Domestic equity indices BSE Sensex and NSE Nifty snapped a three day losing streak on Thursday on account of buying in beaten down stocks. Sentiments remained up-beat with science and technology minister Harsh Vardhan’s statement that the Monsoon is expected to hit Kerala by May-end or early June, with various forecasting agencies predicting normal or above normal rainfall this year. Sensex settled 160.48 points up at 25,262, while Nifty closed 28.95 points up at 7735.50.
Market sentiments also got some support after Finance Minister Arun Jaitley stated that India’s economic situation is by far the best in the world and the country has the potential to do even better.
In the 50-share index, Tech Mahindra, BHEL, HDFC, Larsen & Toubro and Tata Motors gained between 2.05 per cent and 3.02 per cent. On the other hand, Idea Cellular, Adani Ports, UltraTech Cements, Bharti Airtel and Bharti Infratel slipped between 1.30 per cent and 5.73 per cent.
Overall market breadth for the day remained 25:26 for the day. Volumes for Nifty stocks stood at 1,907 lakh, almost in line with Wednesday’s volumes of 2,059 lakh. Sector wise, markets presented a mixed bag of performance. Media and private banks corrected while the rest of the market segments were marginally up for the day.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services said, “The rebound in the European market led by a recovery in oil prices provided a relief rally to the domestic market after three days of fall. Further market momentum will also be assessed based on the outcome of US non-farm payroll and the unemployment rate slated tomorrow. This will provide a direction to the FOMC in their next meet.”
Among day’s major market moving events, shares of Indiabulls Real Estate remained in action on Thursday following market reports that the company has acquired majority stake of 51.18 per cent in the Singapore-listed business trust IPIT. The company is believed to have acquired additional 2.77 crore shares through its subsidiary Grapene. The shares of Indiabulls Real Estate were seen up by more than 8.6 per cent intraday on NSE over the news.
On the Q4 results front, shares of Hexaware Technologies corrected by 9.5 per cent intraday on the bourses after the company announced just marginal rise of under 1 per cent in its consolidated net profits for Q4 year on year. The company’s net profit for the quarter stood at Rs 84.18 crores against Rs. 83.35 in the same quarter the previous fiscal.
On a similar note, DHFL corrected by 4 per cent intraday following under expected Q4 announcements. The company reported a 16.9 per cent rise in standalone net profits at Rs 189.66 crore in Q4 FY16 against Rs 162.28 crore in the same quarter a year ago.
Asian markets ended mixed on Thursday as mixed economic data did nothing to assuage concerns about global growth, keeping sovereign bonds well supported as a hedge against deflation risks. Markets in Japan, South Korea and Indonesia were closed Thursday for public holidays.
Markets through the day
3.30 pm: Sensex settled 160.48 points up at 25,262, while Nifty closed 28.95 points up at 7735.50.
3.16 pm: Gillette India shares surged 7 per cent intraday after the company reported over two-fold jump in net profit at Rs 80.85 crore for the third quarter ended March 31, helped by portfolio optimisation and improved efficiency. The company, which follows July-June financial year, had reported a net profit of Rs 30.76 crore for the same period of the previous fiscal.
3.11 pm: Idea Cellular shares dipped as much as 6.52 per cent on Thursday on reports that the company may spend $1.3 billion in adding data spectrum in upcoming auction around July.
2.37 pm: Traders were seen piling position in Realty, Capital Goods and FMCG stocks while selling was witnessed in telecom stocks. Sensex was trading 259.17 points up at 25,360. Nifty was trading 53.20 points up at 7,759.
Read more: Spicejet among 14 stocks that surged over 100% on BSE 500 in one year
2.06 pm: The top gainers on Nifty were HDFC up by 3.56 per cent, Tata Motors up by 3.26 per cent, BHEL up by 2.13 per cent, Larsen & Toubro up by 1.90 per cent and ITC up by 1.82 per cent. On the flip side, Idea Cellular down by 5 per cent, Adani Ports down by 4 per cent, Bharti Airtel down by 2 per cent, Bharti Infratel down by 1.51 per cent and Hindalco down by 1.26 per cent were the top losers. Nifty was trading 42.15 points up at 7,748.
1.48 pm: Aviation stocks edged higher on some reports that the civil aviation policy is likely to come before the Cabinet next week and it may retain the proposal of auctioning unused bilateral rights. InterGlobe Aviation shares were trading 1.39 per cent up at Rs 1078.40.
1.45 pm: European stock markets steadied on Thursday, buoyed by some solid corporate earnings by firms including BT, and a rise in the shares of major oil companies that were boosted by a stronger oil price. The pan-European FTSEurofirst 300 index rebounded slightly to stand 0.3 per cent higher after falling 1.2 per cent in the previous session to its lowest level in almost a month. Domestic benchmark index BSE Sensex was up 121.90 points at 25,223.63.
1.06 pm: Sensex was trading 95.38 points up at 25197. Nifty was up 11.70 points at 7,718.
12.32 pm: Idea Cellular stocks were trading 5.52 per cent down at Rs 113.00 after a business daily reported that the telecom company may spend $1.3 billion in adding data spectrum in upcoming auction around July. Sensex was trading 154.33 points up at 25,256.06, while NSE Nifty was trading 34.30 points up at 7,740.85.
12.01 pm: V-Guard Industries shares were trading 18.79 per cent up at Rs 1175.00 after it reported over two-fold rise in net profit for the March quarter. Sensex was trading 158.94 points up at 25,260.67, while NSE Nifty was trading 33.70 points at 7,740.25. Read more
11.25 am: Sun Pharmaceuticals shares were trading 1.56 per cent up at Rs 815.30 after the pharma company said results of two phase-3 clinical trials, evaluating the efficacy of a new molecule being developed to treat psoriasis, have been positive. Sensex was trading 147.66 points up at 25,249.39, while NSE Nifty was trading 29.45 points up at 7,736.00.
10.57 am: Hexaware Technologies shares were trading 6.79 per cent down at Rs 212.75 after the mid-sized IT services firm announced lower-than-expected results for quarter ended March 2016. The IT company’s consolidated net profit rose to Rs 84.2 crore for January-March 2016 in comparison to a net profit of Rs 83.3 crore in the same period a year ago. Sensex was trading 88.53 points up at 25,190.26, while nSE Nifty ws trading 14.25 points up at 7,720.80.
10.39 am: After sliding over 11 per cent on Wednesday, shares of Adani Ports and Special Economic Zone (APSEZ) slipped as much as 5 per cent on BSE in the early trade on Thursday. Read More
9.51 am: The rupee depreciated by 6 paise to 66.61 against the US currency in early trade on Thursday due to sustained demand for the dollar from importers. Sensex was trading 101 points up at 25,202.
9.37 am: SKS Microfinance was trading 0.42 per cent down at Rs 593.65. SKS Microfinance on Wednesday reported more than two-fold jump in standalone net profit at Rs 84.47 crore for the last quarter ended March 2016. The micro-finance lender had a net profit of Rs 40.54 crore in the corresponding January-March period of 2014-15.
9.17 am: Sensex jumped 122 points at 25,224. Nifty was trading 26.15 points up at 7,732.70. Ricoh India shares hit lower circuit. The scrip plunged 5 per cent to Rs 271.90.
9.15 am: The BSE Sensex opened 85.93 points, or 0.34 per cent, up at 25,187.66, while NSE Nifty index opened 24.45 points, or 0.32 per cent, up at 7,731.
8.46 am: The BSE Sensex and NSE Nifty are likely to open on a flat-to-cautious note on Thursday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak Asian cues.
At 8.30 am (IST), SGX Nifty was up marginally 2 points, or 0.03 per cent, at 7,726.
Asian shares slipped for a seventh straight session on Thursday as a mixed batch of US economic data did nothing to assuage concerns about global growth and deflation, keeping sovereign bonds well supported.
Wall Street slipped even as data showed the vast US services sector expanded in April as new orders and employment accelerated, offering hope economic growth would rebound after a sluggish first quarter.
The Dow Jones industrial average fell 99.65 points, or 0.56 per cent, to 17,651.26. The S&P 500 closed down 12.25 points, or 0.59 per cent, to 2,051.12 and the Nasdaq Composite is lost 37.59 points, or 0.79 per cent, to 4,725.64.
Domestic benchmark index, BSE Sensex tumbled 127.97 points to an over three-week low of 25,101.73. The NSE Nifty index fell 40.45 points, or 0.52 per cent at 7,706.55.
Shares of Jindal Steel and DHFL will remain in focus on Thursday. Jindal Steel and Power (JSPL) narrowed its consolidated net loss to Rs 371 crore in January-March quarter of 2015-16, helped by higher steel sales and cost optimisation measures.
The Naveen Jindal-led firm had posted a net loss of Rs 519 crore in the year-ago period.
Dewan Housing Finance Corporation Ltd (DHFL) on Wednesday reported a 16.7 per cent rise in its standalone net profit to Rs 189.66 crore for fourth quarter ended March 2016. Company’s net profit in the corresponding January-March quarter of 2014-15 stood at Rs 162.28 crore.
(With agency inputs)