Sensex ends 190 points up, Nifty50 settles at 7,108; Just Dial, Chennai Petro, Dr Reddy’s surge

Buying in the last hour of trade amid firm European markets helped domestic benchmark indices BSE Sensex and NSE Nifty to close the day in positive zone in a volatile trading session. Sensex closed 189.90 points up at 23,381.87. Nifty settled 72.05 points up at 7,120.30.

In the 50-share index, Bank of Baroda, Adani Ports, Dr Reddy’s Labs, Vedanta and BPCL gained between 3.96 per cent and 7 per cent. On the other hand, ICICI Bank, YES Bank, Coal India, Lupin and Cipla slid between 0.85 per cent and 2.32 per cent.

Barring the BSE Consumer Durables index (down 2.34 per cent) and BSE Bankex (down 0.23 per cent), rest all other sectoral indices on the BSE ended in green. The BSE Healthcare index gained the most — 1.57 per cent, followed by BSE Oil & Gas index (up 1.40 per cent), BSE Auto index (up 1.03 per cent) and BSE Capital Goods index (up 0.97 per cent).

Gaurav Jain, director, Hem Securities, said, “Benchmark indices gained momentum post the opening of European indices in green. Lower level of buying also supported the sentiment.”

Read more: Top 10 stocks that were in limelight today

In a scrip specific development, Dr Reddy’s Laboratories shares closed 3.5 per cent up after the board of the company approved buyback of equity shares up to Rs 1,569 crore.

Just Dial  shares surged 18.60 per cent on Wednesday after the local search engine provider announced late on Tuesday that it will start buyback of 1.6 million shares from Feb 25 to March 10.

Shares PI Industries continued to slump for fifth consecutive session after the stock announced quarterly results that failed to meet market expectations. The stock was down by 8.5 per cent intraday in Wednesday’s session. However, it closed 3.46 per cent down at Rs 555.85.

BPCL shares surged over 4 per cent on Wednesday on reports that the oil marketing company has received clearance from Environment Ministry for a Rs 337 crore project at a refinery in Kochi, Kerala

Overall market breadth for the day remained positive and advances to declines ratio for Nifty stood at 35:14 for the day.

Initially, domestic equity markets exhibited some jerky movement lacking any major supportive cues. Traders remained concerned with exporters body FIEO’s observation after exports fell for the 14th month in a row, that the country may end up with outbound shipments of $260 billion in 2015-16, sharply lower than the $ 310.5 billion mark achieved in the previous fiscal.

Market participants also remained wary as global crude oil prices continue to remain volatile after the world’s largest oil producers Russia and Saudi Arabia dampened prospects of a supply cut by deciding to freeze oil output.

Asian markets ended mostly lower on Wednesday after two sessions of solid gains, while oil prices swung higher as the market reconsidered the chances of a meaningful deal to restrict supply later in the year. Japanese stocks fell in choppy trade as the yen broke from its fragile weakening trend against the US dollar after a rebound in crude oil prices fizzled and revived demand for the safe-haven Japanese currency. Chinese shares hit a fresh three-week high, as demand for infrastructure shares helped the market maintain a rebound fuelled by economic stimulus hopes after media reports suggested that the National Development and Reform Commission plans to offer 400 billion yuan ($61 billion) this quarter to fund local government’s infrastructure projects.

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Markets through the day

3.30 pm: Sensex closed 189.90 points up at 23,381.87. Nifty settled 72.05 points up at 7,120.30.

Read: Over 600 stocks trading below Rs 10; should you invest?

3.22 pm: Chennai Petroleum Corporation shares were trading 14.58 per cent up at Rs 180.70. Sensex was up 193 points at 23,385. European stock markets resumed their recovery on Wednesday, boosted by a rise in the shares of French bank Credit Agricole and miner Glencore

3.00 pm: Dr Reddy’s Laboratories shares surged over 2 per cent after the board of the company approved buyback of equity shares up to Rs 1,569 crore. Shares of Dr Reddy’s Labs were trading 2.54 per cent up at Rs 2,933.

2.38 pm: Sensex was up by 150.43 points, or 0.65 per cent at 23342.40. Nifty was trading 39.35 points up at 7,087.

2.04 pm: Dr Reddy’s Laboratories were trading 1.42 per cent up at Rs 2,901. Dr. Reddy’s Laboratories’ US subsidiary, Promius Pharma, LLC, US, has received approval for Sernivo (betamethasone dipropionate) Spray, 0.05 per cent from the US Food and Drug Administration (USFDA). Sernivo Spray, a prescription topical steroid, is indicated for the treatment of mild to moderate plaque psoriasis in patients 18 years of age or older. The commercial launch of the product is planned for the coming quarter.

2.02 pm: Allahabad Bank shares were trading in red after a domestic rating agency CRISIL cuts state-run lender’s tier-I and tier-II bonds from various levels to “AA”. Shares of Allahabad Bank were trading 0.94 per cent down at Rs 42.

1.57 pm: Sensex was down 85 points at 23,106. BASF India shares were trading nearly 3 per cent up at Rs 745.55.

1.47 pm: In the 50-share index, BPCL, Adani Ports, Dr Reddy’s Labs, Reliance Industries and Sun Pharma were up between 0.75 per cent and 3.50 per cent. On the other hand, GAIL, YES Bank, ICICI Bank, Cairn India and Coal India were down between 2.95 per cent and 4.10 per cent.

1.31 pm: Sensex was down 102 points at 23,089. Nifty was down 38 points at 7,010. Shares of Omaxe were trading 0.15 per cent up at Rs 134.30. Realty firm Omaxe has reported 16 per cent rise in its sales booking to Rs 1,335 crore in the April-December period of this fiscal. For the nine month period ended December, the company has sold a total of 3.57 million sq ft, consisting of 3.10 million sq ft of residential spaces and 0.47 million sq ft of commercial spaces with a total sales value of Rs 1,335 crore.

12.45 pm: YES Bank on Wednesday announced its collaboration with Ultracash Technologies to launch payments processing through Sound Waves. Ultracash utilises novel, first of its kind technology to enable merchant and person to person proximity payments. Shares of YES Bank were trading 3.63 per cent down at Rs 706.45.

12.26 pm: United Breweries (Holdings) shares were trading 5.71 per cent down at Rs 19. Shares of United Breweries (Holdings) were under pressure after the company received a letter from Punjab National Bank (PNB), whereby the bank has declared the company as a ‘Wilful Defaulter’. Sensex was down 50 points at 23,142. Nifty was down 21.10 points at 7,027.

12.03 pm: Stocks of the travel services provider Thomas Cook were trading 2.59 per cent up at Rs 194.40 after it has entered into an agreement with accommodation website Airbnb to offer Indian out-bound travellers access to a range of unique accommodation experience. Sensex was trading 82.03 points at 23,109.94. Nifty50 was trading 17.55 points down at 7,030.70.

11.40 am: Bharat Petroleum Corp Ltd (BPCL) shares were trading 3.29 per cent up at Rs 775.00 after it has received clearance from the Environment Ministry for a Rs 337-crore project at its Kochi Refinery in Kerala. Sensex was trading 34.53 points down at 23,157.44, while NSE Nifty was trading 12.65 points down at 7,035.60.

11.20 am: Larsen and Toubro shares were trading 1.16 per cent up at Rs 1120.80 as the government looks to double the length of the country’s highways to 2 lakh km, engineering and construction giant Larsen & Toubro has said it sees huge opportunities in the sector. Sensex was trading 5.53 points down at 23,186.44. Nifty50 was trading 9.70 points down at 7,038.55.

10.51 am: Dr Reddy’s Laboratories shares were trading 1.38 per cent up at Rs 2899.95 on reports that board is due to consider buyback at a meeting later in the day. Sensex was trading 189.30 points down at 23,002.67. NSE Nifty was trading 62.10 points down at 6,986.15.

10.32 am: Sensex was down 189 points at 23,002. Sentiment was dampened largely after Asian markets slipped into the negative terrain after an oil output freeze by Saudi Arabia and Russia disappointed investors.

10.04 am: Japanese automobile major Nissan Motor Company has sent a notice to Ashok Leyland Ltd terminating its technology development joint venture Nissan Ashok Leyland Technologies Pvt. Ltd over non-payment of royalty. The joint venture company is owned in 50:50 by the two partners. Shares of Ashok Leyland were trading 1.89 per cent down at Rs 85.80. Sensex was down 222 points at 22,969.

9.58 am: The rupee weakened by 24 paise to trade at a 30-month low of 68.62 against the dollar in early trade on Wednesday on sustained foreign fund outflows amid increased demand for the US currency from importers.

9.45 am: Nifty fell below the psychological mark of 7,000 in the morning trade. The 50-share index was trading 56.40 points down at 6,991.85. The 30-share index Sensex was trading 171.14 points down at 23,020.

9.40 am: Sensex was down 112 points at 23,080. Nifty was down 38 points at 7,010.20. Adani Transmission has raised Rs 500 crore on February 16, 2016 by allotment of 5,000 Rated, Listed, Taxable, Secured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each in 3 Series on private placement basis. The said NCDs will be listed on the Wholesale Debt Market segment of BSE. Shares of Adani Transmission were trading 3.15 per cent down at Rs 29.25.

9.26 am: Software provider Quickheal Technologies, which raised Rs 451 crore through its initial public offer (IPO), will list shares on the stock exchanges on Thursday.

9.19 am: Sensex was down 53.81 points at 23138.16. Nifty was down 16.20 points at 7,032. Just Dial shares were trading 3.53 per cent up at Rs 459.10. Just Dial on Tuesday informed stock exchanges that its buyback offer of 10,61,499 equity shares would open for subscription on February 25, and close on March 10.

9.15 am: Sensex opened 45.26 points up at 23,237.23, while Nifty opened 10.60 points up at 7,058.85. Valecha Engineering, a leading infrastructure development company bagged two projects worth Rs 398.03 crore. The company has secured first order worth Rs 308.77 crore for the rehabilitation and up-gradation of NH-43 from km 130 to km 180 (Kanker to Bedma section) to two lane with paved shoulder in the state of Chhattisgarh under NHDP-IV on EPC basis. Shares of Valecha Engineering were trading over 6 per cent higher in the opening trade.

8.30 am: The BSE Sensex and NSE Nifty are likely to open higher on Wednesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global markets.

At 8.15 am (IST), SGX Nifty was up 38 points, or 0.54 per cent, at 7,086.

Asian peers, Hang Seng and Shanghai were up 0.65 per cent and 0.55 per cent, respectively. On the other hand, Nikkei was down by 0.26 per cent in the morning trade.

The Dow ended Tuesday with gains of 1.39 per cent, while the S&P 500 added 1.65 per cent and the Nasdaq 2.27 per cent.

Sensex plunged over 362 points on Tuesday to end at 23,191.97, dragged down by profit-booking amid contraction in exports last month. The NSE Nifty index closed lower by 114.70 points or 1.60 per cent at 7,048.25.

Shares of Adani Ports and Cipla will remain in focus on Wednesday. Adani Ports and Special Economic Zone (APSEZ) on Tuesday said it has raised Rs 750 crore through issuance of non-convertible debentures on a private placement basis.

Drug major Cipla on Tuesday said the government has approved an investment by Mauritius-based FIL Capital Investments in its subsidiary, Cipla Health Ltd.

Crude oil futures rebounded on Wednesday on investor hopes that a deal between Saudi Arabia and Russia to freeze oil output at January levels would lead to a wider pact among producers that could eventually see production cuts to support prices.

(With agency inputs)