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  1. Sensex closes flat in lacklustre trade, Nifty settles above 8,250; Defence stocks surge

Sensex closes flat in lacklustre trade, Nifty settles above 8,250; Defence stocks surge

The BSE Sensex and NSE Nifty swung between gains and losses on Wednesday in the absence of any triggers as investors booked profits on recent outperformers.

By: | New Delhi | Updated: June 8, 2016 5:13 PM
BSE Sensex and NSE Nifty The BSE Sensex and NSE Nifty swung between gains and losses on Wednesday in the absence of any triggers as investors booked profits on recent outperformers. (Photo: Reuters)

The BSE Sensex and NSE Nifty swung between gains and losses in a dull trade on Wednesday as investors booked profits on recent outperformers. Investors also remained cautious ahead of April industrial production (IIP) data due later this week.

Sensex rose 10.99 points to close at 27,020.66, while NSE Nifty settled the day 6.60 points up at 8,273.05.

The upsurge in international crude oil prices which sailed beyond $50 a barrel mark on the back of ongoing supply disruptions in Nigeria and strong Chinese oil demand data too played spoilsport for the domestic markets.

“Markets traded volatile today, oscillating in a narrow range around the flat line and alternating between the positive and negative zones. Asian stocks trade mixed as weak Chinese export data overshadowed better-than-expected Q1 GDP growth in Japan. Markets were also slightly buoyed by the announcement of the arrival of the southwest monsoon rains in Kerala. However, by the end of the trading session, participants shrugged of positive developments to book profits and take money off the table. Benchmark indices finally closed the day marginally in the positive zone,” Shreyash Devalkar, fund manager – equities, BNP Paribas Mutual Fund said.

The news of Southwest Monsoon arrival in Kerala also failed to boost the sentiments.

Investors also remained concern on report that the World Bank has slashed global growth outlook for 2016 to 2.4 per cent from 2.9 per cent, citing sluggishly low commodity prices, uncertain capital flow and lukewarm demand in advanced economies.

“India’s main indices were flat today due to cut in GDP forecast by the World Bank to 7.6% from 7.7%. But the undercurrent in broad market continues to be very strong with handsome gain in mid and small caps, ” Vinod Nair, head of research, Geojit BNP Paribas Financial Services said.

On the sectoral front, telecom stocks remained in focus after the Telecom Commission rooted for lowering the annual spectrum usage fee to 3 per cent of revenue for all bands in the upcoming spectrum auction scheduled in July. Shares of Reliance Communications jumped 1.65 per cent to Rs 49.20 and Bharti Airtel climbed 0.93 per cent to Rs 352.40.

Defence related stocks zoomed up to 10.86 per cent after the United States recognised the country as a “major defence partner” during Prime Minister Narendra Modi’s ongoing US visit.

Major gainers were BHEL (1.80 pc), L&T (1.52 pc), ICICI Bank (1.48 pc), Hero MotoCorp (1.32 pc), ONGC (1.27 pc), Axis Bank (0.89 pc), Cipla (0.85 pc), Wipro (0.76 pc), Tata Motors (0.70 pc), M&M (0.50 pc), HDFC (0.44 pc), Maruti Suzuki (0.42 pc) and SBI (0.29 pc).  However, Infosys, Asian Paint, HDFC Bank, Adani Ports, TCS, Dr Reddy’s, Coal India, Bajaj Auto, Tata Steel, Lupin, NTPC and GAIL fell by up to 1.50 per cent.

Among the major indices, BSE Power rose by 1.77 per cent followed by capital goods 1.76 per cent, PSU 0.61 per cent, auto 0.44 per cent, realty 0.31 per cent, consumer durables 0.29 per cent, oil&gas 0.24 per cent, metal 0.14 per cent and banking 0.12 per cent.
The market breadth remained positive as 1,584 stocks ended higher, 1,048 finished in red while 162 ruled steady.

On the global front, European markets were trading mostly in red in early deals, retreating after two straight day of gains, as a drop in Austrian bank Erste knocked back financial stocks. Asian markets ended mixed as investors weighed data showing Japan’s economy grew more than initially reported and investors awaited a report on Chinese trade.

 Markets through the day

3.30 pm: Sensex closed 10.99 points up at 27,020.66, while NSE Nifty settled 6.60 points up at 8,273.05.

3.20 pm: Rajesh Exports (REL) has bagged an export order worth Rs 653 crore of designer range of gold and diamond studded jewellery and medallions from Singapore. The order is to be completed by September 30, 2016. Shares of the company were trdaing 1.68 per cent down at Rs 493.40. Sensex was trading 29.88 points up at 27,039.55, while NSE Nifty was trading 10.60 points up at 8,277.05.

2.59 pm: Alphageo (India) extended gains today and again hit Upper Circuit after it won contracts by ONGC for acquisition of 2D seismic Data in un-appraised on land areas of Indian Sedimentary Basins of India as a part of the National Seismic Program by March 2019.The estimated total value of the awards received is about Rs 1482 crore inclusive of taxes. Sensex was trading 3.40 points down at 27,006.27, while NSE Nifty was trading 2.20 points down at 8,264.25.

2.20 pm: Tata Power Delhi Distribution (TPDDL), a joint venture (JV) of Tata Power and the Government of Delhi, has commissioned a 66/11 kV AIS grid substation at Sector 34, Rohini, Delhi. The newly commissioned substation will benefit over 50,000 existing and new customers in Rohini sector 34/35 and adjoining areas. Stocks of the company were trading 0.14 per cent down at Rs 73.45. Sensex was trading 11.66 points up at 27,021.33, while NSE Nifty was trading 0.80 points up at 8,267.25.

2.03 pm: European shares fell on Wednesday, retreating after two straight days of gains, as a drop in Austrian bank Erste knocked back financial stocks. The pan-European STOXX 600 and FTSEurofirst 300  indexes both fell 0.4 per cent, after having risen for the last two days. Erste fell 3.9 per cent, after insurance company Uniqa said late on Tuesday that it would sell around 17.4 million Erste shares. Sensex was trading 53.41 points up 27,063.08, while NSE Nifty was 10.60 points up 8,277.05.

1.36 pm: Cash rich mineral explorer NMDC and MOIL will buy back 25 per cent of the paid up shares for about Rs 10,000 crore, two-third of which may accrue to the government. Shares of NMDC and MOIL were trading 0.82 per cent and 1.40 per cent down, respectively. Sensex was up 53.72 points at 27,063.39. Nifty was trading 11.25 points up at 8,277.70.

1.07 pm:  Sentiment in Japan’s service sector hit a fresh low in May due to worries about oversupply in the housing market and a return to deflation, giving another worrying signal that Prime Minister Shinzo Abe’s strategy to reflate the economy is sputtering. Sensex was trading 45.89 points up at 27,055.56, while NSE Nifty was trading 5.35 points up at 8,271.80.

12.34 pm: Defence companies stocks hogged limelight on Wednesday after reports showed India was on its way to becoming a member of the Missile Technology Control Regime (MTCR). Astra Micro Wave Products was trading 7.68 per cent up at Rs 131.75, while Reliance Defence and Engineering Ltd shares were trading 10.83 per cent up at Rs 65.50.{Read More} Sensex was trading 23.69 points up at 27,033.36. NSE Nifty remained flat and was trading 1.15 points up at 8,267.60.

11.56 am: Siemens together with Siemens Bangladesh has won an order worth around Rs 113 crore from Power Grid Company of Bangladesh (PGCB). The order is for designing, procuring, supplying, installing, testing and commissioning 230/132kV Gas Insulated Switchgear Substation along with 225/300 MVA, 132/33 KV and 50/75 MVA Transformers at Keraniganj within Dhaka. Siemens shares were trading 2.65 per cent up at Rs 1,239.05. Sensex was 30.42 points up at 27,040.09, while NSE Nifty was up 4.90 points at 8,271.35.

11.33  am: ABB India shares were trading 0.64 per cent up at Rs 1219.15 after it expanded its Indian footprint by opening its Global Business Service Center in Bangalore, India. When fully established in 2017, the center is expected to employ over 1,000 people. Sensex was trading 27.39 points up at 27,037.06, while NSE Nifty was trading 0.75 points up at 8,267.20.

11.10 am: Bharti Airtel stocks were trading 2.03 per cent up at Rs 356.25 after the inter-ministerial panel Telecom Commission on Tuesday backed lowering of spectrum usage charge to 3 per cent of their annual revenue to be auctioned later this year. Sensex was trading 14.10 points up at 27,023.77, while NSE Nifty was trading 1.70 points down at 8,264.75. Idea Cellular shares were trading 0.24 per cent up at Rs 105.60.

10.45 am: Adani enterprises shares were trading 2.13 per cent up at Rs 74.40 as it is in the process of setting up a copper smelter project with a capacity of one million tonnes per annum at an investment of Rs 10,000 crore at Adani Port Special Economic Zone (APSEZ) in Gujarat. Sensex was trading 17.62 points up at 27,027.29, while NSE Nifty was trading 3.75 points down at 8,262.70.

10.27 am: Indian rupee appreciated by 3 paise to 66.74 against the dollar in early trade on increased selling of the US currency by exporters and banks amid higher foreign inflows. Sensex was trading 51.36 points up at 27,061.03, while NSE Nifty was trading 5.95 points up at 8,272.40.

9.45 am: Asian Granito India shares were trading 10.79 per cent up at Rs 191.95 after it won 12 lakh square meters order for its recently launched innovative vitrified tiles. Sensex was trading 17.79 points up at 27,027.46, while NSE Nifty was trading 2.65 points up at 8,269.10.

9.34 am: Bharat Forge stocks were trading 2.68 per cent at Rs 768.80 after its arm Alstom Bharat Forge Power, a joint venture of GE and Bharat Forge, signed a contract worth $219 million (about Rs 1,495 crore) with NTPC for supply of steam turbine generators. Sensex was trading 50.83 points up at 27,060.50, while NSE Nifty was trading 6.75 points up at 8,273.20.

9.15 am: The BSE Sensex and NSE Nifty opened in positive tracking global cues. Sensex was trading 75.57 points up at 27,085.24, while NSE Nifty was trading 7.05 points up at 8,273.50.

The BSE Sensex and NSE Nifty are likely to open higher on Wednesday tracking SGX Nifty and Asian peers. At 7.53 am (IST), SGX Nifty was up 0.48 per cent at 8,274.00.

Asian peers, Nikkei, Hang Seng and Shanghai Composite index were down 0.38 per cent, 0.52 per cent and 0.77 per cent at 16,612.76, 21,216.33 and 2,913.30 respectively.

US stocks gained broadly on Tuesday, helped by buoyant oil prices, a day after Federal Reserve Chair Janet Yellen pushed back expectations for an interest rate increase without raising concerns over the strength of the world’s largest economy.

The Dow Jones industrial average rose 17.95 points, or 0.1 percent, to close at 17,938.28, the S&P 500 gained 2.72 points, or 0.13 percent, to 2,112.13, while the Nasdaq Composite dropped 6.96 points, or 0.14 percent, to 4,961.75.

The BSE Sensex and NSE Nifty closed Tuesday’s session in positive terrain after Reserve Bank of India (RBI) kept key policy rates unchanged but maintained an ‘accommodative’ stance going forward amid firm global cues. Sensex rallied 232 points to close above 27,000, while Nifty settled at 8,266.

NMDC and MOIL stocks will be in focus as the cash rich mineral explorers will buy back 25 per cent of the paid up shares for about Rs 10,000 crore, two-third of which may accrue to the government.

DLF, GMR Infrastructure, Reliance Industries, Godrej Properties and IOC are among other stocks that will be in focus in today’s trade.

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