Domestic equity indices BSE Sensex and NSE Nifty ended the volatile trading session in red on Friday on account of selling in frontline blue chip counters. The 30-share index closed 71.54 points, or 0.28 per cent, down at 25,230.36, while Nifty 50 index settled 18.65 points, or 0.24 per cent, lower at 7,731.05. Traders remained on sidelines ahead of the upcoming expiry of May derivative contracts. Prevailing caution ahead of the US Fed move and its subsequent impact on movement of the dollar, also kept the price gains in check at D-street.
In the 50-share index ITC, Power Grid, Bharti Infratel, ACC and Tata Power gained between 1.72 per cent and 5.20 per cent. On the other hand, Lupin, Tata Steel, ONGC, Cipla and Bank of Baroda slid between 2.25 per cent and 3.32 per cent.
Barring the BSE FMCG index (up 2.12 per cent), BSE Telecom index (up 0.82 per cent) and BSE Power index (up 0.30 per cent), rest all other sectoral indices on BSE ended the day in red. The BSE Capital Goods index, BSE Healthcare, BSE IT and BSE Realty index slid 0.91 per cent, 0.84 per cent, 0.83 per cent and 0.71 per cent, respectively.
Markets started off with a gap-up opening but lost momentum gradually to enter into red in noon deals as traders remained concerned with Reserve Bank of India (RBI) Governor Raghuram Rajan’s statement that India should restrain itself from being “too ambitious” at a time when the world is full of uncertainties and instead focus on sensible policies to ensure a sustainable economic growth. Rajan has also said that Indian economy has certainly picked up pace in growth, but certain sectors are still under stress, making the economic recovery uneven.
Among day’s major market moving events, shares of Monsanto India once again was in limelight on Monday after the government tightened rules for the sale of genetically modified cotton seeds which raised concerns over limiting the royalties the company may receive on its upcoming products. The stock of the company closed 9 per cent down at Rs 2,077.50. Shares of Britannia Industries corrected 8.61 per cent on BSE after the company guided for a limited margin gains in the upcoming quarter. The company reported a 13.17 per cent decline in margins in Q4FY16 and reported a net profit of Rs 190.23 crore for the quarter under review.
Shares of Cox & Kings plunged 14 per cent after the company reported a loss in Q4FY16 worth Rs 305.33 crore against a profit of Rs 64.56 crore in the same quarter the previous fiscal. The company however, posted a 14.8 per cent growth in its total income from operations in the quarter on a year-on-year basis.
Overall, market breadth remained in the favour of decliners, as 1,075 shares ended the day in green while 1,512 closed the day in red.
Asian peers ended mostly higher on Monday, even as worries about impending interest rate hikes by the Federal Reserve continued to reverberate through markets. Chinese shares ended higher despite worries about slowing growth and fading hopes for more policy easing.
Markets through the day
3.30 pm: Sensex closed 71.54 points, or 0.28 per cent, down at 25,230.36, while Nifty 50 index settled 18.65 points, or 0.24 per cent, lower at 7,731.05.
2.56 pm: Stock price of commodity bourse MCX were trading 6.32 per cent higher after the Reserve Bank (RBI) removed restriction imposed on overseas investors on buying equity shares in the Multi Commodity Exchange (MCX). The scrip was trading at Rs 912. Sensex was down marginally 21 points at 25280, while Nifty was down 1.32 points at 7,748.
2.30 pm: European shares inched higher on Monday, helped by gains in tech and healthcare stocks, but Fiat Chrysler slumped on a report raising emissions issues and Bayer dropped after making an offer for Monsanto.
1.53 pm: Sensex was trading 109 points up at 25,411, Nifty 50 index was up 34.70 points at 7,784.
1.49 pm: Sensex was up 81.67 points, or 0.32 per cent, at 25,383.57. Nifty was up 38.40 points, or 0.50 per cent, at 7,788. Rallis India’s wholly-owned subsidiary Metahelix Life Sciences (Metahelix) has entered into a Joint Venture (JV) with Indonesian local partner for the establishment of a seed production and distribution company viz. PT Metahelix Lifesciences Indonesia. Metahelix will have 49 per cent stake in the PT Metahelix Lifesciences Indonesia. The current paid up capital of the JV entity is $1,25,000 which will be increased to $2,50,000 by March 2017. Metahelix and the JV partner will invest in the paid up capital to the extent of their share in the JV, viz, 49 per cent and 51 per cent, respectively. Shares of Rallis India were trading 0.44 per cent up at Rs 207.
1.43 pm: Harita Seating Systems surged 20 per cent intraday after the company reported 7-fold rise in net profit figures at Rs 12.85 crore for the quarter ended March 2016 against Rs 1.85 crore in the corresponding quarter a year ago. The scrip was trading 11.33 per cent up at Rs 597.30 (at 1.42 pm).
12.41 pm: Shares of TTK Prestige were trading 7.06 per cent up at Rs 4,656. The scrip opened at Rs 4426 and has touched a high and low of Rs 4670 and Rs 4400, respectively, in trade. Sensex was down 51 points, or 0.20 per cent, at 25250.81.
12.33 pm: Sensex pared its initial gains in the afternoon trade. The 30-share index was down 20.10 points at 25281. Nifty was up 4.60 points at 7,754.
11.41 am: Patel Engineering surged over 10 per cent after the company announced that the joint venture company secured orders worth of Rs 2,377 crore from IRCON International. Sensex was trading 52 points up at 25353. Nifty was up 21 points at 7,771.
11.09 am: Just Dial shares were trading 1.18 per cent up at Rs 760.30. Sensex was up 42 points at 25,343. Nifty was trading 18.15 points up at 7,767.
10.23 am: Private lender HDFC Bank plans to open about 500 new branches this financial year as part of its steps to expand footprint. Shares of HDFC Bank were trading 0.41 per cent up at Rs 1,145. Sensex was up 58 points at 25,359.
10.00 am: Pasupati Acrylon shares jumped as much as 10 per cent after the company on Friday reported 580.36 per cent rise in net profit at Rs 13.45 crore for the quarter ended March 31, 2016. It has posted a net loss of Rs 2.80 crore in the same quarter a year ago.
9.52 am: The rupee recovered 19 paise to 67.25 against the dollar in early trade on Monday on increased selling of the US currency by exporters and banks amid a higher opening in the domestic stock market. Sensex was trading 57 points up at 25,358. Nifty was up 21.30 points at 7,771.
9.42 am: Britannia Industries shares were trading 7 per cent down at Rs 2,728. Read more
9.16 am: Sensex was trading 175.56 points up at 25,477.46. ITC was trading 7 per cent up at Rs 353.35, while Just Dial was up 6.32 per cent at Rs 798.95.
9.15 am: The BSE Sensex opened 145.82 points, or 0.58 per cent higher at 25,447.72. Nifty 50 index opened 64.25 points, or 0.83 per cent up at 7,813.95.
8.30 am: The BSE Sensex and NSE Nifty are likely to open higher on Monday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global cues.
At 8.10 am (IST), SGX Nifty was up 22 points, or 0.28 per cent, at 7784.
Asian markets were trading in green on Monday after a solid session on Wall Street, while the dollar held near recent highs against major rivals as investors bet that the US Federal Reserve was on track to raise rates sooner rather than later.
The US markets closed higher on Friday. The Dow Jones Industrial Average added 65.54 points or 0.38 per cent to 17,500.94, Nasdaq gained 57.03 points or 1.21 per cent to 4,769.56, while S&P 500 was up by 12.28 points or 0.60 per cent to 2,052.32.
Domestic benchmark BSE Sensex fell 98 points to 25,301.90 in choppy trade on Friday on sustained foreign fund outflows and selling by domestic investors after regulator Sebi tightened guidelines to check any misuse of P-Notes.
Shares of ITC and Britannia will remain in focus on Monday. FMCG firm ITC on Friday reported an increase of 5.67 per cent in standalone net profit at Rs 2,495.20 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 2,361.18 crore during January-March quarter a year ago.
Britannia Industries on Friday reported a 13.73 per cent increase in its consolidated net profit at Rs 190.23 crore for the quarter ended March 31, 2016. The company had posted a net profit of Rs 167.25 crore in the same period of previous fiscal.
(With agency inputs)