Domestic equity markets snapped three-day losing streak by advancing over 1 per cent on Tuesday on account of buying in beaten blue chips counters and taking cues from global counterparts. The benchmark index BSE Sensex closed 291.47 points up at 24,479.84, while NSE Nifty 50 index settled 84.10 points up at 7435.10.
In the 50-share index, Axis Bank, Adani Ports, Idea Cellular, Tata Motors and YES Bank gained between 3.95 per cent and 6.12 per cent. On the other hand, Mahindra & Mahindra (M&M), Power Grid, Maruti Suzuki, Tech Mahindra and Wipro slid between 0.80 per cent and 1.27 per cent.
Sectorwise, the BSE Capital Goods index gained the most — 2.85 per cent, followed by BSE Bankex index (up 1.68 per cent), BSE Realty index (up 1.67 per cent), BSE Healthcare index (up 1.49 per cent) and BSE Power index (up 1.27 per cent). Rest all other indices also ended in green.
Jayant Manglik, president, retail distribution, Religare Securities, said, “Markets rebounded on account of short covering and positive global cues lifting Nifty to end up by over 1 per cent.”
Nifty50: Top 5 Gainers and Losers
Index heavyweight Reliance Industries gained 2.51 per cent ahead of its quarterly results later in the day. The share price of the company fell 5.4 per cent on Monday along with other oil producers.
Shares of HCL Tech closed 0.58 per cent down after reporting quarterly results that met street estimates.
The sentiments got support after Shanghai markets surged on hopes of government stimulus after China’s economic growth cools to 6.8 per cent in the December quarter.
Market breadth for the day remained positive and advances to declines ratio for Nifty stood at 38:12 for the day.
On the upcoming trading sessions, Sanjeev Zarbade, vice president, private client group research, Kotak Securities, said, “Going ahead, we believe the volatility in the markets would continue. China and Crude oil would continue to drive markets. Again, we advise investors to look beyond this volatility and take a medium term view. Make volatility your friend by investing on dips.”
Asian equity markets ended in green on Tuesday. Shanghai Composite gained over 3 per cent Tuesday, while Japanese shares swung between gains and losses before finishing higher for the first time in four days as Chinese GDP data met expectations.
|Asian Indices||Last Trade||Change in Points||Change in %|
Data Source: Ace Equity
Markets through the day
3.30 pm: Benchmark indices snapped three-day losing streak. BSE Sensex closed 291.47 points up at 24,479.84, while NSE Nifty 50 settled 84.10 points up at 7,435.10.
3.29 pm: Autoline Industries shares rallied after the company decided to enter into non-auto sector like hospital equipments and railway & defence businesses. The scrip gained over 10 per cent on Tuesday.
3.10 pm: Aditya Birla Nuvo shares were trading 10.39 per cent up at Rs 2,082 in the late afternoon trade. Sensex was up nearly 300 points at 24,485.
2.53 pm: Subex was trading in green after it launched a new version of the industry leading Fraud Management solution, ROC Fraud Management 8.3. The scrip was trading 3.19 per cent up at Rs 10.02. Sensex was up 290 points at 24,478.
2.16 pm: European equities bounced back from 13-month lows on Tuesday, with mining and energy stocks leading the market higher after prices of major industrial metals and crude oil surged following the release of Chinese growth data. The pan-European FTSEurofirst 300 index was up 2.2 percent by 0820 GMT after slipping to a 13-month low in the previous session. The STOXX Europe 600 Basic Resources index, which houses major mining stocks, rose 4.4 percent.
Back home, the BSE Sensex was up 278 points at 24,467.
1.53 pm: Reliance Power announced its Q3 results on Tuesday. Net profit of the company jumped 38.27 per cent year-on-year to Rs 351.81 crore for the quarter ended December 2015. The company posted net profit of Rs 254.44 crore in the corresponding quarter a year ago. Shares of Reliance Power were trading 5.45 per cent up at Rs 51.30. Sensex was up 366 points at 24,554.
1.45 pm: Reliance Industries Ltd’s telecommunications unit said its board had approved a plan to raise Rs 15,000 crore ($2.2 billion) via rights issue of shares to existing shareholders, ahead of an expected launch of its services in the second quarter. Shares of RIL were trading 1.89 per cent up at Rs 1037.20.
1.35 pm: Benchmark indices is looking to snap a three-session losing streak as beaten-down banking and financial stocks and Reliance Industries recovered, while sentiment was also supported by hopes for stimulus measures in China. Sensex was up 325 points at 24,513.
1.28 pm: Sensex was up 304.17 points, or 1.26 per cent, at 24,492.54. Nifty was up 90.05 points, or 1.23 per cent, at 7,441.05. Positive global cues and some upbeat earnings in the morning have supported the markets to move higher.
1.04 pm: Meanwhile, India Ratings said, the FY16 fiscal deficit is likely to rise to 4.1 per cent of GDP, higher than the government budgeted target of 3.9 per cent.
12.57 pm: Sensex was up 283.27 points at 24,471.64. Nifty was up 82.90 points at 7,437. Meanwhile, Supreme Court restrained government from going ahead with any further disinvestment of Hindustan Zinc. Shares of Hindustan Zinc were trading 0.97 per cent up at Rs 140.05.
12.08 pm: Reliance Infrastructure (RInfra) has taken over the management and control of Pipavav Defence & Offshore Engineering Company (PDOC) and will hold 36.5 per cent of the equity capital of Pipavav Defence & Offshore Engineering Company. RInfra along with defence SPVs are the new promoters of PDOC and the company will be renamed as Reliance Defence and Engineering. Shares of Reliance Infra were trading 1.70 per cent up at Rs 479. Pipavav Defence shares were trading 7 per cent up at Rs 74.30.
11.40 am: The market breadth on BSE was positive, out of 2397 stocks traded, 1343 stocks advanced, while 930 stocks declined on the BSE. Sensex was up 230 points at 24,419.
11.26 am: Asian Paints shall be launching a comprehensive sanitary ware range by end of January, 2016 under the brand name ‘Ess Ess by Asian Paints’. The company is launching it with a view to create complete bathroom solutions over time. This is also a step further towards the company’s vision to move from being a paints company to being a provider of complete decor solution to help customers create their dream homes. Shares of Asian Paints were trading 1.70 per cent down at Rs 836.10. Sensex was up 184.80 points at 24,373. Nifty was up 49.25 points at 7,400.25.
11.21 am: Asian markets were trading mostly in green, FTSE Bursa Malaysia KLCI was up by 0.18%, Taiwan Weighted up by 0.26%, Shanghai Composite up by 2%, KOSPI Index up by 0.18% and Hang Seng was up by 0.92%. On the flip side, Nikkei 225 was down by 0.13% and Jakarta Composite down by 0.23%.
11.15 am: Castex Technologies shares suged over 10 per cent in the past 15 minutes. The scrip was trading 12.10 per cent up at Rs 12.88. Sensex was up 187.26 points at 24,375.
Castex Technologies share price movement @ 11.16 am
11.03 am: Shares of Reliance Industries were trading higher by 1.84 per cent at Rs 1,036.75 ahead of its quarterly earnings, to be released later in the day.
10.47 am: In the 50-share index, Tata Power, Axis Bank, ICICI Bank, Tata Motors and Vedanta were up between 2.30 per cent and 3.75 per cent. On the other hand, Mahindra & Mahindra, BHEL, Asian Paints, Coal India and HCL Tech were down between 1.25 per cent and 2.12 per cent. Nifty50 index were up 55 points at 7,406. Sensex was up 200.05 points at 24,388.
10.28 am: Brokers said value-based buying in blue-chips after recent losses and covering of short positions by speculators helped markets’ mood to improve. Sensex was up 105 points at 24,295.
9.59 am: Shares of Bharat Bijlee were trading 14.76 per cent up at Rs 775.75. The scrip gained after the company posted 317.36 per cent year-on-year jump in its net profit figures to Rs 8.89 crore for the quarter ended December 2015. The company posted net loss of Rs 4.09 crore in the corresponding quarter a year ago.
9.43 am: Snapping its three-day losing streak, the rupee edged higher by 8 paise to 66.60 against the dollar at the Interbank Foreign Exchange in early trade, on fresh selling of the American currency by exporters and banks.
9.24 am: Rallis India on Monday reported a 20 per cent fall in its consolidated net profit at Rs 20.41 crore for the December quarter. The company reported a net profit of Rs 25.49 crore in the year-ago period. Shares of Rallis India were trading 3.64 per cent down at Rs 152.10.
9.19 am: Shares of HCL Technologies were trading 3.28 per cent down at Rs 815.70. For the quarter ended December 2015, consolidated net profit of the IT major grew 11.2 per cent quarter-on-quarter and 0.2 per cent year-on-year to Rs 1,920 crore. Sensex was up 121 points at 24,309. Nifty was up 39.70 points at 7,390.70.
9.15 am: Sensex opened 0.28 per cent up at 24,257.28, while Nifty opened 0.42 per cent up at 7,381.
8.57 am: HCL Technologies announced its Q2 results before market hours. For the quarter ended December 2015, the IT major posted standalone net profit of Rs 1,653.60 crore, up 17.70 per cent, against Rs 1,404.63 crore in the sequential quarter ended September 2015. The company earned Rs 1,663.47 crore in the same quarter a year ago.
8.44 am: The BSE Sensex and NSE Nifty are likely to open on a flat note with positive bias on Tuesday tracking SGX Nifty and Asian markets.
At 8.28 am (IST), SGX Nifty was up 5 points, or 0.07 per cent, at 7,364.
Asian stocks rose modestly and crude oil prices nudged up on Tuesday after Chinese GDP figures were mostly in line with expectations. China’s economy grew 6.8 per cent in the fourth quarter from a year earlier, the data showed, the slowest growth since 2009. Industrial output in December rose 5.9 per cent from a year earlier, compared with forecasts for a 6 per cent increase.
US markets were closed on Monday for Martin Luther King Day.
Market benchmark Sensex on Monday fell to a 20-month low after plunging 266.67 points to 24,188.37, dragged down by a massive dip in exports, while RIL cracked over 5 per cent on crude slipping below $28 per barrel. The NSE Nifty too remained under pressure and slipped below the 7,400-mark to hit a low of 7,336.40 before settling 86.80 points or 1.17 per cent down at 7,351.
Shares of Reliance Industries and Maruti Suzuki will remain in focus in today’s trade. Reliance Industries will announce its Q3 result on Tuesday later in the day.
Maruti Suzuki India cut the price of its premium crossover S-Cross by over Rs 2 lakh after failing to gain traction in the market.
(With agency inputs)