​​​
  1. Sensex snaps 4-day losing streak, ends 75 points up, Nifty settles at 7,749; Novartis surges

Sensex snaps 4-day losing streak, ends 75 points up, Nifty settles at 7,749; Novartis surges

The BSE Sensex and NSE Nifty snapped four-day losing streak on Tuesday on account of buying in frontline blue chip counters and taking cues from global counterparts.

By: | New Delhi | Updated: May 24, 2016 4:22 PM
Sensex Nifty, stock market today, sensex live The BSE Sensex and NSE Nifty snapped four-day losing streak on Tuesday on account of buying in frontline blue chip counters and taking cues from global counterparts. (Photo: PTI)

3.30 pm: The BSE Sensex and NSE Nifty snapped four-day losing streak on Tuesday on account of buying in frontline blue chip counters and taking cues from global counterparts. Sensex closed 75.11 points up at 25,305.47, while Nifty 50 index settled 17.80 points up at 7,748.85. Earlier, markets exhibited sideways consolidation pattern as cautious investors chose to square off positions at every rise.

Traders were seen piling position in FMCG, banking and auto stocks while selling was witnessed in Oil & Gas and TECK sector stocks.

European stock markets mostly rose in early trading although Asian indices finished lower on Tuesday amid growing expectations the US Federal Reserve will raise interest rates in June.

Shreyash Devalkar, fund manager – equities, BNP Paribas Mutual Fund said, “Gains in European stocks aided the upmove on domestic bourses after the Federal Statistical Office in Germany said that German economic growth accelerated at the start of the year helped by robust domestic demand.”

nifty top gainer losers Source: NSE

In scrip specific development, Novartis India gained over 15 per cent after the company stated that its board will meet on 26 May to consider share buyback. Monsanto India gained over 3 per cent after the government withdrew a notification capping royalty fee for new genetically-modified (GM) seed technology amid opposition from the crop biotech industry.

On the other hand, VRL Logistics locked at lower circuit limit following its promoters’ decision to start a regional airline in their personal capacity. The company’s promoters – Vijay Sankeshwar and Anand Sankeshwar – are planning to incorporate a separate company to start a regional airline for which they would sell a minority stake in VRL Logistics. Shares of the company settled 20 per cent down at Rs 315.10.

The market may remain volatile this week as traders may roll over positions in the Futures & Options (F&O) segment from the near month i.e. May 2016 series to next month i.e. June 2016 series. The near month May 2016 derivatives contracts will expire on Thursday i.e. May 26, 2016.

2.31 pm: In the 50-share index, NTPC, Tata Motors, ACC, ICICI Bank and Reliance Industries gained between 1.32 per cent and 2.48 per cent. On the other hand, Aurobindo Pharma, BPCL, Idea Cellular, Bank of Baroda and Bajaj Auto were down between 2.10 per cent and 6.10 per cent. Nifty was almost flat at 7,734.80. Sensex was trading 28.85 points at 25,259.21.

1.56 pm: PVR shares were trading 2.29 per cent down at Rs 844.30. Reliance Nippon Life Asset Management has sold 45,000 shares of PVR on May 19. Reliance Capital Trustee, on behalf of various schemes under Reliance Mutual Fund, sold these shares. Following this sale, the holding of Reliance Capital in PVR has come down to 4.8842 per cent or 22.80 lakh shares from 4.9806 per cent or 23.25 lakh shares.

1.40 pm: Siemens shares were trading 0.29 per cent up at Rs 1,131. Siemens, a renowned global leader in the area of Smart Cities, has strengthened its partnership with Sri Lanka by signing a Memorandum of Understanding (MoU) with Ministry of Megapolis and Western Development to offer expertise and best practices from its globally-proven, state-of-the-art, Sustainable, Smart City solutions portfolio. The prime objective of the Ministry of Megapolis and Western Development is to bring systematic changes and development processes into the urban community in Sri Lanka, which will ensure that the inhabitants of urban areas become a part of socio-economic development of the country while maintaining high levels in quality of life. This will pave the way for making Sri Lanka a commercial, naval and aviation hub of Asia.

1.09 pm: The BSE Sensex was trading 72.66 points up at 25303, while Nifty was up 14.75 points at 7,745.

12.38 pm: Tata Power’s scrip moved up by 3 per cent after its consolidated net profit more than doubled to Rs 360.25 crore for the quarter ended March 31. The 30-share index continued to trade flat in the afternoon trade.

11.52 am: Shares of National Fertilizers rose nearly 6 per cent intraday after the company reported a standalone net profit of Rs 31 crore in the fourth quarter of 2015-16. The stock also hit a 52-week high of Rs 35.55 on BSE.

11.00 am: Novartis India shares rallied over 10 per cent on the BSE after the company announced that its board will meet on Thursday, May 26, 2016, to consider a proposal for buyback of the company’s equity shares.

10.46 am: The rupee slid for the ninth day as it depreciated 18 paise more to trade at over 2-1/2 month low of 67.67 against the dollar today, hit by sustained foreign fund outflows amid a lower opening in the domestic stock market. Sensex was trading 12.54 points up at 25,242.

10.25 am: Britannia Industries and Jubilant FoodWorks shares were trading in red after nearly 84 per cent of 38 commonly available brands of pre-packaged breads including pav and buns, tested positive for potassium bromate and potassium iodate, banned in many countries as they are listed as “hazardous” for public health.

9.43 am: VRL Logistics shares hit lower circuit in the early trade on Tuesday after the promoters of the company on Monday said they plan to start a regional airline.

9.16 am: Sensex was trading 25.64 points down at 25,204, Nifty was trading 7.80 points down at 7,723. VRL Logistics shares were down 17.43 per cent at Rs 325.20.

9.15 am: Domestic equity markets opened on a flat note on Tuesday. The BSE Sensex opened 26.61 points up at 25,256.97, while NSE Nifty opened 7 points up at 7,738.

8.36 am: The BSE Sensex and NSE Nifty are likely to open on a flat note on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global cues.

At 8.16 am (IST), SGX Nifty was down 6.50 points, or 0.08 per cent, at 7,730.50.

Asian peers were trading in red on Tuesday, while the dollar rebounded from steep losses against the yen in the previous session. Hang Seng, Nikkei and Shanghai were down by 0.18 per cent, 0.67 per cent and 0.96 per cent, respectively.

Wall Street also ended lower on Monday as a bounce in Apple failed to offset concerns that the US Federal Reserve could raise interest rates sooner than later. The Dow Jones Industrial Average declined 0.05 per cent to end at 17,492.93 points and the S&P 500 lost 0.21 per cent to 2,048.04. The Nasdaq Composite dipped 0.08 per cent to 4,765.78.

The BSE Sensex on Monday fell 71.54 points to a two-week low following sustained foreign outflows on caution ahead of a likely US rate hike in June and weakness across global markets due to subdued commodity prices.

Shares of Mahindra & Mahindra (M&M) will remain in focus on Tuesday after the National Green Tribunal (NGT) on Monday banned light and heavy diesel vehicles more than 10-year-old in six major cities of Kerala.

VRL Logistics will also remain in limelight after promoters of VRL Logistics on Monday said they plan to start a regional airline. The chairman of the transport and logistics firm Vijay Sankeshwar alongwith Managing Director Anand Sankeshwar express their intent to enter the new business activity in a letter to the Board of Directors.

(With agency inputs)

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top