The BSE Sensex and NSE Nifty on Thursday closed in negative in a volatile trade on Thursday following weak global cues.
The BSE Sensex and NSE Nifty closed in negative on Thursday in a volatile trade following weak global cues. The barometer index, the S&P BSE Sensex, fell 81.14 points or 0.33 per cent to close at 24,772.97. The Nifty 50 index shed 25.60 points or 0.34 per cent to settle at 7,536.80.
Among 50 Nifty scrips, 31 ended in red with Axis Bank fell the most — 4.16 per cent to Rs 389.80. Other major losers that dragged down the benchmark index included BHEL (down 3.17 per cent), Tata Motors (down 2.96 per cent), Tata Steel (down 2.90 per cent) and State Bank of India (down 2.51 per cent).
Sectorwise, the BSE IT index, BSE TECk index and BSE FMCG index gained 1.93 per cent, 1.54 per cent and 0.16 per cent, respectively. On the other hand, the BSE Capital Goods index, BSE Bankex and BSE Realty index slid 1.77 per cent, 1.67 per cent and 1.46 per cent, respectively.
Gaurav Jain, director, Hem Securities, said, “Indices opened in deep red tracking its global partners but witnessed a sharp recovery post index heavyweight and IT Bellwether Infosys strong set of quarterly earnings. Indices consolidated post sharp recovery post the release of WPI numbers which still remains in the negative trajectory. Weak global indices also weighs the sentiment of the street.”
In a scrip specific development, Infosys shares gained 4.28 per cent after the IT major reported 6.6 per cent year-on-year and 1.97 per cent quarter-on-quarter growth in its consolidated net profit figures to Rs 3,465 crore for the quarter ended December 30,2015.
Tata Steel shares slid 3.36 per cent after it said the rating agency Standard & Poor’s downgraded the long-term corporate credit rating by a notch to ‘BB-‘ from ‘BB’, citing weak financial performance and high debt leverage.
Mastek shares fell as much 9.89 per cent intraday on Thursday after the company posted 70 per cent quarter-on-quarter fall in its consolidated net profit figures for the quarter ended December 2015. The company posted net profit of Rs 0.79 crore against Rs 2.99 crore in the sequential quarter ended September 30, 2015. Net profit of the company fell 90 per cent on year-on-year basis.
Global cues remained sluggish with European markets falling near 3 month lows with sentiment depressing by continued weakness in oil prices, which briefly dipped below the key $30 level, and worries over global economic growth. Asian markets ended mostly in red in the wake of steep losses on Wall Street, while a rout in oil and commodities prices, with crude plumbing 12-year lows, heightened fears about the global economy.
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Markets through the day
3.30 pm: The barometer index, the S&P BSE Sensex, fell 81.14 points or 0.33 per cent to close at 24,772.97. The Nifty 50 index shed 25.60 points or 0.34 per cent to settle at 7,536.80.
3.20 pm: NHPC has restored Unit-3 of its Chutak power station in Jammu and Kashmir (J&K) with effect from January 12, 2016. The unit was shut down on account of certain technical reasons in October. Chutak power station is run-of-the-river scheme with an installed capacity of 44 MW (4X11 MW) and harnesses the Hydropower potential of river Suru in Kargil district of Jammu & Kashmir. Shares of NHPC were trading 0.50 per cent up at Rs 20.20.
2.46 pm: Sensex was down 86 points, or 0.35 per cent, at 24767. The BSE Midcap index and BSE Smallcap index were trading down by 1.11 per cent and 1.30 per cent, respectively.
2.15 pm: Government approved five foreign investment proposals involving an inflow of Rs 6,050 crore including a Rs 5,000-crore plan of Cadila Healthcare for fresh equity infusion. Shares of Cadila Healthcare were trading 0.92 per cent down at Rs 316.95. Sensex was down 5.73 points, or 0.02 per cent, at 24,848.
2.00 pm: The government will present the Union Budget for 2016-17 on February 29, Minister of State for Finance Jayant Sinha said on Thursday.
1.56 pm: The S&P BSE Sensex was trading flat, down 1.50 points, or 0.01 per cent, at 24,852 in choppy trade. Nifty was down 4.60 points at 7.557.
1.38 pm: Talwalkars Better Value Fitness informed BSE that Talwalkars Better Value Fitness (TBVF) has entered into a Memorandum of Understanding (MOU) with Zorba – A Renaissance Studio (Zorba) a chain of yoga studios having operations in Chennai. As per the terms of the MOU, TBVF shall acquire 50 per cent stake in Zorbas rapidly growing Yoga Studios business. The investment into Zorba will enable TBVF to further strengthen its wellness and fitness offerings initially in the Chennai market and also enable the company to expand its yoga training activities across multiple locations of TBVF in India thereby benefiting TBVFs existing members. Shares of TBVF were trading 0.94 per cent down at Rs 242.
1.12 pm: Deep Industries shares were trading 7 per cent up at Rs 178.80. The company has received Notification of Award for Hiring of Natural Gas Compression Services at CTF Ankleshwar for a capacity of 1 LSCMD and period of one year. The total value of said award is of Rs 7.26 crore. Sensex was up 91 points at 24,944.
12.58 pm: Benchmark indices pared initial losses and was trading in green. Sensex was up 34.43 points at 24886.59. Nifty was flat at 7,562.40.
12.35 pm: India’s wholesale prices fell for a 14th straight month in December, declining an annual 0.73 percent, driven down by tumbling oil prices. Sensex was trading 36.40 points down at 24,817.71. NSE Nifty was trading 13.25 points down at 7,549.15.
12.10 am: Meanwhile, Coffee Day Enterprises’ subsidiary – Coffee Day Global under its brand ‘Cafe Coffee Day’ informed BSE that it is planning to roll out an ‘App’ for Loyalty, Analytics, Payment, personalization & CRM to engage with its customers. Shares of Coffee Day Enterprises were trading 0.66 per cent down at Rs 257.50.
11.45 am: Reliance Industrial Infrastructure (RIIL) on Wednesday reported an over 25 per cent drop in its third quarter net profit to Rs 3.96 crore. The company had recorded a net profit of Rs 5.32 crore in October-December of the last fiscal 2014-15, RIIL said in a statement. Shares of RIIL were trading 1.68 per cent down at Rs 439.75. Sensex was down 78.88 points at 24,775. Nifty was down 30.50 points at 7,531.90.
11.30 am: On the present market scenario, Nithin Kamath, founder and CEO, Zerodha, said, “This market reminds me of the markets in August/September 2013, which in my opinion was the best time to build a long term portfolio in recent times. Investors should not worry about the current sentiment in the market but instead focus on picking high quality stocks which are now available at reasonable valuations. Regarding Infosys, the results are very encouraging especially since the company is up beat on the dollar revenue guidance. We are optimistic that the earnings momentum in Infosys will continue.”
11.03 am: In the 50-share index, Infosys, HCL Tech, Tech Mahindra, Lupin and Asian Paints were trading up between 0.49 per cent and 4.39 per cent. On the other hand, Tata Steel, Tata Motors, Axis Bank, Hindalco and BHEL were down between 2.60 per cent and 4.15 per cent. Nifty50 index was down 48.45 points at 7513. Sensex was down 134 points at 24,720.
10.48 am: Everest Industries announced its results for third quarter ended December 31, 2015 on Wednesday post market hours. The company posted around two fold jump in its net profit after tax at Rs 2.76 crore for the quarter under review as compared to Rs 1.14 crore for the same quarter in the previous year. Total income of the company increased by 1.86 per cent at Rs 282.46 crore for Q3FY16 as compared Rs 277.3 crore for the corresponding quarter of previous year. Shares of Everest Industries were trading 1.94 per cent up at Rs 258.10. Sensex was down 177 points at 24,677.
10.27 am: Tata Steel dipped over 5 per cent on the BSE after the company said the rating agency Standard & Poor’s downgraded the long-term corporate credit rating by a notch to ‘BB-‘ from ‘BB’, citing weak financial performance and high debt leverage. Sensex was down 231 points at 24,623.
10.16 am: Foreign portfolio investors (FPIs) sold shares worth a net Rs 75.90 crore on Wednesday as per provisional data released by the stock exchanges that dampened the markets.
9.49 am: The rupee again breached the 67-mark by depreciating 26 paise to trade at one-month low of 67.11 against the dollar in early trade on Thursday, mainly due to strong demand for the American unit from importers and banks amid a lower opening in the domestic equity market.
9.42 am: Infosys on Thursday reported 6.6 per cent year-on-year and 1.97 per cent quarter-on-quarter growth in its consolidated net profit figures to Rs 3,465 crore for the quarter ended December 30,2015. The IT major posted bottom line figures of Rs 3,250 crore in the corresponding quarter a year ago. Shares of the company were trading 4.16 per cent up at Rs 1,127.35. Sensex was down 207.21 points at 24,647.
9.26 am: Infosys apponted Punita Kumar Sinha as an Independent Director. Shares of Infosys were trading 2.53 per cent down at Rs 1,055.
9.24 am: Hyderabad-based infrastructure players Nagarjuna Constructions (NCC) and Gayatri Projects are reportedly in the final stages of selling their 100 per cent stake in the special purpose vehicle operating the Meerut-Muzaffarnagar project on National Highway (NH) 58 to I Squared Capital and International Finance Corporation (IFC) backed Cube Highways. The project has been operational for the last four years and attracts steady traffic. The deal is likely to be sealed for an enterprise value of around Rs 600 crore. Shares of NCC and Gayatri Projects were down 4.07 per cent and 2.34 per cent in the early trade.
9.16 am: Sensex was down 346 points at 24,508. Infosys shares were trading 2.01 per cent down at Rs 1,061.
9.15 am: Benchmark indices opened 1 per cent down on account of weak global markets. Sensex opened 279.91 points down at 24,606.20, while Nifty50 index opened 95 points lower at 7,467.40.
8.39 am: The BSE Sensex and NSE Nifty are likely to open in negative on Thursday tracking SGX Nifty and weak global markets.
At 8.25 am IST, SGX Nifty was trading 97.50 points, or 1.30 per cent, down at 7,476.50, indicating a negative start for the Indian stock markets.
Asian shares declined on Thursday in the wake of steep losses on Wall Street, while a rout in oil and commodities prices, with crude falling 12-year lows, heightened fears about the global economy.
The Dow Jones Industrial Average lost 364.81 points or 2.21 per cent to 16,151.41, the Nasdaq fell 159.85 points or 3.41 per cent to 4,526.07 while, the S&P 500 dropped 48.40 points or 2.50 percent to 1,890.28.
Back home, equities ignored bearish macroeconomic data and muted quarterly numbers to log a surprise rally on Wednesday as the benchmark BSE Sensex recovered from 19-month lows to
end 172.08 points higher at 24,854.11 on late buying in Reliance Industries and Infosys amid firm global cues.
The NSE Nifty ended 52.10 points or 0.69 per cent higher at 7,562.40. Intra-day, it dropped to a low of 7,425.80.
Infosys will announce its Q3 results on Thursday. Shares of the IT major surged 3.08 per cent to Rs 1,082.35 on Wednesday.
(With agency inputs)