3.30 pm: Benchmark indices BSE Sensex and NSE Nifty pared their initial losses in the last hour of trade on Thursday on account of buying in metals and mining, IT and oil & gas stocks stocks. The 30-share index closed 129.21 points up at 26,843.14, while Nifty 50 index settled 39 points up at 8,218.95. Nifty settled above 8,200 for the first time since October 2015.
In the 50-share index, Yes Bank, Coal India, Hindalco, Tata Steel and Axis Bank gained between 2.48 per cent and 3.41 per cent. On the other hand, Wipro, HCL Technologies, Bharti Infratel, Sun Pharma and Lupin retreated between 0.98 per cent and 2.53 per cent.
Earlier, markets traded choppy for most part of the day’s trade as Traders remained on sidelines ahead of the European Central Bank (ECB) and Organization of the Petroleum Exporting Countries (OPEC) meeting scheduled on Thursday. However, rally in last leg of trade mainly helped the frontline indices not only ended the session near intraday high levels but also recaptured their crucial 8,200 (Nifty) and 26,800 (Sensex) bastions as investors took to hefty across the board buying.
Traders also got some support with Finance Minister Arun Jaitley’s statement that the roll-out of GST will convert India into one common market, prevent tax-on-tax and make goods and services cheaper. He also said that the country is on an “upward curve” and a good monsoon, GST passage and increased infra and rural spending will further accelerate the growth.
Asian stocks ended mixed on Thursday as yen strength persisted and oil prices drifted lower ahead of the OPEC and ECB meetings. Investors also awaited ADP payroll data due tonight and the US government’s official jobs report due on Friday for further clues on whether the Federal Open Market Committee would raise interest rates at the upcoming meeting on June 14-15. Chinese shares eked out modest gains even as weak factory activity readings brought global growth worries back at center stage. Japanese shares saw their biggest drop in one month as Brexit fears and disappointment over the lack of fresh stimulus plans to boost growth lifted the yen to a two-week high against the dollar. Prime Minister Shinzo Abe disappointed investors by failing to provide details of a fiscal stimulus package when he announced his widely-expected decision to delay the planned sales tax hike for a second time.
2.53 pm: Sensex was trading 117.26 points higher at 26,831 while Nifty was up 31.20 points at 8,211. In the 30-share index, Coal India, Tata Steel and Axis Bank were up by 3.59 per cent, 2.06 per cent and 2.04 per cent, respectively.
2.35 pm: European shares steadied on Thursday, with investors avoiding taking large positions ahead of the European Central Bank’s (ECB) policy meeting later in the day, while Voestalpine was boosted by well-received results.
2.15 pm: Shilpi Cable Technologies shares jumped over 3 per cent after it received its board’s approval to set up a project at Abu Dhabi, UAE, through its subsidiary. The unit will have manufacturing capacity of 60,000 tonnes of copper products and will entail an investment of $150 million, of which $50 million will be in the form of equity and the balance $100 million of debt. Sensex was up 22 points at 26,736.
1.33 pm: Bharti Airtel shares were trading in green after it expanded its Platinum 3G services in Punjab and Bengaluru. In Punjab, the company has launched Platinum 3G network on the 900MHz spectrum band, which offers better mobile experience to customers through faster mobile data speeds, significantly enhanced indoor data coverage and better voice clarity. Now, Platinum 3G is available in all 149 census towns across Punjab circle. Shares of Bharti Airtel were up 0.94 per cent at Rs 366.20.
12.53 pm: The BSE Sensex continued to trade flat in the afternoon trade. The index was down 34.97 points, or 0.13 per cent, at 26,678. Bank of Maharashtra has decided to raise capital up to Rs 1,000 crore, through FPO/Rights issue/QIP etc., subject to the necessary approvals. Shares of the bank were trading 1.44 per cent up at Rs 28.25.
12.30 pm: Cautiousness remained in the markets as participants were keenly watching out for the European Central Bank (ECB) and Organization of the Petroleum Exporting Countries (OPEC) meet scheduled today. However, losses remained capped with Economic Affairs Secretary Shaktikanta Das’ statement that the Indian economy is well poised to touch 8% growth rate in 2016-17 on the back of a good monsoon. He said the overall macroeconomic numbers and fiscal parameters of the country are very robust. Some support also came in with the NITI Aayog Vice Chairman Arvind Panagariya’s statement that India is making ‘good’ progress to return to an 8 per cent average GDP growth rate.
11.53 am: Punj Lloyd stocks were trading 4.44 per cent down at Rs 19.35 after UK commercial court on Wednesday ordered company’s unit to pay $26.2 million to International Finance Corp for their claims. Sensex was trading 38.36 points down at 26,675.57, while NSE Nifty was trading 12.15 points down at 8,167.80.
11.20 am: Sensex was trading 37.91 points down at 26,676.02, while NSE Nifty was trading 10.90 points down at 8,169.05. China stocks fell as investors took profits on this week’s rally and as concerns about the Chinese economy eroded earlier gains made on expectations mainland shares would be included in MSCI’s emerging market index. The blue-chip CSI300 index fell 0.3 per cent to 3,151.86 points by the midday break, while the Shanghai Composite Index lost 0.2 per cent, to 2,907.17 points.
10.53 am: Zee Learn stocks were trading 3.11 per cent up at Rs 29.80 after it informed bourses that the Board of Directors at its meeting held on June 1 have decided to keep on hold the Scheme of Amalgamation of Tree House Education and Accessories Ltd. Sensex was trading 54.44 points down at 26,659.49, while NSE Nifty was trading 15.80 points down at 8,164.15.
10.39 am: In the 50-share index, Tata Motors, Tech Mahindra, Hindalco, Coal India and Idea Cellular were up between 0.88 per cent and 1.67 per cent. On the other hand, Larsen & Toubro, ITC, GAIL, Bajaj Auto and Lupin were down between 1.14 per cent and 1.47 per cent.
10.03 am: Rupee on Thursday recovered by 9 paise to 67.36 against the dollar in early trade on fresh selling of the American currency by exporters. Sensex was trading 36.79 points down at 26,681. Nifty was down 15.15 points at 8,164.
9.27 am: Tata Motors shares were trading over 2 per cent higher after the company reported total commercial and passenger vehicles sales (including exports) in May 2016 which stood at 40,071 vehicles, a growth of 1 per cent over 39,496 vehicles sold in May 2015. The company’s domestic sales of its commercial and passenger vehicles for May 2016 stood at 35,643 units, a growth of 2 per cent, over May 2015. Cumulative sales (including exports) for the company for the fiscal was at 79,453 units, higher by 5 per cent over 75,641 vehicles, sold last year. Sensex was down 1.30 points at 26,712.
9.15 am: The BSE Sensex opened 19.65 points down at 26694.28. Jyothy Labs shares surged over 10 per cent in the early trade on reports that Henkel AG may invest in Jyothy Laboratories this year.
8.12 am: The BSE Sensex and NSE Nifty are likely to open lower on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
Asian peers, Nikkei, Hang Seng and Shanghai were down by 2.29 per cent, 0.05 per cent and 0.07 per cent, respectively, in the morning trade.
The US markets closed higher on Wednesday, as investors focused on the positive aspects of the latest batch of data that showed the US economy plodding along. The Dow Jones Industrial Average was up 2.47 points or 0.01 per cent to 17,789.67, Nasdaq was higher by 4.19 points or 0.08 per cent to 4,952.25 while, S&P 500 gained 2.37 points or 0.11 per cent to 2,099.33.
After a day’s pause, benchmark Sensex resumed its upward march on Wednesday by regaining almost 46 points to end at 7-month high of 26,713.93, spurred by rally in FMCG, teck and oil&gas stocks as buying activity re-emerged on robust GDP numbers and core infrastructure sector growth.
Shares of Sun Pharma, Jyothy Labs, Hero Moto, VST Tillers and M&M will remain in focus on Thursday. According to American brokerage Jefferies, Sun’s fourth quarter results reflect that the key headwinds to recovery still persist, coupled with pricing pressure.
Country’s largest two-wheeler maker Hero MotoCorp on Wednesday reported a 2.32 per cent increase in sales at 5,83,117 units in May.
VST Tillers Tractors has reported sales of Power Tillers and Tractors of the company for quarter ended March 31, 2015. The company has sold 1,933 Tractors for quarter ended March 31, 2016 as compared to 1,607 Tractors sold during the same quarter last year.
Mahindra’s South African subsidiary has launched a new compact utility vehicle in Johannesburg with the company trying to reach out to the youth with its latest offering and capture a bigger market share in the country. The new sporty KUV100, available in petrol and diesel, is the smallest vehicle in Mahindra South Africa’s product range.
According to reports, Henkel AG may invest in Jyothy Laboratories this year. Henkel had the option to pick up to 26 per cent stake in Jyothy five years after the latter acquired its Indian subsidiary in May 2011.