The BSE Sensex and NSE Nifty surged 2 per cent on Friday on account of firm Asian markets. Value buying in metal, banks, auto, oil and gas, consumer durables and healthcare sectors also supported market sentiments throughout the day.
Sensex closed 473 points, or 1.98 per cent, up at 24,435.66, while Nifty 50 index settled 145.65 points, or 2 per cent, up at 7422.45.
Among the 30 components of Sensex, 26 stocks advanced on Friday with GAIL gained the most — 7.99 per cent, followed by Maruti Suzuki (up 5.39 per cent), Tata Steel (up 5.35 per cent), Hero MotoCorp (up 5.11 per cent) and Mahindra & Mahindra (up 5.06 per cent). Shares of Bharti Airtel fell 3.41 per cent to Rs 298.85.
In scrip specific development, shares of InterGlobe Aviation, which operates India’s largest airline IndiGo, on Friday witnessed heavy selling, fell over 19 per cent on investor concerns over the targeted fleet size by March due to delay in supply of more fuel-efficient planes by Airbus.
Shares of Idea Cellular slipped over 6 per cent after the company reported Q3 numbers that failed to meet market expectations. The telecom major posted a 0.5 per cent year on year fall in its Q3 consolidated net profits.
Sectorwise, the BSE Metal index, BSE Auto index and BSE Oil & Gas index jumped by 4.32 per cent, 3.65 per cent and 2.95 per cent, respectively. Rest all other sectoral indices also closed in green.
Jayant Manglik, president, retail distribution, Religare Securities, said, “Nifty made a strong comeback on Friday and closed up by nearly two percent; thanks to firm global cues and strength in rupee against the US dollar. It was a broad base recovery with auto and banking leading the pack alongside metal and energy counters. Besides, rebound in crude from its multi-years low, added to positivity.”
Additionally market sentiments got a boost with RBI Governor Raghuram Rajan stating that economic reforms in India are in right direction. Though, he also said that the level is wrong. We have too much of the wrong kind of regulation and too little of the right kind of regulation. Also, the strength in rupee too boosted the morale of the markets, which surged amid hopes a rebound in crude oil prices globally may halt outflows from emerging markets (EMs).
Asian equity markets ended in green on Friday, thanks to a rebound on Wall Street overnight following an uptick in oil prices and dovish comments from the European Central Bank (ECB). ECB President Mario Draghi on Thursday signaled that the governing council may provide more stimulus measures at its next meeting in March amid growing concerns over faltering global economic growth, which spooked investor sentiment worldwide.
China stocks ended up in volatile trading, with the market drawing some support from a rebound in global equity markets. Japanese shares ended higher, buoyed by a weaker yen, the bounce in oil prices and speculation that the Bank of Japan may announce fresh monetary stimulus next week to fend off the threat of deflation.
Hong Kong’s shares closed nearly 3 per cent higher, led by Chinese oil and coal producers after Premier Li Keqiang called for supply-side reforms and cutting overcapacity in the steel and coal industries.
|Asian Indices||Last Trade||Change in Points||Change in %|
Data Source: Ace Equity
Markets through the day
3.30 pm: Value buying and positive global cues supported market mood today. Sensex closed 473 points, or 1.98 per cent, up at 24,435.66, while Nifty 50 index settled 145.65 points, or 2 per cent, up at 7,422.45.
3.00 pm: Sensex was up 483.88 points at 24,446.09. Sectorwise, the BSE Metal index was among the top gainers with around 4.03 per cent gain. Rest all other sectoral indices were also trading in green.
2.36 pm: Sensex was up 490 points at 24452.11. Tata Steel shares were trading over 5 per cent up at Rs 247.80. Tata Steel has signed an in-principle agreement with the Quebec government to develop iron ore deposits in the Canadian province, a move that can help the steelmaker reduce its raw material costs. Both the parties will also work on developing the transit for iron ore, a key raw material used in making steel, from Arnaud Junction to the multi-user dock of the Port of Sept-Iles.
2.32 pm: Atul Ltd reported its Q3 results for third quarter ended December 31, 2015 on Friday. The company posted 13.46 per cent rise in its net profit at Rs 60.94 crore for the quarter ended December 2015 as compared to Rs 53.71 crore for the same quarter in the previous year. The company’s total income has decreased by 2.87 per cent to Rs 612.84 crore for the quarter under review from Rs 630.98 crore for the corresponding quarter of the previous year. Shares of Atul were trading 4.44 per cent up at Rs 1,464.
2.21 pm: Shares of InterGlobe Aviation, which operates India’s largest airline IndiGo, on Thursday witnessed heavy selling, plummeting nearly 19 per cent on investor concerns over the targeted fleet size by March due to delay in supply of more fuel-efficient planes by Airbus. Sensex was up 460 points at 24,422.
2.06 pm: Reliance Capital shares gained as much as 4 per cent after the company posted 121 per cent rise in its net profit figures to Rs 168 crore for the quarter ended December 2015. The company registered net profit of Rs 76 in the corresponding quarter a year ago. Sensex was up 424 points at 24,387.
1.49 pm: Dewan Housing Finance Corporation shares gained over 3 per cent post Q3 results. The company reported 16.44 per cent rise in its net profit at Rs 185.89 crore for the quarter ended December 31, 2015 as compared to Rs 159.65 crore for the same quarter in the previous year. The company’s total income has increased by 23.63 per cent to Rs 1885.32 crore for the quarter under review from Rs 1524.91 crore for the corresponding quarter of the previous year. The 30-share index, Sensex was up 405 points at 24,367.
1.27 pm: The BSE Smallcap index was outperforming other major indices. The index was up 2.01 per cent at 10,574. Smallcap stocks such as International Paper APPM and Jindal Poly were up 20 per cent and 15.31 per cent.
1.13 pm: Shares of ITC were trading 1.37 per cent up at Rs 310.75 ahead of its Q3 results today later in the day. Sensex was up 430 points at 24,393.
1.11 pm: Meanwhile, Nikhil Kamath, director- trading and risk, Zerodha, said, “The markets are still evidently bearish and the bottom may still be few percentage points away. It is interesting to note that the 6,800 Puts is attracting some trading interest, possibly indicating the level upto which Nifty may drop in near term. We would advice traders to remain short with 7,400 as stoploss. Also, considering we are close to expiry, traders can consider writing far OTM call options in both Nifty and Bank Nifty.”
1.02 pm: China stocks ended Friday up in volatile trading, with the market drawing some support from a rebound in global equity markets and oil prices. The CSI300 index rose 1.0 percent, to 3,113.46 points, while the Shanghai Composite Index gained 1.3 percent, to 2,916.56 points. For the week, CSI300 was down 0.2 percent and SSEC was up 0.5 percent.
12.57 pm: In the 50-share index, GAIL, Vedanta, State Bank of India, Hindalco and Bank of Baroda were up between 4.30 per cent and 7 per cent. On the other hand, Idea, Bharti Airtel, Tech Mahindra, Wipro and Infosys were down between 0.20 per cent and 6.20 per cent.
12.54 pm: Meanwhile DB Corp reported 2.27 per cent jump in its net profit at Rs 107.54 crore for the quarter ended December 2015 as compared to Rs 105.15 crore for the same quarter in the previous year. Shares of DB Corp were trading 2.93 per cent up at Rs 311. Sensex was up 426 points at 24,389.
12.40 pm: Jaguar Land Rover has become UK’s largest car maker, a dramatic turnaround in the fortunes of the luxury car brand since it was overtaken by Tata Motors over seven-years-ago. Shares of Tata Motors were trading 3.92 per cent up at Rs 342.30. Sensex was up 454 points at 24,416.
12.38 pm: InterGlobe Aviation shares were trading 17.81 per cent down at Rs 984.25. Interglobe Aviation on Thursday reported nearly 24 per cent rise in net profit at Rs 657.28 crore in the three months ended December 2015, boosted by low fuel prices and high passenger revenues. The carrier, which got listed in November 2015, had a net profit of Rs 531.57 crore in the year-ago period.
12.33 pm: Shares of L&T Finance Holdings gained over 3 per cent after the company posted 16.72 per cent rise in its consolidated net profit figures to Rs 211.96 crore for the quarter ended December 2015. The company posted net profit of Rs 181.60 crore in the corresponding quarter a year ago.
12.24 pm: Ashapura Intimates Fashion has signed a Letter of Intent (LOI) with Magneto Mall, Raipur to open Exclusive Brand Outlet (EBO). Shares of Ashapura Intimates Fashion were trading 2.37 per cent up at Rs 281.30. Sensex was up 447 points at 24,409.
12.09 pm: Shares of Kwality Ltd were trading 10 per cent up at Rs 108.50. Sensex was up 423 points at 24,385.
12.01 pm: Strides Shasun has received order on January 21, 2016 under the Competition Act, 2002 from the Competition Commission of India (CCI) approving the proposed transaction of the company for acquisition of Ranbaxy’s two CNS divisions. With this approval, all necessary regulatory approvals have been obtained. Shares of Strides Shasun were trading 3.45 per cent up at Rs 1,122.95.
11.45 am: Oil prices rose in Asia on Friday after the European Central Bank (ECB) signalled further stimulus measures to help the struggling eurozone economy, but analysts expect oversupply woes to limit gains. At around 0320 GMT, US benchmark West Texas Intermediate (WTI) for March delivery was up five cents at $ 29.58 barrel. Brent rose 13 cents to $ 29.38.
11.34 am: Goa Investment Promotion Board (GIPB) has granted in-principle approval to various proposals by Vedanta Limited for expansion of existing capacities at its pig iron plant (PIP). The company had put up a proposal for enhancement of its pig iron, coke, sinter and power plant at Navelim village, about 30 km from here, a senior GIPB member told PTI. Shares of Vedanta were trading 5.68 per cent up at Rs 66.05.
11.26 am: Japan’s Nikkei 225 index was trading 887 points, or 5.54 per cent, up at 16,904. Nifty was up 127 points at 7,404.
11.22 am: Syngene International shares gained over 8 per cent after the company on Thursday reported 31.25 per cent rise in net profit to Rs 58.8 crore for the third quarter of 2015-16 financial year. The company had posted a net profit of Rs 44.8 crore during the October-December period of previous fiscal. Sensex was up 407 points at 24,369.
11.02 am: Sensex was trading 410 points up at 24,373. Nifty was up 121 points at 7,398.20. Biocon shares gained as much as 2.2 per cent in the morning trade on Friday after the company announced 13.27 per cent rise in its consolidated net profit figures to Rs 103 crore for the quarter ended December 2015. The company posted net profit of Rs 90.93 crore in the corresponding quarter a year ago.
10.55 am: Shares of sugar companies were trading higher by up to 7 per cent. Shares such as Bajaj Hindusthan Sugar, Balrampur Chini and Dhampur Sugar Mills were up by 4.38 per cent, 3.60 per cent and 6.60 per cent, respectively. Sensex was up 373 points at 24,336.
10.49 am: Deepak Fertilisers on Thursday reported 1777.60 per cent rise in its net profit at Rs 23.47 crore for the quarter ended December 31, on account of volume growth and better efficiency margins. The company had posted a net profit of Rs 1.25 crore in the year ago period. Sensex was up 355 points at 24,317.
10.42 am: Cairn India shares were trading 2.68 per cent up at Rs 112.95 ahead of Q3 result today. Sensex was up 355 points at 24,317.
10.35 am: Sensex was up 335 points at 24,297. Brokers said fresh spell of buying following a firming trend at other Asian markets, tracking overnight gains in the US and European markets on hints of additional central bank stimulus and a rise in oil prices from 12-year lows, boosted the mood.
10.26 am: On the sectoral front all the indices on the BSE were trading in green led by Metal, PSU, Power, Bankex and Oil & Gas.
10.12 am: Sensex was up 316 points at 24,278.52. Nifty 50 index was trading 101 points up at 7,378. The BSE Telecom index was down 2.39 per cent at 1,198.85.
10.05 am: Raymond shares were trading nearly 1 per cent down after the company reported 17.58 per cent fall in its net profit at Rs 37.59 crore for third quarter ended December 2015 as compared to Rs 45.61 crore for the same quarter in the previous year. Sensex was up 291.68 points at 24,253.
10.02 am: Meanwhile, shares of Idea Cellular hit their new 52-week low of Rs 107.60 in the early trade post Q3 results.
9.42 am: The rupee firmed up by 24 paise to trade at 67.78 against the US dollar in early trade at the Interbank Foreign Exchange on fresh selling of the American currency by exporters and banks.
9.16 am: Sensex was up 240 points at 24,202.69. Nifty was trading 60.70 points up at 7,337.50. Idea Cellular shares plunged over 3 per cent in the early trade post Q3 results.
9.15 am: Sensex opened 159.85 points up at 24122.06, while Nifty 50 index opened 78.90 points up at 7,355.70. Siti Cable Network has received an approval for formation of a new company in Joint Venture (JV) with Dish TV India, wherein the company will subscribe memorandum of such new company for 4,800 equity shares of Rs 10 each aggregating to Rs 48,000. The board of directors at their meeting held on January 21, 2016 has approved for the same.
9.11 am: Sun Pharmaceutical Industries has received order from the Competition Commission of India (CCI) approving the proposed transaction of the company to sell Ranbaxy’s two CNS divisions to Strides Shasun (formerly known as Strides Arcolab). With this approval, all necessary regulatory approvals have been obtained.
8.41 am: Domestic equity markets are likely to open in green on Friday tracking SGX Nifty and Asian markets.
At 8.27 am (IST), SGX Nifty was up 0.74 per cent at 7,360.50.
Asian stocks rose on Friday after a hint of more monetary easing by the European Central Bank and a bounce in crude oil from 12-year lows helped soothe skittish markets.
Back home, the 50-share NSE Nifty on Thursday cracked below the 7,300-level by ending 32.50 points or 0.44 per cent down at 7,276.80, its lowest closing since May 30, 2014.
The BSE Sensex also failed to hold early morning gains on Thursday and dipped below the 24,000-mark to hit a low of 23,862 before ending 99.83 points or 0.41 per cent down at 23,962.21. This is the first below-24,000 closing since May 15, 2014.
(With agency inputs)