The benchmark BSE Sensex slid 66 points and the broader NSE Nifty retreated below the key 7,600-mark on Tuesday on account of sustained selling pressure in healthcare bluechips
The benchmark BSE Sensex slid 66 points and the broader NSE Nifty retreated below the key 7,600-mark on Tuesday on account of sustained selling pressure in healthcare bluechips amid mixed Asian markets. Besides, volatility ahead of March derivatives expiry during the week impacted investor sentiments. Sensex closed 65.94 points down at 24,900.46, while Nifty 50 settled 18.10 points down at 7,597.
In the 50-share index, Maruti Suzuki, Tata Motors, Idea Cellular, Tata Steel and IndusInd Bank gained between 1.65 per cent and 2.37 per cent. On the other hand, Lupin, Cipla, Dr Reddy’s Labs, GAIL and BHEL slid between 2.15 per cent and 6.05 per cent.
Sectorwise, the BSE Healthcare index plunged the most — 2.59 per cent, followed by BSE Capital Goods index (down 0.99 per cent) and BSE Power index (down 0.83 per cent). The BSE Telecom and BSE Auto index gained 1.59 per cent and 0.89 per cent, respectively.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services, said, “The market ended in a slightly negative note as investors are looking forward to the FEDs speech later today for clues on the economy and the direction of rate hike. But it is encouraging to note that FIIs continue to be positive which should reinforce stability in the market post the F&O expiry.”
Market sentiments also remained downbeat with private report that state governments are likely to run wider fiscal deficit in financial year 2016-17 because of higher interest bill and wage hike pressures. However, losses remained capped on report that foreign institutional investors’ (FII) inflow in the Indian market so far this month is the highest single-month investment since May 2013. FIIs have put in Rs 18,437 crore thus far in the Indian market during the current month till March 23, 2016.
Among day’s major market moving events, shares of Lupin remained under pressure after the US drug regulator USFDA gave two observations through Form 483 to the company with respect to its Mandideep plant in Goa. The plant holds much strategic importance for the company as it is the second largest contributor to the company’s revenue after its US plant. Lupin corrected over 14 per cent intraday on NSE over the news. In another stock specific action, shares of Anjani Portland Cement fell 2.50 per cent after the company received nod from Sebi for its proposed rights issue worth Rs 75 crore.
The market breadth remained in favour of decliners, as there were 947 shares on the gaining side against 1,699 shares on the losing side while 163 shares remain unchanged on BSE.
Asian markets made a mixed closing on Tuesday and while many of the indices managed to recover their early losses, the Chinese market ended with cut of over a per cent.
Markets through the day
3.30 pm: Sensex closed 65.94 points down at 24,900.46, while Nifty 50 settled 18.10 points down at 7,597.
3.18 pm: Ess Dee Aluminium shares hit their fresh 52-week low of Rs 103.60 in today’s trade. The scrip was trading 8.98 per cent down at Rs 104.40. Sensex was down 80.15 points at 24,886. Nifty was down 17.30 points at 7,597.
3.02 pm: Continuing to fall for the second consecutive day, shares of Natco Pharma fell nearly 5 per
cent intraday on Tuesday, after the company received 483 observations from the USFDA after inspection of its two facilities. The scrip was trading 3.88 per cent down at Rs 393.40. Sensex was trading 57.37 points down at 24909. Nifty was down 4.80 points at 7,610.30.
2.32 pm: Sensex was up 112 points at 25,079. Nifty was trading 31.50 points up at 7,646. Somany Ceramics has successfully completed the expansion of Kassar plant (Bahadurgarh) in Haryana to produce 4 million square meters of Glazed Vitrified Tiles annually and has commenced the commercial production from March 28, 2016 ahead of its scheduled timeline in Q1 of FY 2017. The total capacity of the manufacturing of Kassar (Bahadurgarh) plant post expansion has become 17.13 million square meters per annum. Shares of Somany Ceramics were trading higher by 2 per cent in the afternoon trade.
2.27 pm: Reliance Defence and Engineering (RDEL) formerly Pipavav Defence and Offshore Engineering Company, has delivered its seventh offshore supply vessel (OSV) to Oil and Natural Gas Corp (ONGC) from the series of 12 indigenously designed and built ships, valued at Rs 700 crore. Shares of RDEL were trading 0.22 per cent down at Rs 69.10. Sensex was up 65.78 points at 25,032. Nifty was trading 23.05 points up at 7,638.15.
2.00 pm: Sensex was up 6.51 points at 24972, while Nifty was up 4.65 points at 7,619. Indo Count Industries shares were trading 0.54 per cent down at Rs 903.75. The company informed bourses that it has launched three new brands to its home textile product portfolio in US Market. The company will also launch these new brands in other markets. These new brands are Boutique Living, Revival and The Pure Collection.
1.43 pm: Sensex plunged further and was trading 68 points down at 24,898. Nifty was down 16.45 points at 7,598. Equitas Holdings IPO will open on April 5 and close on April 7, the company said on Monday. The company has fixed price band of Rs 109-110 per equity share having a face value of Rs 10.
1.36 pm: Sensex was trading 29.52 points down at 24,936. Nifty was down 2.75 points at 7,612. Barring Cadila Healthcare (up 0.08 per cent) in the Nifty Pharma index, rest all other components of the index were trading in red. Lupin was down 8.61 per cent, followed by Glenmark Pharma (down 3.10 per cent) and Dr Reddy’s Labs (down 2.92 per cent).
1.08 pm: European equities climbed higher in early trading on Tuesday, with the market catching up after a long weekend while mining stocks tracked stronger metals prices.
1.05 pm: Meanwhile, HSBC cut SBI rating to ‘hold’ from ‘buy’, but kept target price unchanged at Rs 189.
12.36 pm: Excel Industries share price surged as much as 16 per cent on Tuesday after the company approved buyback of shares at Rs 275 per share for up to Rs 18 crore. Sensex was almost flat at 24,965. Nifty was at 76,14.
12.05 pm: Sensex was down 59 points at 24,907. Cadila Healthcare shares were trading 1.80 per cent down at Rs 313.15. Albert David (ADL) has entered into agreements with Zydus Healthcare (a wholly owned subsidiary of Cadila Healthcare) for the sale of ADL’s brand ‘Actibile’ with a free and marketable title along with all business information, know-how and the trademarks associated with the brand in territories of the Union of India; Nepal, South America (excluding Peru and Colombia), The United States of America; Japan, South Africa; the European Union; and East Europe, for a lump sum consideration of Rs 55.00 crore.
11.34 am: UCO Bank will issue equity shares to the Union government on a preferential basis against a capital infusion of Rs 935 crore. The bank at its board meeting held on March 28, 2016 has considered the proposal for issue of equity shares subject to necessary approvals from shareholders and other authorities. Shares of Uco Bank were trading 1.22 per cent up at Rs 37.40.
11.13 am: The 30-share index slid further and was trading 128 points down at 24,838. Nifty was down 23.80 points at 7,591.
10.52 am: Sensex was down 69.86 points at 24,896. Nifty was trading 15.35 points down at 7599.75.
10.35 am: Continuing with its efforts to curb manipulative activities on its platform, the BSE on Monday decided to suspend trading in shares of as many as 31 companies from Thursday. Among the firms facing suspension include Autopal Industries, Diligent Industries, Frontline Business Solutions, Global Infratech & Finance, Hindustan Wires, Ram Minerals and Chemicals, Unno Industries and Zyden Gentec. READ MORE
10.15 am: Sensex was trading 23.70 points down at 24,946. Brokers said profit-booking in recent gainers and a weak movement at other Asian markets as investors awaited a speech by US Federal Reserve Chair Janet Yellen later in the day, triggered selling.
10.07 am: Meanwhile, Lupin shares hit their fresh 52-week low of Rs 1,294.05 in Tuesday’s trade. The scrip was trading 12.06 per cent down at Rs 1,314.95. READ MORE
9.59 am: Extending its rising streak for the third day, the rupee appreciated by 8 paise to 66.49 against the US dollar in early trade on Tuesday on continued selling of the American currency by banks and exporters. Sensex was up 28 points at 24,994.
9.54 am: Sensex was up 52.68 points at 25,024. Nifty was trading 16.40 points up at 7,631.50. In the 50-share index, Bank of Baroda, Tech Mahindra, IndusInd Bank, Adani Ports and Axis Bank were up between 0.60 per cent and 0.91 per cent. On the other hand, M&M, NTPC, Lupin, Asian Paints and Vedanta were down between 0.22 per cent and 0.48 per cent.
9.30 am: LIC on Monday increased its 7.21% stake in IDBI to 14.37%, buying 29 crore shares in the bank. Shares of IDBI Bank were trading up over 2.50 per cent in the early trade. READ MORE
9.23 am: ARSS Infrastructure Projects on Monday said its has won a Rs 109-crore contract in Odisha by East Coast Railway. Shares of ARSS Infra were trading up by over 5 per cent in the early trade.
9.15 am: Key benchmark indices opened on a flat note with negative bias on Tuesday tracking mixed global markets. Sensex opened 9.16 points, or 0.04 per cent, down at 24,957.24, while Nifty 50 index opened 8.55 points, or 0.11 per cent, down at 7,606.55.
8.42 am: The BSE Sensex and NSE Nifty are likely to open on a flat note with negative bias on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak Asian markets.
At 8.26 am (IST), SGX Nifty was down 7 points, or 0.09 per cent, at 7,650.50.
Asian shares struggled to find their footing on Tuesday after downbeat US economic data contributed to an uninspiring session on Wall Street and pressured the dollar. Hang Seng, Nikkei and Shanghai were down by 0.13 per cent, 0.16 per cent and 0.63 per cent, respectively.
The Dow Jones Industrial Average rose 19.66 points, or 0.11 per cent, to 17,535.39, the S&P 500 gained 1.11 points, or 0.05 per cent, to 2,037.05 and the Nasdaq Composite dropped 6.72 points, or 0.14 per cent, to 4,766.79.
The Indian ADRs closed in red; Tata Motors was down by 0.28 per cent, Dr. Reddy’s Lab was down 0.24 per cent, ICICI Bank was down by 0.22 per cent, HDFC Bank was down 0.12 per cent and Wipro was down 0.09 per cent.
Back home, the BSE Sensex on Monday dipped over 371 points to slip below the 25,000-mark as investors booked profits in recent out-performers ahead of derivatives settlement and the closing of 2015-16 financial year on Thursday.
Shares of Wipro and Jubilant FoodWorks will remain in focus on Tuesday. Wipro on Monday announced a five-year partnership with Jubilant FoodWorks to deliver energy management services and help reduce energy and operational costs.