Benchmark index BSE Sensex and NSE Nifty snapped a four day losing streak on Friday in a highly volatile trading session. Sensex closed 34.29 points up at 22,986.12, while Nifty 50 index settled 4.60 points up at 6,980.95.
The 30-share index opened the day at 23,060.39 and touched a high and low of 23,161.15 and 22,600.39, respectively in trade. Similarly, Nifty opened the day at 7,023.65 and touched a high and low of 7034.80 and 6,869, respectively.
In the 50-share index, BHEL shares slid the most 14.35 per cent, followed by BPCL (down 5.46 per cent), Punjab National Bank (5.39 per cent), Adani Ports (down 5.38 per cent) and ONGC (down 4.73 per cent). On the other hand, Idea Cellular, Tata Motors and Bharti Airtel gained 8.26 per cent, 7.13 per cent and 5.98 per cent, respectively.
Gaurav Jain, director, Hem Securities, said, “After steep decline in the initial trading session, indices bounced back supported by strong opening of European markets. Recovery in crude oil prices fuelled by the news that OPEC can curtail the supply, lower level buying interest, government initiatives to deal with NPA issues and appreciating rupee helped improve the sentiment.”
Meanwhile, Union Minister Venkaiah Naidu said that he is confident that bills pertaining to formation of a realty regulator and the much-awaited indirect taxation reform GST will be passed in the upcoming Budget session, which also provided some relief to investors.
Investors also maintained a cautious approach ahead of Consumer Price Index (CPI) and Index of Industrial Production (IIP) data scheduled to be released later in the day.
Sectorwise, the BSE Capital Goods index and BSE Oil & Gas slid 3.05 per cent and 2.47 per cent, respectively. The BSE Telecom index and BSE Auto index surged 5.56 per cent and 1.72 per cent.
In scrip specific development, Bharat Heavy Electricals (BHEL) tumbled after the company clocked a net loss of Rs 1,101.99 crore for the December quarter on lower revenues and higher expenses. The state-run power equipment maker had reported a net profit of Rs 212.60 crore in the corresponding quarter of last year.
Unitech fell 2.20 per cent on Friday after the company on Thursday reported a consolidated net loss of Rs 16.10 crore for the quarter ended December 31, 2015.
On the other hand, TeamLease Services shares which debut on bourses on Friday closed 20.23 per cent up at Rs 1,021.95 against the issue price of Rs 850.
Asian markets ended mostly lower on Friday as concerns about the health of European banks further threatened a global economy already under strain from falling oil prices and slowdowns in China and other emerging markets. Japanese shares stumbled to a fresh 16-month low in heavy trade and posted the biggest weekly drop since 2008 as investors scrambled to dump risky assets after the dollar dived to a 15-month low against the yen. The markets in China and Taiwan remained closed for the Lunar New Year holiday.
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Markets through the day
3.30 pm: Buying activity which took place during second half of trade mainly drove the markets higher and key domestic benchmarks managed to keep their head above on Friday, as investors opted to buy beaten down but fundamentally strong stocks after four continuous days of drubbing. Sensex closed 34.29 points up at 22,986.12, while Nifty 50 index settled 4.60 points up at 6,980.95.
2.54 pm: Finance Minister Arun Jaitley on Friday said, “Government is considering more steps to empower banks to recover bad loans.” The BSE Bankex was up 0.59 per cent at 15,982.95.
2.49 pm: Markets in green. Sensex was trading 203.41 points up at 23155. Nifty was up 47.60 points at 7,023. Meanwhile, Finance Minister Arun Jaitley said, “No need for exaggerated panic over global developments, investors should keep in mind inherent strength of Indian economy.”
2.17 pm: Amtek Auto shares tanked as much as 11 per cent on Friday after the company reported net loss of Rs 132.15 crore for the quarter ended December 31, 2015 as compared to net profit of Rs 70.81 crore for the same quarter in the previous year. Sensex was down 2 points at 22949. Nifty was down 1.55 points at 6,975.
1.47 pm: Buying in frontline blue chip stocks supported market sentiments in the afternoon trade. Sensex was up 54.67 points at 23,006. Nifty was up 20.45 points at 6,996. Tata Motors and Axis Bank shares were trading 7 per cent and 3 per cent up at Rs 294.40 and Rs 388.75, respectively.
1.29 pm: Benchmark indices pared some of their losses. Sensex was down 62.84 points at 22,888. Nifty was trading 26 points down at 6,950. Just Dial shares were down 10 per cent at Rs 460.75.
1.02 pm: In the midcap space, shares of Wockhardt were down 15.70 per cent, followed by JP Associates (down 7.14 per cent), Union Bank (down 6.06 per cent) and Page Industries (down 6.01 per cent). On the other hand, Reliance Capital and Sun TV shares were up 3.08 per cent and 1.73 per cent. The BSE Midcap index was down 1.89 per cent, or 183.51 points, at 9507.39. Sensex was down 117.27 points, or 0.51 per cent, at 22,825.71. Nifty was down 44.45 points at 6,931.
12.27 pm: Unitech Ltd shares tanked as much as 12 per cent on Friday after the company reported consolidated net loss of Rs 16.11 crore for the quarter ended December 2015 against net profit of Rs 43.34 crore in the corresponding quarter a year ago. Sensex was down 304.48 points, or 1.33 per cent, at 22647.35. Nifty was down 84.45 points at 6,890.70.
11.50 am: The benchmark index BSE Sensex plunged further and was trading 203.35 points down at 22,748.48. Nifty was down 63.90 points at 6,912.
11.45 am: Sensex was down 164.72 points at 22,787. Nifty was down 46.95 points at 6,929.40. SREI Infra shares were trading 4.24 per cent down at Rs 45.20. Srei Infrastructure Finance on Thursday said its consolidated net profit declined by 27.25 per cent to Rs 17.16 crore for the third quarter of 2015-16 fiscal. The company had posted a net profit of Rs 23.59 crore during the same quarter of previous fiscal 2014-15.
11.29 am: Tata Motors shares were trading 3.85 per cent up at Rs 286.25 after Deutsce Bank upgraded automobile company’s stock to ‘Hold’ from ‘Sell’. The brokerage said that the earnings highlighted their worst fears as the company suffered from weak pricing and profitability. However, it added price correction in past six months justified a rating upgrade. Sensex was trading 140.16 points down at 22,811.67. NSE Nifty was trading 35.75 points down at 6,940.60.
11.19 am: Shares of Tata Steel were trading 4.09 per cent down at Rs 215.80 after Global agency Moody’s on Thursday downgraded credit ratings of Tata Steel on a weaker than expected operating performance in its key operating markets of India, Europe and Southeast Asia on account of persistently weak steel prices. Sensex was down 83.53 points at 22,868.30. NSE Nifty was trading 28.05 points down at 6,948.30.
10.55 am: Wipro shares were trading 1.14 per cent up at Rs 522 as it has said that it will acquire HealthPlan Services for $460 million (about Rs 3,150 crore), a move that will help the country’s third-largest software services firm strengthen its position in the US health insurance market. Sensex was trading 51.05 points down at 22,900.78, while NSE Nifty was trading 18.55 points down at 6,957.80.
10.27 am: Sensex was down 144 points at 22807.85. Nifty was down 53.15 points at 6923. Adani Power is planning to make an investment totaling Rs 18,400 crore for setting up of 1,600 MW thermal power projects and 1,000 MW solar project in Karnataka. The company’s subsidiary ‘Udupi Power Corporation’ has entered into Memorandum of Understanding (MoU) with Government of Karnataka to set up 2×800 MW Coal based Supercritical Power plant in Karnataka with an investment of Rs 11,400 crore, while Adani Green Energy, a subsidiary of the company has signed Expression of Interest to set up 1,000 MW Solar Power plant in Karnataka with an investment of Rs 7,000 crore. Shares of Adani Power were trading 3.52 per cent down at Rs 23.30.
10.13 am: TeamLease Services shares which listed on bourses on Friday were trading nearly 10 per cent up at Rs 945.80 on the BSE. The scrip listed at Rs 860. Sensex was down 82 points at 22,869.69. Nifty was down 27.40 points at 6,948.
9.59 am: Sensex was up 5.73 points at 22,957. Nifty was down 1.70 points at 6974.65. The rupee weakened by 7 paise to quote at an over 29-month low of 68.37 against the dollar in early trade at the Interbank Foreign Exchange market today on sustained demand for the American currency from importers and banks.
9.35 am: ONGC shares were trading 4.04 per cent down at Rs 194.60 after it on Thursday reported its lowest quarterly profit in more than 15 years as it took one-time impairment charge on reserves due to slump in oil prices. Sensex was trading 107.97 points up at 23,059.80. Nifty50 was tarding 24.90 points up at 7,001.25.
9.30 am: Sensex was up 65 points at 23,016. Nifty was up 16.85 points at 6,993. Wockhardt shares were trading 9.68 per cent down at Rs 790.65. The company reported 82.44 per cent year-on-year decline in its consolidated net profit figures for the quarter ended December 2015.
9.24 am: Benchmark indices pared their initial gains tracking weak global markets. Sensex was down 44.40 points at 22907. Nifty was trading 19.05 points down at 6,957.
9.18 am: State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) on Thursday reported standalone net loss of Rs 1,101.99 crore for the quarter ended December 31, 2015 due to higher expenses and lower revenues. The company had reported a net profit of Rs 212.60 crore in the year-ago period. Shares of BHEL were trading 7.89 per cent down at Rs 110.85.
9.16 am: Sensex was up 120 points at 23,072. Nifty was up 47.30 points at 7,023.65. Shares of Axis Bank were trading 3.83 per cent up at Rs 391.95.
9.15 am: Sensex opened 108.56 points up at 23060.39, while Nifty 50 opened 47.30 points up at 7,023.65.
9.10 am: Mahindra & Mahindra, IFCI, HPCL, BPCL, Sun Pharmaceuticals, MRPL, Mcnally Bharat Engineering, Oil India, Indian Oil Corporation, Sun TV Network, NMDC, Andhra Bank, Gammon India, Apollo Hospitals Enterprise, Alkem Laboratories, Monnet Ispat and Energy, Rolta India, Adani Ports & SEZ, Max India, Bhushan Steel, IDBI Bank and Canara Bank to announce their results today.
8.46 am: The BSE Sensex and NSE Nifty are likely to open in green on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and recovery in crude oil prices. However, weak global cues may affect the market sentiments today.
At 8.33 am (IST), SGX Nifty was up 101.50 points, or 1.45 per cent, at 7,019.50.
Asian shares slid on Friday as mounting concerns about the health of European banks further threatened a global economic outlook already under strain from falling oil prices and slowdown in China and other emerging markets. Nikkei was down over 5 per cent in the morning trade.
On Wall street, the US benchmark S&P 500 fell 1.23 per cent to 1,829.08, its lowest close in almost two years and down 10.5 per cent for the year.
Crude oil prices jumped almost 6 per cent on Friday after comments by an OPEC energy minister sparked hopes of a coordinated production cut, yet analysts said such a move remained unlikely and that oversupply would persist. International Brent crude benchmarks were trading at $31.80 per barrel at 0139 GMT, up 5.8 per cent, or $1.74, from their last settlement.
Back home, In a bloody carnage on Dalal Street, market benchmark Sensex plunged by 807.07 points on Thursday to settle below 23,000-level after 21 months as fears of a global slowdown and disappointing quarterly numbers combined to batter investor sentiment.
The 50-share NSE Nifty broke 7,000-mark after plunging 239.35 points or 3.32 per cent to 6,976.35.
Shares of Wockhardt and Wipro will remain in focus on Friday. Pharmaceuticals major Wockhardt
Ltd on Thursday reported an 82.44 per cent decline in consolidated net profit at Rs 60.97 crore for the third quarter ended December 31, 2015. It had posted a net profit of Rs 347.25 crore in the October-December quarter of 2014-15.
Wipro on Thursday said it will acquire HealthPlan Services for $460 million (about Rs 3,150
crore), a move that will help the country’s third-largest software services firm strengthen its position in the US health insurance market.
(With agency inputs)