3.30 pm: Benchmark indices the BSE Sensex and NSE Nifty snapped a three-day losing streak on Friday on account of buying in frontline blue chip counters, taking cues from Asian counterparts. Sentiments also got a boost after the Economic Survey said the government will likely meet its FY16 fiscal deficit target of 3.9 per cent, while at the same time it also indicated that India’s long run potential GDP growth is substantial, about 8 to 10 per cent.
Sensex closed 178.30 points up at 23,154.30, while Nifty settled 59.15 points up at 7,029.75.
In the 50-share index, Coal India, Hindalco, State Bank of India (SBI), Vedanta and NTPC slid between 2.94 per cent and 4.17 per cent. On the other hand, Bajaj Auto, Hero MotoCorp, Lupin, Bharti Airtel and Idea Cellular slid between 1.07 per cent and 3.58 per cent.
Sectorwise, the BSE Metal index gained the most — 1.66 per cent, followed by BSE Bankex (up 1.51 per cent), BSE Realty index (up 1.47 per cent) and BSE Capital Goods index (up 1.12 per cent). The BSE Telecom and BSE Healthcare index slid 0.68 per cent and 0.31 per cent, respectively.
In a scrip specific development, shares of United Spirits remained in action on Friday after the stock rose by more than 6.2 per cent intraday on NSE after its promoter Vijay Mallya stepped down as the chairman and director of the company.
Banking stocks remained in limelight after the Economic Survey 2016 tabled by the Finance Minister stated plans of capitalising PSU banks along with the rights to recover money from debt ridden promoters. Meanwhile, the Reserve Bank of India (RBI) asked lenders to spread out, in equal installments, provisions they make when they take over troubled loan accounts under a special restructuring programme to deal with stressed assets.
Stocks of fertilizer companies remained on buyers’ radar on hopes that the government may announce some important measures for reviving agriculture economy in the Union Budget 2016-17. Shares of Deepak Fertilisers and Fertilisers & Chemicals closed 1.12 per cent and 3.60 per cent up at Rs 140 and Rs 21.60, respectively.
Asian markets ended higher on Friday, as a firmer finish on Wall Street, oil’s overnight gains, a weakening yen and soothing comments by Chinese authorities over the state of the economy and chances of more stimulus, helped prop up investor confidence, heading into the G20 finance ministers’ meeting in Shanghai.
2.51 pm: Quick Heal shares were trading 7.67 per cent down at Rs 195. Shares of the software provide got listed on BSE and NSE on February 18 at issue price of Rs 321. Sensex was trading 227 points up at 23,203. Nifty was up 75.25 points at 7,045.
2.20 pm: Sensex was up 209 points at 23,185. Meanwhile, Gujarat Gas informed that PPG Sarma, CEO of the Company, has tendered his resignation from the service of the company. He will be relinquishing his charge on March 01, 2016 after office hours. Nitin Patil, executive director-technical & HSE will assume the charge of the office of the chief executive office with effect from March 02, 2016, as in-charge CEO of the company. Shares of Gujarat Gas were trading 1.13 per cent down at Rs 493.55.
1.56 pm: Ashoka Buildcon has received Letters of Acceptance (LoA) for the projects floated by State Highways Authority of Jharkhand. The company has received LoAs for construction, rehabilitation and two laning with paved shoulders of Govindpur – Tundi – Giridih Road in the State of Jharkhand and for construction, rehabilitation and two laning with paved shoulders of Dumka – Hansidha Road in the State of Jharkhand. The accepted bid value of the projects is Rs 401.59 crore. These Projects will be funded by Asian Development Bank (ADB). Shares of Ashoka Buildcon were trading 0.03 per cent up at Rs 179. Sensex was up 215 points at 23,191.
1.22 pm: Asian peers edged higher on Friday on the back of sharp overnight gains on Wall Street, while recovery in global crude oil prices also aided sentiment. Sensex was up 171 points at 23,147.
1.15 pm: Bond yields trade lower on Friday as investors got support after the Reserve Bank of India (RBI) announced a $1.75 billion bond purchase and said it would not allow debt issued by state governments as part of a bailout scheme for power companies to hit markets.
12.58 pm: Sensex was trading 173 points up at 23,149. Nifty was up 57.60 points at 7,028.20. The Economic Survey also talks about inflation, saying that the increase in wages from the rollout of the 7th Pay Commission will have little impact on prices. Meanwhile, investors remained cautious on report that foreign portfolio investors (FPIs) sold shares worth a net Rs 1466 crore on February 25, 2016. Besides, depreciation in rupee against dollar also weighed down sentiments. Indian rupee gave up its initial gains against the dollar and was trading down by 5 paise at 68.77 due to month-end demand for the greenback from importers.
12.25 pm: Sensex surged over 100 points after the Economic Survey said that Indian equity markets are relative resilient compared to other major emerging market economies. Nifty was trading 31.85 points 7,002.
12.14 pm: Increase in wages recommended by the 7th Pay Commission not likely to destabilise prices, will have little impact on inflation. Sensex was trading 68.54 points up at 23,044. Nifty was trading 21.40 points up at 6,992.
12.11 pm: According to the Economic Survey, India’s long run potential GDP growth is substantial, about 8 to 10 per cent.
12.00 pm: Sensex was trading 70 points up at 23,046. Meanwhile, govt tabled Economic Survey in the Parliament. GDP growth for FY 16 seen at 7-7.5 per cent.
11.37 am: Sectorwise, the BSE Telecom index was trading down by 0.84 per cent, followed by Auto index (down 0.32 per cent) and Power index (down 0.24 per cent). On the other hand, BSE Consumer Durables index and BSE Capital Goods index were up 0.61 per cent and 0.42 per cent, respectively. Sensex was up 63 points at 23,039. Nifty was trading 19 points up at 6,990.70.
11.10 am: Chembond Chemicals shares gained over 2 per cent on inking JV agreement with I-Chem Solution. Chembond Chemicals has signed a Joint Venture (JV) agreement with I-Chem Solution Sdn Bhd, Malaysia, operating in the water treatment solutions business, to serve water treatment market. The company would own 51 per cent of the equity in the Joint Venture with the balance being held by I-Chem Solution Sdn Bhd. Sensex was trading 95 points up at 23,071.
10.59 am: Sensex was trading 80 points up at 23,055.
10.52 am: Meanwhile, Jayant Manglik, president, retail distribution, Religare Securities, said, “The Economic Survey report on Friday will help investors to get some cues ahead of the Union Budget.” On a year-to-date basis, the BSE Sensex tanked over 12 per cent to 22,976 on Feb 25.
10.17 am: Railway-related companies shares such as Titagarh Wagons and Kalindee Rail Nirman nosedived 14.07 per cent and 12.64 per cent to Rs 97.60 and Rs 108.50 after the Rail Budget failed to enthused investors. Sensex was trading 69 points down at 23,045. According to Reliance Securities, the Railway Budget for 2016-17 showed its thrust towards investments, however, it is going to be a challenging task for Railway minister given the 7th Pay Commission, which has put an additional burden of Rs 28,500 crore and lower nominal GDP growth forecast.
10.13 am: Coal India shares were trading 1.39 per cent up at Rs 303.65. Coal India (CIL) is planning to increase its coal production to 1,000 million tonne (mt) in the next four years through the use of latest environment-friendly technology. The estimated production planned by CIL during 2019-20 is 908.10 mt.
10.08 am: Sensex was up 91 points at 23,067. Nifty was trading 35.70 points up at 7,006. Brokers said optimistic buying by participants and domestic funds ahead of the Economic Survey due on Thursday and the Budget on Monday came as a big positive.
9.45 am: The rupee recovered 7 paise to 68.65 against the US dollar in early trade at the Interbank Foreign Exchange market on selling of the US currency by exporters and banks amid a higher opening in the domestic equity market. Sensex was trading 136 points up at 23,112. Nifty was up 47.90 points at 7,019.20.
9.16 am: Sensex surged 247 points to 23,223.20 on the back of firm global markets. Nifty was trading 74.40 points up at 7,045.
8.39 am: Domestic equity markets are likely to open higher on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global markets.
At 8.23 am (IST), SGX Nifty was trading 58 points, or 0.82 per cent, up at 7,070.
Asian markets were also trading higher in the morning trade on Friday as a gathering of world finance leaders provided a welter of reassuring comments, but little in the way of actual policy stimulus. Hang Seng, Nikkei and Shanghai were up by 1.66 per cent, 1.19 per cent and 0.75 per cent, respectively.
On Wall Street, the Dow rose 1.29 per cent, while the S&P 500 added 1.14 per cent and the Nasdaq 0.87 per cent. Data showing a 4.9 per cent rebound in US durable goods orders underpinned the better mood.
Back home, the rail budget failed to calm the nerves of jittery investors amid a continuing sell-off for the third day as the benchmark Sensex on Thursday lost nearly 113 points to close below the psychological 23,000-mark.
The NSE Nifty was no better as it went below the crucial 7,000-level by falling 48.10 points, or 0.69 per cent, to close at 6,970.60.
Shares of United Spirits will remain in focus on Friday. Liquor baron Vijay Mallya on Thursday quit as chairman of United Spirits — a company set up by his family but now controlled by global liquor giant Diageo – and would shift to UK even as his group firms fight the ‘wilful defaulter’ tags given by lenders.
(With agency inputs)