Sensex, Nifty end flat in lacklustre trade; Jindal Steel surges over 10%

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New Delhi | Updated: April 8, 2016 4:18:12 PM

The BSE Sensex and NSE Nifty traded flat on Friday, as sentiment remained weak in the absence of any positive trigger amid sustained capital outflows by foreign funds.

BSE Sensex, NSE NIFTY, STOCKS IN FOCUS TODAYThe BSE Sensex and NSE Nifty traded flat on Friday, as sentiment remained weak in the absence of any positive trigger amid sustained capital outflows by foreign funds.

The BSE Sensex and NSE Nifty ended the dull trade on a flat note on Friday as sentiment remained weak in the absence of any positive trigger amid sustained capital outflows by foreign funds. Muted expectation of fourth quarter earnings weighed on the domestic sentiment. Sensex closed 11.58 points down at 24,673.84, while Nifty 50 index settled 8.75 points up at 7,555.20.

In the 50-share index, NTPC, BHEL, Tata Power, Tech Mahindra and YES Bank gained between 1.95 per cent and 4.16 per cent. On the other hand, Hero MotoCorp, TCS, Infosys, Bharti Infratel and HUL slid between 1.05 per cent and 1.69 per cent.

Barring the BSE IT index (down 0.82 per cent), BSE TECk (down 0.66 per cent), BSE CD (down 0.59 per cent) and BSE Auto (down 0.08 per cent), rest all other sectoral indices on the Bombay Stock Exchange ended in green. The BSE Power and BSE Realty index gained 1.58 per cent and 1.44 per cent respectively.

Jindal Steel and Power (JSPL) shares rallied over 10 per cent on Friday on reports that the Supreme Court has ruled in favour of JSPL in Sarda mines case. The scrip closed at Rs 66.65.

Investors also remained worried over the report that drought in southern states has affected the cultivation of major commodities like rice, cotton and spices. Production of these commodities is likely to come down sharply if the absence of summer rains prevails.

Asian equity markets ended mostly lower on Friday after oil prices fell over 1 per cent overnight and shares in leading European and US banks fell sharply on earnings worries.


 

Markets through the day

3.30 pm: Sensex closed 11.58 points down at 24,673.84, while Nifty 50 index settled 8.75 points up at 7,555.20.

2.48 pm: Shares of Kiri Industries were trading 5.06 per cent up at Rs 193. Shares of the company surged further after it informed bourses on April 5 that it has executed agreements for settlement of all its debt by the end of financial year 2016. Sensex was down 20 points at 24,664.51.

2.17 pm: Sensex was down 49.73 points at 24,635. In the 30-share index, NTPC, Lupin and GAIL were up by 3.12 per cent, 2.26 per cent and 1.11 per cent. On the other hand, Hero MotoCorp and TCS were down by 2.62 per cent and 1.66 per cent.

1.52 pm: NMDC has reported 28.32 million tonnes (MT) of iron ore production and logged sales volume of 28.87 MT up to March 2016. The company’s Chhattisgarh mines produced 16.60 MT of iron ore and registered sales volume of 16.40 MT while Karnataka mines produced 11.72 MT of iron ore and sold 12.47 MT up to March 2016. Shares of NMDC were trading 0.49 per cent up at Rs 102.45.

1.19 pm: Shares of National Buildings Construction Corporation (NBCC) on Friday rose 2.5 per cent as the company secured orders worth Rs 17,516 crore in the last fiscal. Sensex was up 18.83 points at 24,704. READ MORE

12.45 pm: Sensex was up 14 points at 24,699. Dr. Reddy’s Laboratories shares were trading 0.91 per cent up at Rs 3,059. The pharma company has entered into active pharmaceutical ingredient (API) supply and joint development agreements with the US-based Cutis Pharma to advance several programs in Cutis Pharma’s R&D portfolio, including RM-02, RM-03, and RM-06, toward FDA approval.

12.14 pm: Domestic passenger car sales declined 0.3 per cent to 1,75,730 units in March from 1,76,260 units in the same month last year. The BSE Auto index was down 0.24 per cent at 17,434.55.

12.05 pm: Tata Power International (TPIPL), a Singapore company and wholly owned subsidiary of Tata Power has signed an agreement with KS Orka Renewables for the sale of its 50 per cent stake in OTP Geothermal (OTP). The aggregate cash consideration for TPIPL’s 50 per cent stake is $30 million.
OTP, a 50:50 joint venture with Origin Energy, holds a 95 per cent interest in Indonesia’s PT Sorik Marapi Geothermal Power (SMGP). SMGP is currently pursuing development of 240 MW Sorik Marapi Geothermal Power Project in North Sumatra. The transition is expected to benefit the project development. Shares of Tata Power were trading 1.09 per cent up at Rs 64.80. Sensex was down 7 points at 24,677.

11.42 am: Religare Enterprises shares were trading 2.99 per cent up at Rs 287.55 as it on Thursday said it has fully exited from its asset management joint venture entity. Sensex was trading 27.37 points down at 24,658.05, while NSE Nifty was trading 3.65 points down at 7,550.10.

11.27 am: Simplex Projects stocks were trading 10.19 per cent up at Rs 26.50 after it sold 51.21 per cent stake in its arm Simpark Infrastructure, proceeds of which will be utilised for business purposes. The company, however, did not give any financial details of the deal. Sensex was trading 2.98 per cent up at Rs 24,688.40, while NSE Nifty was trading 6.35 per cent up at 7,552.80. READ MORE

11.08 am: Tata Chemicals were trading 1.26 per cent up at Rs 366 as International rating agency Fitch assigned ‘BB+’ rating with a stable outlook to Tata Chemicals Ltd (TCL). Sensex was trading 42.23 points up at 24,727.65, while NSE Nifty was trading 18.60 points up at 7,565.05.

10.53 am: Supreme Court dismisses a PIL challenging grant of 4G licences to Mukesh Ambani’s Reliance Jio. Shares of Reliance Industries were trading 1.16 per cent up at Rs 1050.00. Senwex was trading 18.89 points up at 24,704.31, while NSE Nifty was trading 13.85 points up at 7,560.30.

10.32 am: Cairn Energy PLC which holds a minority stake in the Cairn India is reportedly planning to exit. The British major is eyeing to sell its 10 per cent stake in the open market. Cairn Energy has called for an annual general meeting on May 12 to seek shareholder approval to sell its entire residual stake in Cairn India. It is open to any merger or a buyback programme involving Cairn India. It will also take shareholder approval to take part in block deals, as well as open market transactions. All this comes at a time when Vedanta, the majority shareholder in Cairn India is trying to merge the company with itself. Shares of Cairn India were trading 1.80 per cent down at Rs 144.20.

10.18 am: Moody’s downgrades Reliance Communications’ ratings to ‘negative’ from ‘stable’, citing persistent delays in the company’s sale of non-core assets. Shares of Reliance Communications were down by 0.90 per cent at Rs 49.75.

10.13 am: According to PTI, cash-rich public sector firms ONGC, NTPC and Coal India were asked to adopt one shut urea plant each for revival which would cost about Rs 18,000 crore over the next four years. NTPC shares were trading higher by 0.83 per cent, while Coal India was down by 0.57 per cent. Sensex was down 3 points at 24682. Nifty was trading 4.15 points up at 7,550.

10.07 am: Sensex was down 8 points at 24,676. Brokers said fresh round of selling by foreign investors amid muted expectations of fourth-quarter results and a weak Asian trend, tracking overnight losses at the US markets on growing concern about the state of the global economy, hit sentiment here.

9.33 am: Sensex was down 35.33 points at 24,650. Jindal Steel and Power shares were trading 6.31 per cent up at Rs 64.10.

9.17 am: IPCA Labs shares were trading 10 per cent down at Rs 502.60. READ MORE.  Sensex was trading 52.59 points down at 24632. Nifty was down 12.80 points at 7,533.

9.15 am: Sensex opened 19.62 points, or 0.08 per cent, down at 24665.80, while Nifty opened 4.10 points down at 7,542.35. Leading banks SBI and ICICI on Thursday cut their home loan rates by 0.10 percentage point to 9.4 per cent following implementation of a new interest rate calculation regime mandated by RBI.

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

At 8.23 am (IST), SGX Nifty was trading 2.50 points, or 0.03 per cent, up at 7,569.

Asian shares extended losses to three-week lows on Friday after bank shares slumped globally, while the yen soared to a 17-month high against the dollar as investors unwound bets against the yen, calculating that any effort by Japan to drive down the yen would be vigorously opposed by other major economies.

US S&P 500 index lost 1.2 per cent, with financial shares falling 1.9 per cent. In Europe, the FTSEurofirst 300 closed down 0.8 per cent, hurt by a drop of more than 2 per cent in financials.

On the domestic front, the benchmark BSE Sensex plunged by 215 points on Thursday to settle at a three-week low of 24,785.42 on profit-booking in consumer durables, IT and banking stocks as investors trimmed bets ahead of the start of earnings season.

Shares of NBCC and Ipca Labs will remain in focus on Friday. State-run National Buildings Construction Corporation (NBCC) on Thursday after market hours said it has secured orders worth Rs 17,516 crore in the last fiscal.

Switzerland-based Global Fund, which financially supports various disease eradication programmes, will not source malaria drug from Ipca Laboratories as the company has received a warning letter from the US health regulator for lapses in manufacturing norms at three of its facilities.

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