The BSE Sensex and NSE Nifty ended lower on Friday on account of selling in frontline blue chip counters taking cues from global counterparts. Investors also maintained cautious stance ahead of industrial production data for April which is scheduled to be released later in the day.
Sensex closed 127.71 points down at 26635.75, while Nifty 50 index closed 33.55 points down at 8170.05.
In the 50-share index, Hindalco, YES Bank, BHEL, ACC and Ambuja Cements gained between 1.50 per cent and 4.25 per cent. On the other hand, Tata Motors DVR, Tata Steel, GAIL, Tata Motors and Coal India slid between 2 per cent and 2.84 per cent.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services said, “Continued weakness in the European market and a positive expectation over India’s IIP data oscillated the market which in the end closed with a loss of 0.41 per cent. A curb in global growth outlook by the World Bank and consensus that CPI inflation in May can increase to 5.6 per cent (v/s 5.39 per cent in April) have compelled investors to stay cautious in the D-Street.”
Traders were seen piling position in power stocks while selling was witnessed in realty, auto and consumer durables sector stocks. Sugar stock remained in limelight after Food Ministry proposed imposing 25 percent duty on export of sugar to ensure sufficient supply in the domestic market.
In scrip specific development, Visa Steel was locked at upper circuit limit after the company stated that it will seek shareholders’ approval for merger of its JV firm Visa Bao (VBL) in an attempt to optimize costs and secure availability of resources for its ferrochrome business.
Satin Creditcare Network surged over 11 per cent after foreign investment firm picked up 2.6 per cent equity stake in the company. Morgan Stanley Asia (Singapore) has purchased 8.30 lakh shares at Rs 375 apiece through block deal on National Stock Exchange (NSE).
Mustafa Nadeem, CEO, Epic Research said, “Nifty has been consecutively giving bearish signals for this week as the third day we ended with a bearish candle signalling upside being holded by bears which can result into honey trap for bulls. Nifty made a shooting star which is characterised by long upper shadow coupled with a bearish candle and that too formed after bearish belt hold confirms the bearishness going forward.”
Asian equity markets ended lower on Friday in thin holiday trade as uncertainty over Brexit referendum and caution ahead of a slew of Chinese data due this weekend and central bank meetings in the US and Japan next week, kept investors on edge. Markets in mainland China and Taiwan remained closed for the Dragon Boat Festival.
Markets through the day
3.30 pm: Sensex closed 127.71 points down at 26635.75, while Nifty 50 index closed 33.55 points down at 8170.05.
3.04 pm: Tata Motors DVR, Tata Motors and Tata Steel were among top losers in the Nifty 50 pack.
2.43 pm: European shares slipped for a third straight day to a two-week low, with weaker commodities prices putting further pressure on mining and energy stocks. Incremental pessimism crept in since rupee is trading lower against the US dollar due to higher demand for the American currency from importers and banks. Investors maintained cautious stance ahead of industrial production data for April which is scheduled to be released later in the day. Sensex was down 124 points at 26,639.
2.08 pm: Diversified group Piramal Enterprises on Friday said its board has approved a proposal to raise up to Rs 300 crore through issue of non-convertible debentures (NCDs). Shares of Piramal Enterprises were trading 1.03 per cent up at Rs 1,350.15.
1.52 pm: Shares of GVK Power & Infrastructure soared nearly 15 per cent after the company sought shareholders’ approval for increasing the maximum limit of loans and guarantees that can be given to other entities.
1.29 pm: The 30-share index plunged further and was trading 103.70 points down at 26,659.
1.17 pm: Benchmark BSE Sensex was trading 91.19 points down at 26,672.27. In the 30-share index, Tata Steel, Tata Motors and State Bank of India were down by 1.94 per cent, 1.86 per cent and 1.14 per cent, respectively. Nifty was trading 16.50 points down at 8,187.
1.01 pm: Sensex was trading 15.38 points down at 26748. Nifty was down 2.55 points at 8,201.
12.44 pm: Meanwhile, brokerage firm Ambit Capital raised the BSE Sensex target to 29,500 for the financial year ended March 31, 2017 from 22,000. Read more
12.24 pm: Visa Steel shares hit upper circuit on plans to merge its joint venture firm Visa Bao (VBL) to optimise costs and secure resources for its ferrochrome business. The company is seeking its shareholders’ approval for the same. Sensex was up 121 points at 26,885. Nifty was trading 38 points up at 8,241.
11.45 am: Solar Industries shares jumped over 5 per cent after the company informed bourses that it has bagged an order from Singareni Collieries Company Limited for the supply of 163911.20 MT explosives worth Rs 443.44 crore for the financial year 2016-17 and 2017-18. Sensex was up 154 points at 26,917.
11.06 am: Sensex rallied further and was trading 173 points up at 26,937.21. Also Read: 7th Pay Commission payout, monsoon to boost smallcaps rally further; 5 stocks to bet
10.50 am: Share of Satin Creditcare Network were trading 16.16 per cent up at Rs 438.20. The scrip opened at Rs 385.90 and has touched a high and low of Rs 449 and Rs 382.35, respectively, in trade so far. Sensex was trading 34 points up at 26,798. Nifty was trading 15.15 points up at 8,218.75.
10.36 am: Sensex was up 5.77 points at 26,769. Nifty was trading 0.50 points up at 8,204.
10.30 am: Crude prices dipped further in Asia on Friday on a stronger dollar, dampening a rally that saw the commodity hitting 11-month highs earlier in the week.
9.49 am: Indian rupee was trading down by 16 paise at 66.87 against the US dollar in early trade today on higher demand for the American currency from importers and banks.
9.20 am: The 30-share index was down 61.84 points at 26701.62, while Nifty was trading 7.85 points down at 8195.75.
9.16 am: Vedanta was trading over 2 per cent higher after CLSA upgraded Vedanta from ‘Sell’ to ‘Buy’ with target price of Rs 150 (from Rs 70 earlier). Read more: Stocks in focus in today’s trade
9.15 am: Sensex opened 21.20 points down at 26,742, while Nifty 50 opened 23.35 points lower at 8,180.25. Also read: IOC, BPCL, HPCL post best returns in a decade; find out why
9.12 am: Australian shares fell on Friday, pushing the market into the red for the week, reflecting a broad selloff across global equities on heightened risk aversion.
8.12 am: The BSE Sensex and NSE Nifty are likely to open on a flat-to-cautious note on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global cues.
At 7.55 am (IST), SGX Nifty was up 12 points at 8,237.
Asian shares stepped back on Friday while investors poured funds into safe-haven assets amid festering concerns about a UK referendum that could push Britain out of the European Union.
Wall Street shares also pulled back on Thursday after three days of gains, with the S&P 500 losing 0.17 per cent to finish at 2,115.48, still only about 15 points below its record closing high.
Sensex came off seven-month highs on Thursday after logging its biggest single-day fall in three weeks, mirroring global caution ahead of the US Fed meet and hit by an IT sell-off after Infosys flagged volatility issues for the next few quarters. The 30-share index plunged 257.20 points or 0.95 per cent to crack below the 27,000-mark.
Stocks in Focus in today’s trade
Cairn India: Vedanta Group’s Cairn India will pay one per cent of net profit as commission to its non-executive directors, including mining baron Anil Agarwal’s
daughter Priya and brother Navin, over and above their sitting fees.
YES Bank: Private sector lender Yes Bank on Thursday said it has subscribed 8 per cent stake in Receivables Exchange of India Limited (RXIL).
Minda Industries: The company will replace Sterlite Technologies in S&P BSE 500 index from June 15.
Jindal Stainless: Jindal Stainless Ltd (JSL) on Thursday said a sub-committee of its board will meet on June 15 to consider number of shares to be issued to Jindal Stainless (Hisar) Ltd (JSHL).