3.30 pm: Domestic equity indices BSE Sensex and NSE Nifty rallied on Friday tracking a recovery in Asian markets and buying in oil and gas stocks after the government announced crucial reforms for the oil and gas sector. The 30-share Sensex closed 94.65 points up at 24717.99. The 50-share Nifty settled 24.05 points up at Rs 7510.20.
Among the 50 shares in the Nifty pack, 27 closed in green with Cairn India surging 4.30 per cent to Rs 146.65, followed by HUL (up 2.20 per cent), Adani Ports (up 2.01 per cent), Lupin (up 1.99 per cent) and ZEEL (up 1.83 per cent). On the other hand, Idea Cellular, Kotak Mahindra Bank, Tech Mahindra and Power Grid plunged 2.20 per cent, 1.62 per cent, 1.53 per cent and 1.15 per cent, respectively.
Sectorwise, the BSE Metal index, BSE Power and BSE Realty index fell 0.69 per cent, 0.46 per cent and 0.30 per cent. On the flip side, BSE FMCG, BSE Healthcare and BSE Oil & Gas index climbed 1.24 per cent, 0.53 per cent and 0.50 per cent, respectively.
Asian markets ended higher on Friday, shrugging off global losses logged after the European Central Bank eased aggressively but suggested it was running out of room to cut interest rates even if other stimulus options remained. Japanese stocks ended higher as oil prices rebounded from overnight losses and the yen weakened following some initial strength. China stocks ended slightly higher, reversing initial losses, as the banking sector regained some composure amid expectations that China’s securities regulator would provide some market-friendly comments at a press conference to be held in Beijing on Saturday.
3.03 pm: Tata Motors shares surged over 2 per cent after the company informed bourses that the group’s global wholesales figures in February 2016, including Jaguar Land Rover, were at 99,842 units, higher by 17 per cent, over February 2015. Cumulative wholesales for this fiscal were at 947,504 units, higher by 8 per cent over the last fiscal.
3.00 pm: In the 50-share index, Cairn India, Lupin, Adani Ports, Zeel and Tata Motors were up between 1.10 per cent and 3.35 per cent. On the other hand, Idea Cellular, Kotak Mahindra Bank, Tech Mahindra, Coal India and Vedanta were down between 1.29 per cent and 2.30 per cent. Nifty was trading 24.45 points up at 7,510. Sensex was up 106 points at 24,729.
2.47 pm: Sensex was up 67.80 points at 24,691.14. Emkay Global Financial Services informed stock exchanges that the board has declared interim dividend at Rs 1 per share. Shares of Emkay Global Financial Services were trading 3.62 per cent up at Rs 52.90.
2.05 pm: Sensex was up 50 points at 24,673. Godrej Consumer Products has acquired 39 per cent additional equity stake in DGH Phase Two Mauritius, owning Style Industries, Kenya. The company through its subsidiary has increased its stake from 51 per cent to 90 per cent. Shares of Godrej Consumer Products were trading 3.73 per cent up at Rs 1,294.70.
1.50 pm: Tata Steel is getting ready to commence “integrated, commercial production”
of the first phase of the 3-million tonne steel plant in Odisha by September and is keen to keep the project cost below the projected Rs 25,000 crore. Shares of Tata Steel were trading 0.08 per cent down at Rs 295.90. Sensex was trading 111 points up at 24,734.
1.36 pm: Karnataka Bank has entered into a Memorandum of Understanding (MoU) with CNX Corporation (CCL) for extending storage facilities to farmers and finance against the warehouse receipts (WHR). CCL, one of the leading collateral management service providers, has nominated Karnataka Bank as preferred financier for extending finance to farmers against the WHR. Shares of Karnataka Bank were trading 0.74 per cent up at Rs 95.55. Sensex was trading 129.31 points up at 24,760.
1.05 pm: Sensex was trading 117 points up at 24,741. Bajaj Auto shares were trading 0.26 per cent up at Rs 2,326. Bajaj Auto is planning to export its latest commuter bike ‘V’ from next fiscal after meeting domestic commitments. Post its launch, the company has been getting a lot of enquiries from its major export markets in Africa, Latin America, West Asia and Turkey.
12.42 pm: TTK Prestige shares were trading 0.35 per cent up at Rs 4178.65. The company has informed that the board of the company at its meeting held on Thursday, have declared interim dividend of Rs 27 per share. The said interim dividend shall be paid to shareholders on March 23, 2016. Sensex was up 31 points at 24,654.
12.35 pm: BSE sectoral indices
12.13 pm: LT Foods has entered into a Memorandum of Understanding (MOU) with Future group to set up a joint venture to undertake the business of sourcing, manufacturing, marketing, sales, and distribution of regional rice like sona masoori rice/ south Indian rice. Shares of LT Foods were trading 1.46 per cent up at Rs 230. Sensex was trading 30.82 points up at 24,654.
11.45 am: Sensex was trading 3.85 points up at 24,627. Nifty was trading 3.65 points down at 7,482.
11.26 am: ANG Industries has received order of 1,500 Reversed Vending Machines which will be used in collecting waste plastics and P.E.T Bottles and reduced the volume to 5 per cent of the total volume of the bottles and make it easy to collect waste water, cold drinks and juices empty bottles. The total value of the order is Rs 22.5 crore to be executed in next 15 months by the company. Shares of ANG Industries were trading 2.60 per cent up at Rs 39.50.
11.10 am: Stock brokers said widening of bets by cautious investors ahead of key economic data — industrial production (IIP) for January — to be released later in the day and a mixed trend at other Asian markets after the European Central Bank’s just-announced aggressive stimulus steps influenced mood. Sensex was up 134 points at 24,757.
11.08 am: Nifty was trading 54.60 points up at 7,540. Further, traders were getting encouragement with IMF’s financial counselor Jose Vinals statement that India needs to address the stress emanating from leveraged corporate balance sheets and asset quality woes of state-run banks to sustain the recovery process, even as the country is best placed among emerging markets.
10.52 am: Sensex was up 170 points at 24,793. Buying in real estate aided sentiments. Zandu Realty surged by over 10 per cent, while Ajmera Realty & Infra India and Kolte-Patil Developers have rallied over 9 per cent each after the Rajya Sabha on Thursday passed by voice vote a real estate regulation Bill, aiming to protect homebuyers from erring developers besides bringing transparency in the sector.
10.43 am: Sensex recovered over 200 points from day’s low. The 30-share index opened the day 24620.39 and has touched a high and low of 24,816.67 and 24,590.28, respectively, in trade so far. Nifty was trading 51.10 points up at 7,537.25.
10.20 am: Sensex was trading 175 points, or 0.71 per cent, up at 24,798. Skipper has secured two new orders from Power Grid Corporation of India (PGCIL) for supply of transmission towers in the domestic market. The total order is valued to be approximately worth Rs 120 crore. Shares of Skipper were trading 4.08 per cent up at Rs 142.90.
9.52 am: The 30-share index was up 168.95 points at 24,792.29. Sun Pharmaceutical Industries shares were trading 1.54 per cent down at Rs 851.85. The drug maker voluntarily recalls 381,120 cartons of osteoporosis drugs in the US and Puerto Rico, according to USFDA website.
9.40 am: The rupee depreciated 11 paise to 67.18 against the dollar in early trade on Friday due to higher demand for the dollar from importers. Sensex was up 120 points at 24,743. Nifty was trading 38.65 points down at 7,524.
9.18 am: Sensex was up 44.70 points, or 0.18 per cent, at 24,668.04. Nifty was up 17.95 points at 7,504.10. Nifty PSU Bank index was trading 0.31 per cent down 2,288.75 after Crisil downgrade.
9.15 am: Sensex opened 2.95 points down at 24,620.39, while Nifty 50 index opened 1.30 points down at 7,484.85. As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs 1,063.11 crore on March 10, 2016. Domestic institutional investors sold shares worth Rs 598.03 crore.
8.50 am: Domestic equity indices are likely to open on a flat-to-cautious note on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) amid mixed global cues.
At 8.25 am (IST), SGX Nifty was trading 1.50 points, or 0.02 per cent, down at 7,486.50.
Asian peers, Nikkei and Shanghai were down by 0.87 per cent and 0.72 per cent, respectively. Shanghai was up by 0.37 per cent.
Wall Street ended mostly lower on Thursday as a slide in oil prices undermined gains from the European Central Bank’s move to cut rates and expand its stimulus program. The ECB pushed deposit rate deeper into negative territory and increased its asset-buying program to euros 80 billion a month from euros 60 billion in an effort to boost growth in the region.
The Dow Jones industrial average closed 5.23 points, or 0.03 per cent, down at 16,995.13, the S&P 500 closed up by 0.31 points, or 0.02 per cent, at 1,989.57 and the Nasdaq Composite settled 12.22 points, or 0.26 percent, down at 4,662.16.
Back home, stock markets came off its five-week high as the benchmark Sensex on Thursday recorded its first drop in seven sessions, falling by about 171 points, even as the Nifty cracked below the 7,500-mark due to profit-booking amid mixed global leads.
Shares of Jindal Steel and Power (JSPL) and public sector banks will remain in focus on Friday. In a bid to avoid “likely” short and medium term “cash flow mis-matches”, JSPL on Thursday said it is exploring various options with lenders to reschedule payments. “In discussion with banks, we have launched 5/25 scheme, and also exploring various options with all lenders to reschedule payments considering likely short /medium term cash flow mis-matches,” JSPL said in a statement.
Credit rating agency Crisil on Thursday downgraded eight PSBs including Bank of India and Canara Bank, following deterioration in their asset quality and also revised the outlook on five of them to negative.
The agency also placed the rating on Syndicate Bank on negative watch list.
The state-run banks whose ratings have been downgraded are Bank of India, Central Bank of India, Corporation Bank, Dena Bank, IDBI Bank, Indian Overseas Bank, Syndicate Bank and Uco Bank. Those whose outlooks have revised down are Andhra Bank, BoB, Canara Bank, PNB and Punjab and Sind Bank, Crisil said in a report.
(With agency inputs)