The BSE Sensex and NSE Nifty closed the volatile day on a flat note as investors opted to remain on sidelines ahead of January F&O expiry session and US Federal Reserve policy outcome due later in the day. Sensex closed 6.44 points up at 24,492, while Nifty settled 1.60 points up at 7,437.75.
In the 50-share index, NTPC, PowerGrid, Dr Reddy’s Labs, Idea Cellular and Punjab National Bank gained between 1.95 per cent and 4.40 per cent. On the other hand, BHEL, Ambuja Cement, Asian Paints, HUL and Hero MotoCorp slid between 1.90 per cent and 4.07 per cent.
Sectorwise, the BSE Capital Goods index and BSE Consumer Goods index slid 0.69 per cent and 0.19 per cent to 12,346.23 and 11,895.66, respectively. The BSE Power index and BSE Telecom index gained 1.62 per cent and 1.12 per cent to 1,801.05 and 1,211.94, respectively.
Gaurav Jain, director, Hem Securities, said, “Indices remain in consolidation mode ahead of the outcome of US Fed meet which concludes tonight. Bounce back in the commodity prices and positive global markets lifted the sentiments. However, depreciation in rupee capped the gains.”
Steel stocks remained in lime light on report that bucking the global trend of a consistent decline in steel production, India is the only country among major steel producing countries such as China, Japan, South Korea and the US which recorded a positive trend in steel production and consumption in 2015.
The World Steel Association (WSA) report notified that India world’s third largest steel producer rose 2.6 per cent in 2015 to 89.6 million tonne (MT), against 87.3 mt in 2014. Buying in power stocks too edged higher after Coal India’s supply to the power sector increased by 6.8 per cent to 299.10 million tonnes in the first 9 months of the current fiscal.
Among major earnings announcements on Wednesday, Havells India fell by more than 3.5 per cent intraday after the company failed to meet market expectations. The company reported a profit after tax (PAT) of Rs 121 crore in the December-15 quarter against market expectations of Rs 130 crore. In another major stock specific action, shares of Indosolar remained in action after market reports that the company’s lenders are in talks to sell the company’s assets to asset restructuring companies and are demanding for management change. The stock closed 4.96 per cent down at Rs 10.16.
Asian equity markets ended mostly higher on Wednesday, with Japanese shares climbing to a near two-week high in the run-up to a BOJ meeting, after Wall Street stocks rose sharply overnight amid a rebound in oil prices, upbeat consumer confidence and home price data as well as better-than-forecast earnings from companies such as Procter & Gamble, Johnson & Johnson, 3M Co. and Coach Inc. Hong Kong shares rebounded, probably helped by modest improvement in other regional markets though investors remained nervous as oil pulled back again and as they waited on a policy decision from the Federal Reserve later in the day. Chinese shares trimmed early losses to end slightly lower, adding to the previous session’s steep losses. Worries about economic growth resurfaced after official data showed profits earned by Chinese industrial enterprises declined at a faster pace in December, weighed down by sluggish domestic demand and severe overcapacity across many manufacturing industries. Industrial profits fell an annual 4.7 per cent, marking the seventh straight month of declines.
|Asian Indices||Last Trade||Change in Points||Change in %|
Source: Ace Equity
Markets through the day
3.30 pm: Key benchmark indices BSE Sensex and NSE Nifty closed on a flat note after swinging between minor gains and losses on Wednesday as investors avoided risky bets ahead of US Federal Reserve policy statement due later in the day. Sensex closed 6.44 points up at 24,492, while Nifty settled 1.60 points up at 7,437.75.
2.50 pm: Havells India shares recovered nearly 4 per cent post Q3 result. The scrip was trading 0.40 per cent down at Rs 300.65. Shares of Havells India opened at Rs 301.95 on Wednesday and had touched a high and low of Rs 303.75 and Rs 291.30, respectively, in trade so far. Net Profit of Havells for the quarter ended December 2015 grew by 4 per cent to Rs 121 crore as compared to Rs 116 crore in the corresponding quarter of previous year.
2.44 pm: Upbeat about a rise in aluminium consumption in India, Navaratna PSU Nalco is all set to invest Rs 30,000 crore in various projects in the next five years. Shares of Nalco were trading 0.14 per cent up at Rs 34.75. Sensex was up 54 points at 24,539.
2.29 pm: Traders were seen piling position in power, realty and PSU stocks while selling was witnessed in capital goods, banking and metal sector stocks.
2.14 pm: Shares of JK Cement fell over 1 per cent after the company informed BSE that the clinker extraction and cement production in a cement manufacturing unit in Karnataka has been stopped temporarily. Sensex was up 51 points at 24,537. Nifty was up 11 points at 7,447.
1.50 pm: Aurobindo Pharma has received approval from the US health regulator to manufacture and
market generic Voriconazole tablets used for the treatment of fungal infections. Shares of Aurobindo Pharma were trading 1.70 per cent down at Rs 803.95. Sensex was down 10 points at 24,475. Nifty was almost flat at 7,436.25.
1.27 pm: Chinese stocks retreated again on Wednesday but other Asian markets rose following Wall Street’s gain as investors looked ahead to the US Federal Reserve’s latest statement on interest rates and the economic outlook. China’s Shanghai Composite Index shed 2.4 per cent to 2,682.65, adding to Tuesday’s 6.4 per cent loss. The Chinese benchmark has now given up almost all the gains made since
1.22 pm: Union Bank of India shares were trading nearly 9 per cent up at Rs 129.30. Sensex was up 75.84 points at 24,561. Nifty was up 22.30 points at 7,458.
1.19 pm: Meanwhile, Strides Shasun said the company has got an order from Competition Commission of India approving acquisition of seven brands from Johnson & Johnson. Shares of Strides Shasun were trading 1.57 per cent up at Rs 1,173.85.
1.17 pm: HDFC shares were up 0.53 per cent up at Rs 1,180.30. The company will announce its Q3 result later today.
1.12 pm: Global fund house First State Investments Management (UK) Ltd has bought stake in FMCG major Marico Ltd for over Rs 184 crore through an open market transaction. According to a BSE filing, the investment firm which earlier had 6.72 per cent stake in Marico, bought about 85.41 lakh shares, or 0.66 per cent stake, in the company. Shares of Marico were quoting at Rs 214.05, down by 0.47 per cent against its previous close. Sensex was up 98 points at 24,584.
12.47 pm: Public sector oil firms IOC, BPCL, HPCL and EIL will invest Rs 1.5 lakh crore in setting India’s biggest refinery on the west coast. Indian Oil Corporation (IOC), the nation’s biggest refiner, will build a 60-million tonne a year oil refinery in Maharashtra along with Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Engineers India (EIL). The refinery will be built in 2 phases (40+20 million tonnes). The first phase will have more than Rs 1 lakh crore investments. Shares of IOC, HPCL and EIL were trading up by 2.05 per cent, 1.09 per cent and 0.76 per cent. BPCL shares were down by 0.02 per cent.
12.37 pm: Investors got some encouragement with the Standard & Poor’s Rating Services’ statement that the Indian economy is less vulnerable to external shocks as it is mainly driven by household consumption and government spending, and not dependent on hot money which can move out quickly. However, sentiments remained cautious ahead of the expiry of January derivative contracts on Thursday. Further, investors also await the outcome of the US Fed meet which ends later today. Sensex was up 124 points at 24,610.
12.20 pm: Sensex was up 105 points at 24,588. Nifty was up 29.70 points at 7,465. Shares of Ramco Systems were trading 2.16 per cent up at Rs 616.05. AAI Worldwide Logistics Inc, a leading logistics and freight-forwarding firm in the Philippines and its new Express Courier business unit Black Arrow Express, on Wednesday announced that it will implement Ramco Systems’ Logistics Software to streamline its domestic and international freight forwarding operations.
11.55 am: Shares of Vardhman Textiles surged over 6 per cent after the company reported a strong 66 per cent year on year growth in consolidated net profit at Rs 161 crore for the third quarter ended December 31, 2015 due to lower raw material cost.
11.45 am: A bout of volatility kicked in as the benchmark Sensex slipped into the red after opening higher, but is still trading higher by 20 points amid higher Asian cues. This came on the back of buying in power, realty, technology and healthcare sectors while financials, banking, capital goods, metal and consumer durables stocks lost ground.
11.39 am: Container Corporation of India shares fell as much as 3 per cent after the company reported 31.54 per cent fall in its net profit at Rs 206.12 crore for the quarter ended December 31, 2015 as compared to Rs 301.08 crore for the same quarter in the previous year.
11.33 am: Reliance Capital has acquired more than 5 per cent voting rights in Radiant Hues CRM Solutions. The company is planning to invest up to Rs 4.61 crore in Radiant Hues in tranches till May 2017. Shares of Reliance Capital were trading 0.07 per cent down at Rs 372.40. Sensex was up 24 points at 24,510.
11.00 am: Sensex was up 36.92 points at 24,522. Nifty was up 4.70 points at 7,440. In the 50-share index, Power Grid, NTPC, Idea Cellular, Sun Pharma and ZEEL were up between 1.45 per cent and 3.20 per cent. On the other hand, Bank of Baroda, BHEL, HUL, Coal India and Ambuja Cements were down between 1.30 per cent and 2.70 per cent.
10.45 am: In order to expand its manufacturing capacity, Blue Star is reportedly planning to set up two new facilities, one in Jammu and the other at Sri City, near Tada, about 60 km to the North of Chennai. These new facilities will increase the production of room ACs by around 5 lakh units. Shares of Blue Star were trading 0.41 per cent up at Rs 357.55.
10.05 am: SpiceJet was quoting 9.14 per cent up at Rs 86 on BSE. Budget airline SpiceJet on January 22 reported a net profit of Rs 238.40 crore for the quarter ended December 2015, staying profitable for the fourth straight quarter mainly aided by lower fuel costs. This was also the highest ever profit recorded by the carrier, which was facing turbulent times a year ago. Sensex was up 56.95 points at 24,541.
10.00 am: The rupee was trading lower by 15 paise at 67.98 against the American currency in early trade on Wednesday at the Interbank Foreign Exchange market as the dollar firmed up overseas. Sensex was down 4 points at 24,481.
9.54 am: Mid-sized IT firm Persistent Systems is eyeing $1 billion in revenue and will focus on acquisitions to achieve the target. In the first nine months of the fiscal, the company clocked 9.9 per cent growth in its dollar revenues at $251.20 million. The company had set up a dedicated team for mergers and acquisitions. The company has cash and equivalents of Rs 870 crore as of December 31. Shares of Persistent Systems were trading 4.38 per cent up at Rs 634.60.
9.49 am: Apollo Hospitals Enterprises’ group company will sell 23.3 per cent stake in Apollo Munich Health Insurance to Munich Re. This deal values the insurer at Rs 703 crore. The board of directors of Apollo Energy Company, an Apollo Hospitals Group Company, has approved the divestment of 23.3 per cent shareholding in Apollo Munich to its joint venture partner, Munich Re of Germany for Rs 163.5 crore. The opportunity for Munich Re to increase its shareholdings was provided through the decision of the government in March 2015 to increase the foreign direct investment cap in the insurance sector from 26 per cent to 49 per cent. Shares of Apollo Hospitals were trading 0.57 per cent up at Rs 1,428.05.
9.40 am: Shares of Bajaj Auto were trading 0.61 per cent down at Rs 2,309. Indian naval ship (INS) Vikrant, the first aircraft carrier, which played a pivotal role in the 1971 Indo-Pak war, has made its way into a commuter bike to be launched by Bajaj Auto next month. The Pune-based, India’s most valued two- and three-wheeler maker, will launch a 150-cc motorcycle on February 1 christened ‘V’ which is built from metal used in the country’s most celebrated aircraft carrier. This will be the eight product by Bajaj Auto this financial year and the first in 2016. ‘V’ is a new brand by the company complementing five of its predecessors in production. Sensex was down 10 points at 24,475. Nifty was down 13.65 points at 7,422.
9.22 am: NBCC bagged work order from ITPO for re-development of Pragati Maidan in New Delhi for an estimated cost of Rs 2,149 crores. Shares of NBCC were up 2.64 per cent at Rs 955.50. Sensex was up 7.99 points at 24,493. Nifty was down 6.70 points at 7,429.
9.16 am: Sensex was up 31 points at 24,517. IndiGo shares were up nearly 4 per cent in the early trade. IndiGo’s parent InterGlobe Aviation on Monday said it is in discussions with aircraft maker Airbus regarding the delay and revised schedule for the delivery of new planes. In December, the no-frills carrier said there was no clear visibility about the delivery of A320 neos as delivery of the first aircraft was delayed by Airbus due to “industrial reasons”.
9.15 am: Sensex opened 157.18 points up at 24,643.13. Nifty 50 index opened 33.45 points up at 7,469.60. Crude oil futures surged on Tuesday amid signs that OPEC will cooperate on curbing production. OPEC renewed calls for rival producers to cut supply alongside its members. OPEC’s Gulf members have insisted OPEC will not cut production alone, which would cede market share to rivals. However, worries about world’s second largest oil consumer, China’s economy limited crude’s gains.
8.41 am: The BSE Sensex and NSE Nifty are likely to open in green on Wednesday tracking SGX Nifty amid mixed global markets.
At 8.23 am (IST), SGX Nifty was up 0.53 per cent, or 39.50 points, at 7,435.
Asian peers, Hang Seng and Nikkei were up by 2.56 per cent and 1.19 per cent, respectively, while Shanghai was down 0.92 per cent.
Chinese shares struggled on Wednesday after plunging in the previous session, taking little comfort from a rise in global markets, though sentiment is fragile ahead of a policy statement later from the US Federal Reserve.
On Wall Street, the Dow Jones Industrial Average on Tuesday jumped 282.01 points, or 1.78 per cent, to close at 16,167.23. The Standard & Poor’s 500 index rose 26.55 points, or 1.4 per cent, to 1,903.63. The Nasdaq composite index added 49.18 points, or 1.1 per cent, to 4,567.67.
Back home, domestic equity markets were closed on Tuesday on account of the Republic Day. On Monday, the benchmark index Sensex ended over 50 points higher at 24,485.95. Nifty 50 index settled 13.70 points up at 7,436.15.
(With agency inputs)