Domestic equity indices BSE Sensex and NSE Nifty pared their day's losses in the last half hour of trade and settled flat on Wednesday ahead of long weekened.
Domestic equity indices BSE Sensex and NSE Nifty pared their day’s losses in the last half hour of trade and settled flat note on Wednesday as investors remained cautious ahead of the extended weekend. The 30-share Sensex closed 7.07 points up at 25,337.56, while Nifty 50 settled 1.60 points up at 7,716.50.
In the Nifty pack, Hindalco, Idea Cellular, Tata Steel, Bajaj Auto and YES Bank gained between 1.89 per cent and 4.37 per cent. On the other hand, Reliance Industries, PNB, Lupin, Bank of Baroda and GAIL slid between 1.53 per cent and 1.96 per cent.
Sectorwise, the BSE Oil & Gas index (down 1.10 per cent), BSE Consumer Durables (down 1 per cent), BSE Power (down 0.28 per cent) and BSE Bankex (down 0.24 per cent) ended in red. On the other hand, the BSE Metal index and BSE Telecom index gained 1.71 per cent and 1.19 per cent, respectively.
Stock markets will remain closed on Thursday and Friday on account of Holi and Good Friday.
Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “The market was in a holiday mood and investors took a cautionary approach ahead of the long weekend. The foreign inflows are coming back to India post budget, till date they have pumped more than Rs 220 bn in March compared to -Rs80 bn in Feb and -Rs115 bn in Jan. The next leg of the rally will depend on the RBI’s monitory policy decision on April 5. At present, we can expect a dovish policy with a cut of 25 basis points. Any positive outcome will keep the uptrend open till 7,900-8,000 in the near term for Nifty.”
Sensex opened the day at 25,322.10 and touched a high and low of 25,367.81 and 25,156.82, respectively, in trade. Nifty opened at 7717.45 and touched a high and low of 7,726.85 and 7,670.60, respectively.
Miners such as Hindalco Industries and Vedanta advanced 4.37 per cent and 0.68 per cent respectively, amid signs a revival in China’s housing market and supply cuts by firms like Glencore and Freeport McMoRan will help shore up copper prices.
Meanwhile, Infibeam Incorporation Ltd’s initial public offering which hit on markets on March 21 has been fully subscribed, exchange data showed. The e-commerce firm received orders for about 12.5 million shares on offer, according to data from the National Stock Exchange and BSE Ltd. The issue closed on March 23.
Asian equity markets ended mostly lower on Wednesday as falling oil prices and fresh geopolitical worries in light of Tuesday’s terrorist attacks in Brussels kept risk appetite in check ahead of the long Easter break beginning on Friday. Japanese shares fell in choppy trade as investors remained wary of movements in yen, oil and China’s yuan, which eased against the dollar today, despite a firmer midpoint setting by the People’s Bank of China. Seoul shares ended lower as investors braced for earnings and North Korea threatened a ‘miserable end’ for South Korea’s president and her American allies in its latest colorfully worded attack. But Chinese shares bucked the trend to finish higher, despite Fitch Ratings warning on banks’ profitability in 2016. Fitch expects Chinese bank profits to decline this year unless authorities relax the minimum NPL provisioning requirement of 150 percent.
Markets through the day
3.30 pm: The 30-share Sensex closed 7.07 points up at 25,337.56, while Nifty 50 settled 1.60 points up at 7,716.50.
2.57 pm: Aviation stocks were trading firm, IndiGo, SpiceJet and Jet Airways shares were up 7.06 per cent, 6.06 per cent and 3.20 per cent, respectively. Sensex was trading 0.15 per cent down at 25,292. Nifty was down 10 points at 7,704.
2.23 pm: Shares of Kesoram Industries Wednesday surged over 7 per cent as the company sold stakes worth Rs 428.53 crore in several listed companies, including Aditya Birla Nuvo and Grasim Industries, through open market transactions as part of its efforts to enhance cash inflow. The scrip was trading 4 per cent up at Rs 105.60 in the afternoon trade. Sensex was down 87 points at 25,243.
2.14 pm: Shree Renuka Sugars has been downgraded to default with rating agency Icra citing delays in debt servicing. Icra has downgraded close to Rs 6,500 crore of the company’s various debt instruments to “ICRA D” or a default rating. These instruments include term loans, fund-based limits as well as non-fund-based limits. Prior to the downgrades, Icra had assigned long-term and short-term ratings of “BB” and “A4”. Shares of Shree Renuka Sugars were trading 5.44 per cent down at Rs 14.24. Sensex was down 82 points at 25,256. Nifty was down 20.20 points at 7,694. READ MORE
1.57 pm: European shares rose on Wednesday, stabilising after a pullback in the previous session following deadly attacks in Brussels, with Credit Suisse climbing after announcing more cost cuts.
1.45 pm: Shares of Bajaj Finance climbed over 3 per cent on Wednesday as the company is entering the Rs 20,000-crore life care segment. The scrip was trading 3.04 per cent up at 6,828.25. Sensex was down 95 points at 25234. Nifty was down 22.45 points at 7,692.
1.06 pm: In the 50-share index, Hindalco, Vedanta, Tata Steel, Cipla and Infosys were up between 0.25 per cent and 0.87 per cent. On the other hand, Axis Bank, State Bank of India, ICICI Bank, Sun Pharma and Bank of Baroda were down between 0.64 per cent and 0.93 per cent. Nifty was down 32.70 points at 7682.20, while Sensex was down 119 points at 25,211.
12.24 pm: Sensex was down 121 points at 25,209. Insilco’s Plant will remain shut from March 23, 2016 to April 11, 2016 due to high inventory and low sales volume. The company shall also carry out routine preventive maintenance and cleaning during this time. Shares of Insilco were trading 1.49 per cent up at Rs 17.
12.20 pm: India Ratings and Research expects the current account deficit (CAD) to come in close to 1.3 per cent of gross domestic product (GDP) in FY16. CAD for 3QFY16 came in at $7.1bn (1.3 per cent of GDP), sequentially lower than $8.7bn (1.7 per cent of GDP) in 2QFY16, and also lower than $7.7bn (1.5 per cent of GDP) in 3QFY15.
12.10 pm: Monsanto India shares were trading 14.25 per cent up at Rs 1,843. Sensex was trading 116.87 points down at 25,213. Nifty was down 29.90 points at 7,685.
11.41 am: Borosil Glass Works were trading 1.63 per cent up at Rs 2,835. Borosil Glass Works has made an investment of Rs 22 crore by way of subscription in 6 per cent Optionally Convertible Non-cumulative Redeemable Preference Shares in Hopewell Tableware, its unlisted wholly owned subsidiary. Sensex was trading 150 points down at 25,180.
11.25 am: Sensex was down 163.95 points at 25,166.54, Nifty was trading 35.05 points at 7,679.85. PNC Infratech’s wholly owned subsidiary — PNC Raebareli Highways — has successfully commissioned the project of two-laning of Raebareli-Jaunpur Section of NH-231 more than 3 months ahead of schedule. PNC was awarded the project for two-laning with paved shoulders from Km 0.000 to Km 166.400 of the Raebareli to Jaunpur Section of NH-231 in the State of Uttar Pradesh under NHDP IV on BOT (Annuity) basis. Shares of PNC Infratech were trading 3.03 per cent up at Rs 500.
10.58 am: Meanwhile, Reserve Bank of India (RBI) has approved foreign investment limit in Kotak Mahindra Bank to 55 per cent. The current limit for Foreign Institutional Investors (FIIs)/ sub-accounts of FIIs, Foreign Portfolio Investors (FPIs) and Qualified Foreign Investors (QFIs) approved by the Board of Directors remains at 40 per cent. Shares of Kotak Mahindra Bank gained as much as 1.7 per cent in the morning trade. The scrip was trading 0.10 per cent down at Rs 663.40. Sensex was down 142 points at 25,187. Nifty was down 34.45 points 7,680.
10.40 am: Bharti Airtel shares were trading 2.52 per cent up at Rs 360.15. The telecom major has entered into an agreement with American Tower Corporation (ATC) for the sale of about 1,350 mobile towers in East African country Tanzania. The BSE Telecom index was up 1.64 per cent at 1307.95. Sensex was trading 87.72 points down at 25,242.
10.20 am: Sensex was down 64 points at 25,266. Nifty was trading 8.70 points down at 7,706. Kalpataru Power Transmission shares surged as much as 9 per cent in the early trade on Wednesday after the company said it has secured orders worth Rs 1,320 crore from Power Grid Corp. READ MORE10.33 am: Sensex was down 82 points at 25,248. Caution in view of a long weekend dominated sentiment as markets will remain closed Thursday and Friday on account of ‘Holi’ and ‘Good Friday’, respectively.
9.56 am: Ashok Leyland Defence Systems (ALDS), a division of Hinduja Group flagship company Ashok Leyland, on Tuesday said it has selected US-based Lockheed Martin to develop light specialist vehicle and light armoured multi-purpose defence vehicles for armed forces. Shares of Ashok Leyland were trading 0.53 per cent up at Rs 104.
9.51 am: Extending its slide for the third straight day, the rupee shed another 8 paise to 66.79 against the dollar in early trade Wednesday on appreciation of dollar against others overseas.
9.47 am: Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Raloxifene Hydrochloride Tablets USP, 60 mg, the therapeutic equivalent to the reference listed drug product, Evista Tablets, 60 mg, of Eli Lilly and Company. Shares of Glenmark Pharma were trading 1.24 per cent up at Rs 831.40. Sensex was down 55 points at 25,274.
9.37 am: Bharat Petroleum Corporation (BPCL), plans to spend about Rs 10,000 crore in 2016-17 to expand and upgrade its refining capacity and augment its marketing infrastructure. An expansion underway at Kochi refinery will take about 40 per cent of the BPCL’s planned capex for 2016-17. The refinery is adding 6 million tonne per annum (MTPA) to the existing capacity of 9.5 MTPA. Shares of BPCL were trading 0.68 per cent up at Rs 876.50.
9.32 am: Sensex plunged further and was trading 114 points down at 25,215. Nifty was down 20.50 points at 7,694. Prestige Estates shares were trading over 5 per cent up in the early trade.
9.23 am: The 30-share was trading 95 points down at 25235. Nifty was down 19.35 points at 7,695. Cadila Healthcare has received a Notice of Concern (NoC) or warning from the World Health Organisation (WHO) for violations of good manufacturing practices at its vaccine plant in Moraiya in Sanand district of Gujarat. Shares of Cadila Healthcare were trading 0.85 per cent up at Rs 325.95.
9.16 am: Sensex was trading 57.45 points down at 25273.04. Nifty was down 11.65 points down at 7703.25. Edelweiss shares jumped over 3 per cent in the early trade. READ MORE
9.15 am: Sensex opened 8.39 points down at 25322.10, while Nifty 50 index opened 2.55 points up at 7717.45.
8.24 am: Domestic benchmark indices BSE Sensex and NSE Nifty are likely to open on a flat-to-cautious note on Wednesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global markets.
At 8.05 am (IST), SGX Nifty was up 5.50 points, or 0.07 per cent, at 7,729.50.
Asian peers, Hang Seng, Nikkei and Shanghai were down by 0.23 per cent, 0.10 per cent and 0.13 per cent, respectively.
Wall Street shares were mixed on Tuesday. The S&P 500 lost 0.09 per cent while the Nasdaq Composite added 0.27 per cent.
Financial markets took the attacks in Brussels that killed at least 30 people in their stride, with risk appetite quickly coming back and gains in safe-haven assets evaporating within hours.
Back home, BSE Sensex on Tuesday settled in the positive territory for the third straight day, but the day’s gain was limited to just 45 points after deadly terror attacks in Brussels sent markets globally into a tailspin. The closing was a fresh 11-week high of 25,330.
The NSE Nifty 50 index closed 10.65 points, or 0.14 per cent up at 7,714.90.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth net Rs 1,095.44 crore on March 22 2016. Domestic institutional investors sold shares worth Rs 930.37 crore on that day.
Shares of Edelweiss Financial Services and Maruti Suzuki will remain in focus on Wednesday. Edelweiss on Tuesday after market hours announced the acquisition of global giant JP Morgan’s mutual fund business in India that has assets worth over Rs 7,000 crore, marking yet another exit of a foreign fund house from the over Rs 13 lakh-crore industry.
Maruti Suzuki India has received 20,000 bookings within the first fortnight of the
launch of compact SUV Vitara Brezza while it will start delivering the new model to customers from Friday (March 25).
(With agency inputs)