Domestic benchmark indices BSE Sensex and NSE Nifty swung between gains and losses on Wednesday and ended the trade on a flat note. Sensex closed 17.04 points up at 24,900.63, while Nifty 50 index settled 11.15 points up at 7,614.35.
In the 50-share index, Tata Steel, Hindalco, UltraTech Cement, ACC and Eicher Motors gained between 2.30 per cent and 5.15 per cent. On the other hand, Bosch, Tech Mahindra, Infosys, Axis Bank and ICICI Bank declined between 1.14 per cent and 3.10 per cent.
Barring the BSE IT index (down 0.51 per cent), BSE Bankex (down 0.44 per cent), BSE TECk (down 0.29 per cent) and BSE Consumer Durables index (down 0.03 per cent), rest all other sectoral indices also ended the day in green. The BSE Metal index, BSE Capital Goods and BSE Telecom index gained 2.33 per cent, 1.11 per cent and 0.96 per cent.
Shreyash Devalkar, fund manager, equities, BNP Paribas Mutual Fund, said, “Market participants seem to be sitting on the fence at the moment, with uncertainty keeping the markets from making a sharp move in either direction.”
Among day’s major market moving events, INOX leisure gained over 2 per cent in today’s trade over market reports with respect to its agreement with IMAX to buy the latter’s five theatre systems. The systems are expected to be installed in Inox’s Bengaluru, Delhi, Kolkata and Mumbai theatres. In another stock specific move, shares of Ashoka Buildcon remained in action as the stock slumped 20 per cent to hit its 52 week low after market reports that the company’s Nashik office was raided by Income tax department. On the other hand, RPG Lifesciences rallied 14 per cent after the company informed the bourses that it has received GMP certificate from the German authorities for its formulation manufacturing plant in Gujarat.
Fertilizers stocks remained on buyers’ radar, as the government has notified the subsidy rates for phosphatic and potassic (P&K) fertilisers for the current fiscal, which are lower than the last year. The subsidy on nitrogen (N) is fixed at Rs 15.85 per kg, Rs 13.24 per kg for phosphorous (P), Rs 15.47 per kg potash (K) and Rs 2.04 per kg for sulphur (S). Steel stocks viz Tata Steel, JSW Steel, Kalyani Steel etc. too edged higher, despite India’s steel imports rose 18 per cent in March, snapping four straight months of falls, on the back of deals struck before the government imposed a floor price in February to curb cheap imports.
Shares of cement manufacturers remained in focus on expectation of strong show in the current quarter and volume recovery led by higher government spends on infra and revival in housing demand.
Aviation stocks too flied high on report that the Civil Aviation Ministry is likely to abolish the ‘5/20 rule’.
Asian equity markets ended mixed on Wednesday, as a firmer yen and steep overnight losses in the US and European markets following the latest IMF warning on global growth prospects and weak Eurozone data offset support from a rebound in oil prices. Chinese shares edged lower even as a private survey showed business activity in China’s service sector rose slightly in March amid stronger demand on the back of supportive measures. The Caixin China services purchasing managers’ index rose to 52.2 from 51.2 in February, but the employment sub-component pointed to contraction for the first time in over 2.5 years.
Japanese shares ended slightly lower, marking its longest losing streak since the start of ‘Abenomics’, as the yen hovered near a 17-month high versus the dollar. However, Hong Kong stocks ended slightly higher, with energy firms boosted by a bounce in the price of oil.
Markets through the day
3.30 pm: Markets opened for the day on a slightly positive note and remained volatile throughout the day’s trading session, although in a very narrow range. Sensex closed 17.04 points up at 24,900.63, while Nifty 50 index settled 11.15 points up at 7,614.35.
2.46 pm: NMDC shares were trading 2.76 per cent up at Rs 100.45. National Mineral Development Corporation (NMDC) has increased the prices of its Iron Ore with effect from April 4, 2016. The Lump ore price has been fixed at Rs 2,100 WMT while price of Fines has been fixed at Rs 1,860 WMT. The above prices are excluding royalty, taxes, DMF, NMET, Cess, Forest Permit Fee etc. Sensex was up 15 points at 24,898.
2.24 pm: Kiri Industries shares surged 32 per cent in the past two trading sessions after the company informed bourses that it has executed agreements for settlement of all its debt by the end of financial year ended March 2016. The scrip hit upper circuit in Wednesday’s trading session and surged 10 per cent to Rs 167.30. Sensex was up 24 points at 24,907. READ MORE
1.52 pm: Domestic benchmark indices in red again. Sensex was down 15.11 points at 24,868. Nifty was trading 3.60 points down at 7,599.60.
1.40 pm: Tata Motors shares surged over 3 per cent in afternoon trade after the company launched much-awaited hatchback Tata Tiago. Prices for the vehicle start at Rs 3.20 lakh and goes till Rs 5.54 lakh (ex-showroom, Delhi).
1.24 pm: Sensex was up 59.22 points at 24942. Nifty was trading 24.10 points up at 7627. READ MORE: Sensex may touch 30,000 by year-end
12.56 pm: Shares of RPG Lifesciences jumped nearly 17 per cent after the company announced that it has received good manufacturing practice (GMP) certificate from German authority for its formulation facility in Gujarat. Sensex was up 33.58 points at 24,917. READ MORE
12.18 pm: Sensex was trading 40.20 points up at 24,923. Kishore Biyani’s Future Retail has agreed to buy the entire equity shares of FabFurnish.com owned and operated by Bluerock eServices (BEPL) as per the share purchase agreement. Consequent to acquisition of the entire share capital, BEPL will become a subsidiary of the company. Shares of Future Retail were trading 2 per cent up at Rs 130. READ MORE
11.52 am: Aviation stocks such as InterGlobe Aviation (IndiGo), SpiceJet and Jet Airways gained up to 3 per cent in morning trade on Wednesday on reports that the civil aviation ministry is likely to abolish the 5/20 rule. READ MORE
11.15 am: Future Retail stocks were trading 1.69 per cent up at Rs 129.60 as it has agreed to acquire the entire equity shares of FabFurnish.com owned and operated by Bluerock eServices (BEPL) as per the terms and conditions agreed under the share purchase agreement. Consequent to acquisition of the entire share capital, BEPL will become subsidiary of the company. Sensex was trading 3.57 points down at 24,880.02, Nifty was trading 3.05 points up at 7,606.25.
10.46 am: Sensex was up 31 points at 24,914. ABB India has signed a memorandum of understanding (MoU) with the Indian Institute of Technology Madras (IIT Madras) to enter into technical co-operation to build microgrids as well as joint R&D in the field of rural electrification, utilization of natural non-fossil resources, battery energy storage and their connection to loads and main grid. IITM and ABB will jointly work to design, build and supply equipment for up to two such microgrids in rural areas. Shares of ABB were up 0.66 per cent at Rs 1290.20.
10.12 am: Meanwhile, Ashoka Buildcon shares hit lower circuit and slumped 20 per cent to Rs 136. Sensex was up 21.44 points at 24,905. According to PTI, Enforcement Directorate and Income Tax department on Tuesday conducted joint searches at the office of Ashoka Buildcon and the residence of its head in connection with allegations that it financed certain construction by family of ex-deputy chief minister Chhagan Bhujbal, arrested last month in a money laundering case.
10.02 am: RPG Life Sciences has received GMP certification from Bavarian Authority, a competent authority in Germany, as per EUGMP standards for its formulation facility at Ankleshwar in Gujarat. The Bavarian authority conducted the audit of the manufacturing facility in early March 2016. The certification will help the company in boosting sales by expanding its geographical presence in the European markets. Shares of RPG Life were trading 6.21 per cent up at Rs 248. Sensex was up 46.41 points at 24,930. Nifty was trading 20.65 points up at 7,623.85.
9.50 am: Rupee recovered by 8 paise to 66.38 against the dollar at the Interbank Foreign Exchange in early trade on fresh selling of the US currency by banks and exporters amid a higher opening of the domestic equity market.
9.37 am: Aurobindo Pharma has received USFDA approval for anti-infective gPolymyxin Injection. The product has annual sales of around $7.6 million. Shares of Aurobindo Pharma were trading 0.77 per cent up at Rs 756.70. Sensex was up 25.60 points at 24,909.
9.20 am: Shares of Talwalkars Better Value Fitness surged nearly 5 per cent in the early trade on Wednesday after it informed BSE regarding the launch of 33 Zorba – renaissance studios in 25 cities in the span of 60 days. READ MORE
9.15 am: Domestic equity indices opened in green on Wednesday. The BSE Sensex opened 117.06 points up at 25,000.65. Nifty opened 32.85 points up at 7,636.05.
9.04 am: Outlook: According to SMC Investment and Advisors, the coming session is likely to witness a range of 7,550 on declines and 7,700 on advances.
8.47 am: The BSE Sensex and NSE Nifty are likely to open in green on Wednesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 8.28 am (IST), SGX Nifty was up 24.50 points, or 0.32 per cent, at 7,633.
Asian share prices won some reprieve on Wednesday after a sharp fall in the previous session, but gains were modest as soft economic data from the United States and Europe cast a shadow on the global economic outlook.
On Wall Street, the S&P 500 lost 1.01 per cent on Tuesday as investors took profits on recent gains ahead of a quarterly reporting season that is expected to reveal sharply lower earnings.
On Tuesday, domestic equity markets were not too enthused by the Reserve Bank’s 25 basis points rate cut and global cues did not help either as market benchmark Sensex plunged by 516 points, most in nearly two months, to crack below the 25,000-mark, with banking stocks taking a big knock.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 800.79 crore on Tuesday. Domestic institutional investors bought shares worth Rs 55.85 crore on that day.
RPG Life Sciences shares will remain in focus in Wednesday’s trade. The company which is a part of the RPG Group, engaged in manufacturing and marketing of pharmaceutical products, has received GMP Certificate from Bavarian Authority, a competent authority in Germany.
(With agency inputs)