Domestic equity indices BSE Sensex and NSE Nifty wiped off initial losses and gained over a percentage point on Monday on account of buying in frontline bluchip counters amid expectation of normal monsoon this year. However, investors remained cautious ahead of the March-quarter earnings season that will start from April 15 with Infosys’ results.
Sensex closed 348.32 points up at 25,022.16, while Nifty 50 index settled 116.20 points up at 7,671.40.
In the 50-share index, Idea Cellular, Bosch, Hindalco, Bank of Baroda and Adani Ports gained between 4.35 per cent and 5.90 per cent. On the other hand, Lupin, Ambuja Cements, Dr Reddy’s Labs, Cipla and UltraTech Cements slid between 0.27 per cent and 1.32 per cent.
After two years of deficient rainfall, government on Monday said monsoon this year is expected to be normal and directed states to chalk out plans to boost crop acreage and production in Kharif season starting June.
CRISIL Research, India’s largest independent and integrated research house, expects India Inc to report Ebidta (earnings before interest, taxes, depreciation, and amortisation) growth of around 7 per cent for the quarter ended March 31, 2016. That will mark the fastest growth in six quarters, driven by higher gross margins derived from lower commodity prices.
The government will release data for Consumer Price Inflation for March and Index of Industrial Production for February on April 12. Some cautiousness also crept in with a WTO report stating that India’s rank remained unchanged at 19th in 2015 in the list of top 30 merchandise exporters of the world, though India’s ranking among top importers slipped by one notch to 13th in 2015. India’s exports dipped by 17.2 percent to $ 267 billion last year while imports aggregated at $ 392 billion.
Bharti Airtel gained 4.20 per cent after the company said on Friday it had agreed to pay Aircel $526 million for radio frequencies in eight service areas, to make its fourth-generation mobile broadband services available across India.
Among losers, Monsanto India shares slid 1.78 per cent after the country’s farm minister said India would continue to regulate seed prices to benefit its farmers.
Overall market breadth for the day remained positive and advances to declines ratio for Nifty stood at 45:5 for the day.
Stock markets will remain closed on Thursday and Friday for public holidays.
Asian equity markets ended mixed on Monday, with mainland Chinese shares posting strong gains on signs of easing deflationary pressures in the world’s second-largest economy. China reported its inflation rate in March was 2.3 per cent unchanged from February, while the producer price index or wholesale prices paid at the factory gate dropped 4.3 per cent. Hong Kong stocks ended up, aided by a bullish mainland market after China’s March inflation came in lower than forecast and fanned optimism Beijing will keep monetary policy loose. However, Japanese shares fell in thin trade as the dollar fell back to below 108 yen and data showed Japan’s core machinery orders fell 9.2 per cent in February from the previous month, making its first and fastest contraction in three months.
Markets through the day
3.30 pm: Sensex closed 348.32 points up at 25,022.16, while Nifty 50 index settled 116.20 points up at 7,671.40.
3.18 pm: Meanwhile, Aditya Birla Nuvo informed bourses that Sun Life Financial increased increased its stake in Birla Sun Life Insurance from 26 per cent to 49 per cent. Shares of Aditya Birla Nuvo were trading 1.94 per cent up at Rs 852. Sensex was up 359 points at 25,033.
3.08 pm: Idea Cellular has selected Nokia for its 4G technology rollout in three of its eight planned service areas Viz. Kerela, Andhra Pradesh and Haryana. Nokia will now supply Single RAN technology that can simultaneously run 2G, 3G and 4G services and will also support the modernization and expansion of the company’s core network and operational support systems to support the 4G LTE rollout. Shares ofIdea Cellular were up 5.65 per cent at Rs 115.05. Sensex was trading 335 points up at 25,009. Nifty was trading 116.40 points up at 7,671.
READ MORE: Earnings season is here! Infosys, Bharti Airtel among 5 stocks to buy
2.37 pm: Monsanto India shares plunged nearly 6 per cent intraday after Union Agriculture Minister Radha Mohan Singh said that the government will keep regulating cotton seed prices and will not allow companies like the US biotechnology major Monsanto to exploit farmers. READ MORE
Sensex was up 142 points at 24,815.
2.21 pm: DLF share price climbed over 3 per cent intraday on Monday after the realty firm initiated the process to sell promoters’ 40 per cent stake in its rental arm, a deal estimated at Rs 12,000-14,000 crore. READ MORE
1.35 pm: Sensex was up 164 points at 24838. Nifty was trading 38.85 points up at 7,594. Bharti Airtel was trading 3.84 per cent up at Rs 347.15.
1.20 pm: Tata Motors shares were trading 1.29 per cent up at Rs 377. Tata Motors’ British-based arm Jaguar and Land Rover (JLR) has reported its best ever March retail sales, closing off a record-breaking month, quarter and financial year. The company’s impressive growth is driven by unprecedented investment in new products. In 2015 JLR introduced a host of new cars and technologies to market, including the award-winning Jaguar XE and XF and Land Rover Discovery Sport.
READ MORE: Ipca Lab shares slip over 10% on Friday; should you Buy, SELL or HOLD?
12.34 pm: Sensex was down 42 points at 24,631. Sentiment was dampened as investors await release of the macroeconomic data –IIP and CPI due on Tuesday and the fourth quarter earnings kickstarting from Friday with IT giant Infosys. Further, sustained capital outflows by foreign funds and volatility in the oil and commodity segments, too dented sentiment.
12.11 pm: Orchid Pharma has received the Establishment inspection report (EIR) from US Food and Drug Administration (USFDA) based on the successful inspection closure for the API manufacturing facility located at Alathur in Kancheepuram District, Tamil Nadu. The facility was inspected by USFDA in the month of August 2015. Shares of Orchid Pharma were trading 6.84 per cent up at Rs 41.40.
12.08 pm: Shares of cinema chain operators PVR and Inox Leisure were trading firm on Monday ahead of long weekend and blockbuster line up. Sensex was down 58 points at 24,615. Nifty was down 12.40 points at 7,542. READ MORE
11.25 am: Gayatri Projects has secured Rs 340 crore contract for the four laning of a highway from Dimapur to Kohitna in the North-east state of Nagaland from the National Highways and Infrastructure Development Corporation (NHIDCL) and the Ministry of Road Transport and Highways (MoRTH). Shares of Gayatri Projects were trading 0.12 per cent up at Rs 587.67.
11.21 am: Suzlon Group, one of the leading global renewable energy solutions providers, has bagged order of 105MW (50 units of S97 120m 2100kW WTG with Hybrid Tower) from Greenko Group, the largest renewable Independent Power Producer (IPP), with over 1 GW of operating assets. The project will be located in Andhra Pradesh, India and will be progressively commissioned by January 2017. Shares of Suzlon Energy were trading 1.70 per cent up at Rs 14.36.
11.01 am: Shares of Great Eastern Shipping were trading 1.45 per cent up at Rs 338.75. The company announced that it has contracted to buy a Secondhand Very Large Gas Carrier (1996 built) of about 76,931 cbm. The Japan-built vessel will be delivered to the company in Q1 FY17.
10.27 am: Sensex was down 21.82 points at 24,652. Nifty was down 2.90 points at 7,552.30. In the 50-share index, Bharti Airtel, Idea Cellular, Adani Ports, Hindalco and Tata Motors were up between 1.30 per cent and 3.60 per cent. On the other hand, Lupin, Grasim, Dr Reddy’s Labs, HDFC and Wipro were down between 1.09 per cent and 1.83 per cent.
9.57 am: Sagar Cements shares surged 14 per cent in the early trade on Monday. The company on Thursday reported 16 per cent year-on-year rise in cement sales for the month ended March 2016. BMM Cements, wholly-owned subsidiary of Sagar Cement, reported 1,029 per cent rise in sales during the same period. Sensex was trading 41 points down at 24,632. Nifty was down 4.50 points at 7,550.70.
9.48 am: Rupee strengthened by 10 paise to 66.37 against the dollar in early trade at Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
9.27 am: Benchmark indices BSE Sensex and Nifty were flat. Sensex was up 9.86 points at 24,683.70, while Nifty was up 6.20 points at 7,561.40.
9.17 am: Meanwhile, Rupa and Co shares hit upper circuit. The scrip jumped 20 per cent to Rs 329.40. READ MORE
9.15 am: The BSE Sensex opened 115.56 points, or 0.47 per cent, up at 24,789.40, while Nifty 50 index opened 22.60 points, or 0.30 per cent, up at 7,577.80.
8.31 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open in red on Monday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 8.15 am (IST), SGX Nifty was down 15.50 points, or 0.20 per cent, at 7,566.
Asian stocks got off to a tentative start on Monday as Japanese markets wobbled, while the dollar nursed losses after a week in which it slipped to fresh lows against its major counterparts.
US markets ended the Friday’s trade slightly in green as traders opted to buy beaten-down but fundamentally strong stocks. The Dow Jones Industrial Average gained 35 points or 0.20 per cent to 17,576.96, Nasdaq rose 5.69 points or 0.05 per cent to 4,850.69 and S&P 500 was up by 5.69 points or 0.28 per cent to 2,047.60.
The Indian ADRs closed mixed; Tata Motors was up 0.35 per cent, ICICI Bank was up 0.10 per cent and Dr Reddy’s Lab was up by 0.03 per cent. On the other hand, Wipro was down by 0.07 per cent, Infosys was down 0.06 per cent and HDFC Bank was down 0.02 per cent.
Back home, Sensex fell by marginal 11.58 points on Friday, but the NSE Nifty managed to eke out a small gain.
Shares of Sun Pharma and Rupa & Co will remain in focus on Monday. Drug major Sun Pharmaceutical Industries has received approval from the US health regulator for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery.
Knitwear maker Rupa & Co on Friday said its arm Oban Fashions has acquired the exclusive licence from French Connection for manufacturing and sale of innerwear brand ‘FCUK’ in India.
(With inputs from agencies)