The BSE Sensex and NSE Nifty snapped a six-day losing streak on Thursday as investors bought into beaten down shares such as Reliance Industries.
The BSE Sensex and NSE Nifty snapped a six-day losing streak on Thursday as investors bought into beaten down shares such as Reliance Industries even as sentiment remained cautious ahead of the US Federal Reserve meeting next week. Sensex closed 216.27 points up at 25,252.32, while Nifty closed 70.80 points up at 7,683.30.
In the 50-share index, Reliance Industries, Tata Steel, Hindalco, HDFC and Bajaj Auto gained between 2.50 per cent and 3.65 per cent. On the other hand, Lupin, M&M, YES Bank, Tata Motors and Punjab National Bank slid between 1 per cent and 1.75 per cent.
All the sectoral indices on the BSE ended in green. The BSE Oil & Gas index gained the most — 1.89 per cent, followed by BSE Metal index (up 1.65 per cent) and BSE Realy index (up 1.63 per cent).
There was sudden spurt in the second half of the trade, taking the benchmark indices to the highest point of the day. The surge was led by the gains in market heavyweight Reliance Industries. Traders also rejoiced the report that indirect tax collection jumped 34.3 per cent to Rs 4,38,291 crore during the first eight months of current financial year. Finance minister Arun Jaitley expects to mop up Rs 6.46 lakh crore from indirect taxes in FY16, a growth of around 19% over last year.
Gaurav Jain, director, Hem Securities, said, “A relief rally at the bourses backed by lower level buying and short covering. Cabinet Approval of some reforms in Shipping sector, Real Estate sector and infrastructure sector has lifted the investors’ confidence. Further, strengthening of rupee and smart recovery from European peers helped.”
The real estate stocks kept buzzing after the government approved the Real Estate (Regulation & Development) Bill, 2015. The government approved 20 changes in the Real Estate (Regulation and Development) Bill including a proposal for insurance of land title to protect buyers and developers from the risk of land fraud. DLF, NBCC, Prestige Real Estate and Unitech gained upto 5 per cent.
Market breadth for the day remained positive and advances to declines ratio for Nifty stood at 37:13 for the day. Volumes for Nifty stocks stood at 1,451 lakh, in line with Wednesday’s volumes of 1,441 lakh for Nifty stocks.
Meanwhile, Minister of State for Finance Jayant Sinha has said that meeting April 1 deadline for GST rollout seems to be challenging, amid ongoing political turbulence.
The FIIs as per Thursday’s data were net sellers in equity segment, while there were net buyers in debt segment, according to data released by the NSDL. In equity segment, the gross buying was of Rs 3105.64 crore against gross sell of Rs 3557.74 crore. Thus, FIIs stood as net sellers of Rs 452.10 crore in equities. In the debt segment, the gross purchase was of Rs 628.00 crore with gross sales of Rs 396.68 crore. Thus, FIIs stood as net buyers of Rs 231.32 crore in debt.
Benchmark indices corrected over 4 per cent in the past six trading sessions till December 9. BSE Sensex lost 1,133.36 points, while NSE Nifty shed 342.40 points during the period.
Asian equity markets ended mostly in red on Thursday as investors waited to see what the Federal Reserve will do at next week’s crucial meeting. Further, the People’s Bank of China allowed the yuan to depreciate against the dollar for a fourth consecutive day, sparking fears of competitive devaluations across Asia. Chinese shares ended lower after the China Securities Regulatory Commission said it would push ahead with a long-awaited reform to let companies and investors have more say in new share offerings as early as May.
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Markets through the day
3.30 pm: Sensex closed 216.27 points up at 25,252.32, while Nifty closed 70.80 points up at 7,683.30.
3.15 pm: Mandhana Industries share price soared as much as 11.65 per cent on Thursday after the Bombay High Court acquitted the Bollywood star Salman Khan of all charges in the 2002 hit-and-run case in which he was convicted and sentenced to five years imprisonment by a sessions court. The scrip was trading 2.23 per cent up at Rs 271. Mandhana Industries has an exclusive licence agreement with Salman Khan’s non-governmental organisation called Being Human.
3.03 pm: India’s Chennai Petroleum Corp has restarted two crude units or about 57 per cent of its 2,10,000 barrels per day (bpd) crude processing capacity at Manali refinery in the state of Tamil Nadu, a company spokesman said on Thursday. The share price of Chennai Petroleum Corp was trading 1.28 per cent up at Rs 197.50. Sensex was up 223 points at 25,259. Nifty was up 68.70 points at 7,681.
2.54 pm: The BSE Midcap index and BSE Smallcap index was up 0.65 per cent and 0.94 per cent, respectively. In the midcap space, Havells and GMR Infra were trading 7.55 per cent and 5.69 per cent up at Rs 303.95 and Rs 15.80. Sensex was up 185 points at 25221. Nifty was up 53.30 points at 7,668.
2.49 pm: Infosys was trading over 1 per cent up after the company has made an investment of $4 million in CloudEndure, a startup that provides cloud migration and cloud-based disaster recovery software. The BSE IT index was up 0.94 per cent at 10,697.89.
2.30 pm: Foreign Investment Promotion Board (FIPB) will be taking up17 Foreign Direct Investment (FDI) proposals, in its meeting on December 16.The proposals include those of Cadila Healthcare and Holcim (lndia) followingrecent changes in the FDI policy. Proposals of Cadila Healthcare and Holcim(lndia) were earlier recommended by the FIPB for consideration of CabinetCommittee on Economic Affairs (CCEA), but are listed on the agenda of theDecember 16 meeting.
FIPB had recommended the Rs 5,000 crore Cadila Healthcareproposal for consideration of CCEA. Cadila Healthcare is seeking approval forfresh equity infusion of up to Rs 5,000 crore under FDI route by QIBs throughQualified Institutional Placement on a private placement basis for theexpansion of the business.
2.12 pm: After falling as much as 4.9 per cent on Thursday, share price of SpiceJet was trading 0.84 per cent up at Rs 66.30. Sensex was up 143.37 points at 25,179. Nifty was up 43.35 points at 7,655.
1.55 pm: Sensex was up 206 points at 25,242. Nifty was up 54.95 points at 7,664. Sun Pharma has entered into an agreement with Israel’s Weizmann Institute of Science and Spain’s Health Research Institute of Santiago de Compostela to develop products for treating neurological diseases like brain stroke and glioblastoma, a lethal brain cancer.
1.46 pm: European shares fell for a third straight session on Thursday, dropping to a two month low, with hotel companies among the top losers.
1.27 pm: Sensex was up 83 points at 25,119. Insecticides (India) is planning to set up a manufacturing plant to produce bio-products and will soon launch new products in biotechnology related to soil fertility and plant nutritions. The company is also planning to set up R&D facility specifically for research in bio-technology and dedicated manufacturing facility for manufacturing bio-products. The share price of Insecticides (India) was down 1.04 per cent at Rs 400.
1.12 pm: In the afternoon trade, the BSE Real Estate index was up 1.44 per cent at 1,296.70. Realty majors such as Phoenix Ltd was trading 5.79 per cent up at Rs 338.85. It was followed by Unitech (up 2.95 per cent), Prestige Estates Projects (up 2.81 per cent), NBCC (up 2.22 per cent) and Ashiana Housing (up 1.59 per cent). Sentiment got up-beat with the report that cabinet approved the revised Real Estate (Regulation and Development) Bill, 2015, leading to a rally in real estate stocks, the passage of the Bill, which covers both residential and commercial real estate, could lead to a re-rating of the domestic real estate sector.
12.26 pm: Sensex was up 80.65 points at 25,116. Nifty was up 24.35 points at 7636.85. The market breadth on BSE was positive, out of 2,520 stocks traded, 1,432 stocks advanced, while 926 stocks declined on the BSE.
11.59 am: Jain Irrigation Systems, one of India’s largest Micro-Irrigation manufacturers, has received $32.98 Million (Approx Rs 220 crore) contract from DAR ES Salaam water and Sewerage Authority (DAWASA) for the Supply and Installation of Water Distribution Network in DAR ES Salaam, Tanzania. The project is financed by EXIM Bank of India under Government of India Line Of Credit (LOC) program. The $32.98 Million project is an integrated water supply project with unique design to ensure reduced water supply losses across entire network. This project will create complete network of water for large number of citizens. The share price of the company was trading 1.79 per cent up at Rs 43.
11.45 am: Market sentiment also got a some boost on report that indirect tax collection jumped 34.3 per cent to Rs 4,38,291 crore during the first eight months of current financial year. However, gains remained capped on report that foreign portfolio investors (FPIs) sold shares worth a net Rs 527 crore on Wednesday as per provisional data released by the stock exchanges. Sensex was up 84.23 points at 25,120. Nifty was up 21.65 points at 7,634.
11.19 am: Sensex was up 30 points at 25,066.84. Nifty was up 6.70 points at 7,619. ABG Shipyard has delivered a Pollution Control vessel to Indian Coast Guard on December 09, 2015. This was the third and the last vessel of its series. The vessel is propelled by diesel electric system with the maximum speed of 21 knts an endurance of 6000 KN miles. The vessel is designed to operate twin engine advance helicopter. The vessel is 94 Mtrs long, draws 4500 tonnes and is equipped with modem oil pollution control equipment with the capacity of containment and recovery of oil at sea. The share price of ABG Shipyard was up 3.34 per cent at Rs 65.
10.50 am: Havells India share price gained as much as 5.16 per cent in the morning trade on Thursday after the company announced 80 per cent stake sale in Havells Sylvania Malta BV to Shanghai Feilo Acoustics.
10.30 am: Inox Wind’s wholly owned subsidiary – Inox Wind Infrastructure Services has acquired 100% equity shares of Sarayu Wind Power (Tallimadugula) with effect from December 09, 2015. Pursuant to this, Sarayu Wind Power (Tallimadugula) has become step down subsidiary of Inox Wind. The company has taken this step in continuance with its expansion in Andhra Pradesh state.
9.56 am: Brokers said value-based buying in blue-chips after recent losses coupled with covering of short positions by speculators influenced trading sentiment. In the 50-share index, Hindalco, Vedanta, GAIL, Reliance Industries and Tata Steel were up between 1.50 per cent and 2.80 per cent. On the other hand, Lupin, Zeel, Sun Pharma, YES Bank and BPCL were down between 0.95 per cent and 2.25 per cent. Nifty was up 7,638.95.
9.50 am: The rupee rose marginally by 4 paise to 66.79 against the US dollar in early trade today at the Interbank Foreign Exchange on fresh selling of the American currency by exporters and banks. Sensex was up 75 points at 25,111.
9.25 am: Drug firm Aurobindo Pharma has received final approval from the US health regulator to manufacture and market its oral contraceptive Levonorgestrel tablets. Shares of Aurobindo Pharma were trading 1.14 per cent up at Rs 795.65.
9.20 am: Shares of Biocon jumped 1.5 per cent in the early trade after the company on Wednesday informed BSE that NeoBiocon, a collaboration between Biocon Ltd and BR Shetty led UAE-based Neopharma, has partnered with Novartis Middle East FZE to market diabetes drugs Jalra and Jalra-M in the UAE. Sensex was up 101 points at 25,137.
9.15 am: The BSE Sensex and NSE Nifty opened in green on Thursday on the back of value buying in some beaten down blue chip stocks. Sensex opened 100.66 points up at 25,136.71, while NSE Nifty index opened 30.80 points up at 7,643.30.
Asian stocks slipped on Thursday as weak oil prices continued to feed global growth worries, while the euro held solid gains after a policymaker poured cold water on market expectations of more easing by the European Central Bank.
The S&P 500 tracked weaker commodities and lost 0.8 per cent on Wednesday, while the Dow lost 0.4 per cent and the Nasdaq shed 1.5 per cent.
Back home, stock markets tumbled for a sixth straight session on Wednesday as the BSE Sensex plummeted by 274 points while the NSE Nifty cracked below the 7,700-level.
(With agency inputs)