The BSE Sensex and NSE Nifty snapped a 5-day gaining streak on Tuesday on account of the absence of any major positive triggers which could take the markets higher amid profit booking in frontline line blue-chip stocks.
3.30 pm: The BSE Sensex and NSE Nifty snapped a 5-day gaining streak on Tuesday on account of the absence of any major positive triggers which could take the markets higher amid profit booking in frontline line blue-chip stocks. The sentiments also remained cautious ahead of March quarter GDP numbers and March fiscal deficit data, which are scheduled for release after the market hours. The BSE Sensex closed 57.64 points down at 26,667.96, while NSE Nifty settled 18.40 points down at 8,160.10.
In the 50-share index, Tata Motors DVR, Tata Motors, Aurobindi Pharma, Tata Steel and State Bank of India gained between 3.23 per cent and 11.25 per cent. On the other hand, Sun Pharma, Bharti Infratel, TCS, BPCL and GAIL slid between 2 per cent and 6.18 per cent.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services said, “The market capped the winning streak as investors booked profits ahead of India’s fourth quarter GDP results and US economic data later today. US dollar index continues to surge on expectation of positive US economic data which increases the possibility of a FED rate hike in the next meet. The green shoots from Q4 earnings and the positive expectation over GDP numbers will limit the downside risk in the market.”
Losses remained capped as some support came with the former Singapore Prime Minister Goh Chok Tong’s statement that India is a beacon of hope and has the potential to drive the world economy for the next 10 years, amid concerns of slowing global growth.
Traders also got some encouragement with International Institute for Management and Development (IMD)’s World Competitiveness Center report, which has stated that India climbed three spots and China dropped an equal number of places in the 2016 rankings. India improved its overall performance, image, openness, and managerial practices.
On the global front, European counters were trading in red in early deals mid investors turning their focus to the OECD meeting in Paris and the ECB rate decision meeting this week. Asian markets, however, ended mostly in green on Tuesday amid optimism the global economy is strong enough to withstand a potentially imminent boost to US borrowing costs.
3.16 pm: PVR shares gained as much as 5 per cent on Tuesday a realty major DLF said it has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore. Sensex was down 42 points at 26,682.
2.50 pm: Parag Milk Foods shares were trading 10.37 per cent up at Rs 260.15. Sensex was up marginally 3.52 points, or 0.01 per cent, at 26729. Nifty was trading 2.95 points up at 8,181.
1.56 pm: Broader indices, BSE Midcap and BSE Smallcap were trading down by 0.11 per cent and 0.29 per cent, respectively. Sensex was down 76 points at 26,649.
1.35 pm: Shares of Reliance Communications (Rcom) on Tuesday fell by over 4 per cent after it reported a 22.36 per cent drop in the consolidated net profit for quarter ended March 31, 2016. Rcom’s scrip declined by 3.87 per cent to Rs 47.10 on BSE. Sensex was down 102 points at 26623. Nifty was down 23 points at 8,155.
1.01 pm: Meanwhile, Mphasis shares gained as much as 9.23 per cent and hit their highest level since February 2011. Read more
12.39 pm: Stocks of Aurobindo Pharma were trading 4.34 per cent down at Rs 787.20 after the company posted a jump of 39.39 per cent in its consolidated net profit figures at Rs 562.85 crore for the quarter ended March 31, 2016 as compared to Rs 403.80 crore in the corresponding quarter in the FY15. Sensex was trading 54.50 points down at 26,671.10, while NSE Nifty was trading 11.80 points down at 8,166.70.
11.59 am: Realty major DLF on Tuesday said it has entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore. Shares of DLF were trading 2.33 per cent up at Rs 129.30. Sensex was down 62 points at 26,663. Nifty was down 11 points at 8,166.
11.23 am: Sensex was down 92 points at 26,633. In the 30-share index, Tata Motors, NTPC, Maruti Suzuki and Tata Steel were up 6.81 per cent, 2.20 per cent and 1.14 per cent, respectively.
10.18 am: The rupee recovered by 5 paise to 67.11 against the dollar in early trade at the Interbank Foreign Exchange market on fresh selling of the US currency by banks and exporters. Forex dealers said a higher opening in the domestic equity market and a weakening dollar against other currencies overseas supported the rupee. However, Sensex was down 106 points at 26,619. Nifty was trading 26.80 points down at 8,151.70.
10.03 am: Sun Pharma shares were trading 4.31 per cent down at rs 777.45 despite the drug maker reported a consolidated net profit of Rs 1,713.69 crore for the fourth quarter ended March 31, 2016. It had posted a net profit of Rs 889.24 crore in the corresponding quarter last year. Sensex wiped off its initial gains and was trading 69 points down at 26,655.99. Nifty was down 14.40 points at 8,164.
9.38 am: Apollo Tyres shares were trading 0.19 per cent higher in the early trade. Apollo Tyres has raised Rs 325 crore through private placement of redeemable Non-Convertible Debentures (NCDs). The committee of directors-NCDs at its meeting held on May 30, 2016 has allotted NCDs on a private placement basis aggregating to Rs 325 crore. The committee has made allotment of 3,250 NCDs of face value of Rs 10 lakh and is proposed to be listed on the National Stock Exchange of India (NSE).
9.21 am: Meanwhile, BSE Sensex jumped 111 points to 26837 and Nifty reclaimed 8,200- mark. Tata Motors was trading over 8 per cent up at Rs 454.85.
9.15 am: The BSE Sensex opened 92.15 points up at 26,817.75. Nifty opened 31.32 points, or 0.38 per cent, up at 8,209.85.
8.35 am: Domestic benchmark indices BSE Sensex and NSE Nifty are likely to open higher on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm Asian cues.
At 8.19 am (IST), SGX Nifty was up 20 points, or 0.24 per cent, at 8,215.
Asian peers, Hang Seng, Nikkei and Shanghai were trading higher by 0.88 per cent, 0.49 per cent and 2.06 per cent, respectively.
The BSE Sensex landed in the positive zone for the fifth straight day on Monday by gaining 72 points to 26,726 — a seven-month high — as March quarter earnings broadly stayed above expectations. A positive update about an above-normal monsoon this year, which is seen to rub off on the overall consumer demand, brightened economic prospects.
(With agency inputs)