3.30 pm: In a lacklustre trading session, domestic equity markets closed flat on Thursday as derivatives expiry, a long weekend and the central bank’s credit policy meeting next week deterred investors from building large positions.
BSE Sensex closed 40.51 points up at 25,863.50 while Nifty closed 22.55 points up at 7,868.50.
The overall market breadth for the day remained positive as the advances-to-decline ratio for the Nifty remained 27:23.
The Reserve Bank of India is likely to cut interest rates for the fourth time this year at a policy review on September 29, as falling energy prices have cooled inflation and the economy has slowed, a Reuters poll showed.
Defensive stocks like IT and healthcare booked gains while financials and energy stocks lagged. The BSE IT index and BSE Healthcare index gained 2.02 per cent and 0.74 per cent at 11,472.99 and 17,616.77, respectively. On the other hand, BSE Metal, BSE Capital Goods and BSE Oil & Gas declined 1.37 per cent, 1.13 per cent and 0.45 per cent at 6,887.73, 8,635.04 and 19,696.21, respectively.
In the 30-share Sensex pack, share price of Lupin, GAIL, Infosys, Bajaj Auto and ITC gained 3.55 per cent, 2.51 per cent, 2.22 per cent, 1.91 per cent and 1.88 per cent, respectively.
Gaurav Jain, director, Hem Securities, said, “Indices traded in a narrow range on Thursday and witnessed a choppy trading session. Volatility ruled throughout the day owing to September series the F&O expiry. Investors prefer to unwind their positions before the long weekend and awaiting the key US macro data and US Federal Reserve chairman Janet Yellen speech which will be released later tonight.”
Shares of ONGC, Coal India, Tata Steel and Larsen & Toubro declined 3.71 per cent, 2.79 per cent, 2.58 per cent and 2.25 per cent, respectively, and stood at the bottom on the performance chart of the benchmark index.
Domestic equity markets will remain closed on Friday on account of Bakri Id.
Markets through the day
3.30 pm: Sensex closed 40.51 points up at 25,863.50 while Nifty closed 22.55 points up at 7,868.50.
3.16 pm: Sensex was up 26 points at 25,849. The BSE Midcap index and BSE Smallcap index were up 0.20 per cent and 0.54 per cent at 10,595 and 10,938, respectively.
2.19 pm: Meanwhile, Credit Suisse upgraded Lupin shares to ‘outperform’ from ‘neutral’ citing upside from the anti-diabetes generic drugs Fortamet and Glumetza. Lupin was trading 3.30 per cent up at Rs 1,984.70 on BSE in the afternoon trade. Sensex was up 57 points at 25,880.
1.38 pm: In the 50-share index, Tata Power, Lupin, ZEEL, HCL Tech and Tech Mahindra were up between 1.50 per cent and 3.50 per cent. On the other hand, Coal India, ONGC, Vedanta, Tata Steel and L&T dipped between 1.60 per cent and 2.90 per cent. Nifty was up 23 points at 7,868. Sensex was up 77 points at 25,900.
1.01 pm: Overseas, the Asian market was trading lower as investors fretted over the state of the global economy. Japan’s Nikkei opening for the first time since Friday after a string of holidays was trading sharply lower.
The 50-share Nifty went down 16.90 points, or 0.22 per cent, to 7,829.05. Sensex down 71 points at 25,752.
12.14 pm: Hindustan Construction Company (HCC) on Thursday said it has bagged a Rs 1,783.42-crore contract from NHAI for construction of a highway in Jammu & Kashmir (J&K). Cheering the news, the share price of the company jumped 2.52 per cent at Rs 18.30. Sensex was down 21 points at 25,802. Nifty was up 4 points at 7,850.82.
11.46 am: Brokers said squaring-up of positions by participants with Thursday being the last trading session of the September derivatives expiry and a weak trend at other Asian bourses following overnight losses on the Wall Street as weak Chinese and US factory data added to growth worries dampened sentiment. Sensex and Nifty were down 0.25 per cent and 0.12 per cent at 25,757 and 7,836, respectively.
11.28 am: Strides Arcolab shares gained over 3 per cent intra-day on Thursday after Jefferies, a global investment banking firm, inititated coverage with a ‘buy’ rating with a target price of Rs 1,500 per share. The scrip was trading 3.47 per cent higher at Rs 1,258. The BSE Healthcare index was up 1 per cent at 17,660.37. On the other hand, Sensex was down 89 points at 25,733. Nifty was down 17.40 points at 7,828.
11.04 am: NIIT shares gained over 4 per cent in the morning trade on Thursday following the company’s plan to establish European Delivery Centre in Dublin, creating 110 jobs over five years. The development is supported by the Department of Jobs, Enterprise and Innovation through IDA (Industrial Development Agency) Ireland. The scrip was up 4.82 per cent at Rs 72.80.
10.40 am: Investors failed to get any sense of relief with chief economic adviser Arvind Subramanian’s statement that India does not need further fiscal stimulus to revive the economy, despite record low inflation and growth seen at the lower end of an 8.1-8.5 per cent target this financial year. The markets are likely to remain volatile ahead of the expiry of the derivative contracts for the September series due later today. Traders were seen piling up position in consumer durables, healthcare, IT, TECk and realty, while selling was witnessed in metal, capital goods, power, PSU and oil & gas. Sensex was down 56 points at 25,766. Nifty was down 7.25 points at 7,838.70
10.18 am: Elder Pharmaceuticals shares surged as much as 16.41 per cent in the early trade on Thursday after the company informed BSE that it is mulling options to sell its overseas subsidiaries. The scrip was trading 12.30 per cent up at Rs 113.25. Sensex was down 65 points at 25,763.
9.50 am: Extending weakness for the fourth straight day, the rupee fell further 24 paise to 66.22 against the US dollar in early trade on sustained month-end demand for the American currency overseas amid foreign fund outflows. The BSE IT index and BSE Healthcare index were up
9.40 am: As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 1,330.12 crore on September 23. Domestic institutional investors bought shares worth Rs 891.36 crore. Sensex was down 88 points at 25,734.99.
9.34 am: Balmer Lawrie & Company informed stock exchanges on Wednesday (post market hours) that it will be investing Rs 400 crore in its logistics infrastructure business in the next 24-36 months. The company will be setting up Multi-modal Logistics Hub at Vizag, a project under the MoU signed with Visakhapatnam Port Trust. The share price of Balmer Lawrie & Company was trading 0.45 per cent up at Rs 566.35. Sensex was down 58 points at 25,765. Nifty was down 11 points 7,834.95.
9.16 am: Sensex was down over 100.98 points at 25722.01. Shares of Lupin, Bajaj Auto, Dr Reddy’s Laboratories were trading in green in the opening trade. However, Larsen & Toubro and Reliance were down over 1 per cent.
Domestic equity markets opened on a flat note with negative bias on Thursday tracking Asian markets. Sensex opened 24.94 points down at 25,798.05. Nifty opened 7.55 points down at 7,838.40.
Markets are likely to remain volatile throughout the day as the September F&O series will expire on Thursday and traders will be adjusting their positions.
(With inputs from agencies)