early trade on Tuesday at the Interbank Foreign Exchange market on increased selling of the American unit by exporters amid fresh foreign funds inflows.
9.22 am: Sensex was up 140 points at 26,333. Amtek Auto was trading 8.57 per cent down at Rs 47.45. The share price of Amtek Auto declined on media reports that it had missed payments on the Rs 800 crore worth of bonds that matured on Monday.
Domestic equity markets opened in green on Tuesday tracking global cues. Sensex opened 81.39 points up at 26,274.37. Nifty opened 37.70 points up at 8,014.80
MMTC has received an approval for sale of 10 per cent of Indian Commodity Exchange (ICEX). The board of directors at their meeting held on September 11, 2015 has approved for the same.
The benchmark BSE Sensex on Monday staged a smart recovery and covered up its initial losses to close just 26 points down at 26,192.98 as cautious investors chose to book profits after two sessions of gains amid muted global cues owing to growth concerns.
(With inputs from agencies)