Domestic equity indices BSE Sensex and NSE Nifty pared their initial losses in the last leg of trade on account of buying in frontline blue chip counters amid firm European markets.
Sensex extended its rally for the sixth consecutive trading session and closed 134.73 points, or 0.55 per cent, up at 24,793.93, while Nifty 50 ended 46.50 points, or 0.62 per cent, up at 7,531.80.
The 30-share index opened the day at 24,527.27 and touched a high and low of 24,820.76 and 24,451.60, intrade.
In the 50-share index, YES Bank, Maruti Suzuki, Tech Mahindra, Grasim and Larsen & Toubro gained between 2.55 per cent and 4.15 per cent. On the other hand, Vedanta, BPCL, Hindalco, HDFC and Adani Ports slid between 1.10 per cent and 2.89 per cent.
Barring the BSE Metal index (down 0.80 per cent), BSE Consumer Durables (down 0.78 per cent) and BSE FMCG (down 0.01 per cent), rest all other sectoral indices on the Bombay Stock Exchange closed in green. The BSE Capital Goods index, BSE Reaty and BSE Power gained 1.63 per cent, 1.51 per cent and 1.42 per cent, respectively.
Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “The domestic market pares the early losses in spite of headwinds from the Chinese economy. The market continues to remain near its important resistance level. We expect ECB and FED policy meet could be the next triggers to breach the important level. Until then, the investors will have to wait for the fog to settle down to get a clearer vision to the road ahead.”
Among day’s major market moving events, shares of Crompton Greaves remained in limelight on Wednesday after the company informed that it has sold its overseas transmission and distribution unit to US based private equity fund for an amount of euro 150 mn. Shares of Crompton Greaves closed 8.81 per cent up at Rs 151.85.
On the other hand, shares of Monsanto India were negatively hit and corrected 6 per cent intraday following market reports that the government may soon notify bringing down the rate of BT cotton seeds from Rs 830-1100 to Rs 800. The share price of Monsanto India settled 1.90 per cent down at Rs 1606.60.
Overall market breadth for the day remained positive and advances to declines ratio for Nifty stood at 33:16 for the day. Volumes for Nifty stocks stood at 2,526 lakh against Tuesday’s volumes of 2,647 lakh for Nifty stocks.
Asian markets ended mostly lower on Wednesday, as weaker-than-expected trade figures from the world’s second-biggest economy revived concerns about global growth. Hang Seng, Nikkei and Shanghai closed down by 0.08 per cent, 0.84 per cent and 1.34 per cent, respectively.
Markets through the day
3.30 pm: Sensex extended its rally for the sixth consecutive trading session and closed 134.73 points, or 0.55 per cent, up at 24,793.93, while Nifty 50 ended 46.50 points, or 0.62 per cent, up at 7,531.80.
3.05 pm: Lupin was trading 0.51 per cent up at Rs 1,826. Lupin has completed its acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS). The company had announced the acquisition on July 23rd 2015. The acquisition enhances the company’s scale in the US generic market and also broadens the company’s pipeline in dermatology, controlled substance products and other high-value and niche generics. GAVIS brings to the company a highly skilled US based Manufacturing & Research organization which would complement the company’s Coral Springs, Florida based R&D center for Inhalation. GAVIS’s New Jersey based manufacturing facility also becomes the company’s first manufacturing site in the US. Sensex was up 136 points at 24,805.
3.00 pm: Sensex was up 109 points at 24,768. European shares rose on Wednesday as firmer banking, telecom and consumer goods stocks propped up the region’s equity markets, in spite of lingering signs of global economic weakness.
2.34 pm: Crompton Greaves shares were trading 7.38 per cent up at Rs 149.85. Avantha Group company Crompton Greaves will sell its transmission and distribution (T&D) business outside India to First Reserve International, a US private equity (PE) fund, for an enterprise value of euro 115 million (approximately Rs 851 crore).
2.23 pm: Domestic equity indices pared their initial losses and were trading in green. Sensex was up 35 points at 24,694, while Nifty 50 was trading 12.75 points up at 7,498.
1.46 pm: RPP Infra Projects has received two orders from Neyveli Lignite Corporation (NLC). The first order is for contraction of 154 Nos. of various types of residential quarters including electrification works for NTPL township at Tuticorin worth Rs 349 millions. Shares of RPP Infra were trading 1.16 per cent up at Rs 113.70. Sensex was down 51 points at 24,607.
1.23 pm: Sensex was trading 73 points down at 24,586. Losses remained capped as some support came with Moody’s Investors Service stating that though the prolonged decline in oil prices and weaker expansion in Chinese economy have dimmed growth prospects of several economies, but it does not signal a threat of global recession. It stated we believe that the positive impact of lower commodity prices on global growth helps mitigate the negative effect from the financial market turbulence.
1.08 pm: Meanwhile, non-retail category for Concor OFS got oversubscribed by 1.31 times. Sensex was down 56.57 points at 24,602.
12.48 pm: Unichem Laboratories shares surged over 3 per cent after it informed BSE that it has received ANDA approval from the United States Food and Drug Administration (USFDA) for Quetiapine Fumarate Tablets. Quetiapine Fumarate Tablets 25mg, 50mg, 100mg, 200mg, 300mg and 400mg are therapeutically equivalent to Seroquel Tablets, 25mg, 50mg, 100mg, 200mg, 300mg and 400mg of AstraZeneca Pharmaceuticals LP. Sensex was trading 55 points down at 24,604.
12.21 pm: Sensex was down 69 points at 24,589. Ajanta Pharma informed bourses that March 19 has been fixed as the record date for ascertaining the shareholders entitled for interim dividend. The interim dividend shall be paid to the shareholders on or after March 23, 2016. Shares of Ajanta Pharma were trading 0.08 per cent up at Rs 1,422.75.
12.20 pm: Sensex was down 105 points at 24,553. Meanwhile, Alkyl Amines Chemicals informed stock exchanges that the board of the company at its meeting held on March 9, has approved payment of interim dividend for the financial year 2015-16 at a rate of 200 per cent (i.e. Rs 10 per share) on the face value of Rs 5 per equity share.
11.56 am: Mindtree shares plunged over 11 per cent intraday on Wednesday as shares of the IT company started trading ex-bonus. Ex-bonus is the day from which shareholders of the stock will not be entitled to get bonus shares. If you were holding the share prior to ex-bonus date you would get the bonus share. Shares of Mindtree were trading 10.03 per cent down at Rs 695.90. Sensex was down 165 points at 24,493.
11.23 am: The Phoenix Mills shares surged as much as 9 per cent on NSE after Macquarie maintained ‘Outperform’ rating for Phoenix Mills stocks and kept price target of Rs 380. Nifty Realty index was up 1.35 per cent at 150.40. Other realty stocks such as Sobha and Oberoi Realty were up by 3.27 per cent and 1.47 per cent, respectively.
10.59 am: The BSE Auto index was trading 0.01 per cent down at 16,969.18. Amara Raja Batteries, Maruti Suzuki and Mahindra & Mahindra were trading up by 1.91 per cent, 1.26 per cent and 0.98 per cent, respectively. Nikhil Kamath, co-founder and director, Zerodha, said, “Auto sector looks to have surprised with better results than expected and buying into this sector is something we would recommend.”
Sensex was down 174 points at 24,484.
10.37 am: Sensex was down 143 points at 24,516. Most of the Asian equity benchmarks are trading down in the early deals on Wednesday, with the negative lead overnight from Wall Street and the fall in crude oil prices denting investor sentiment.
10.18 am: Sensex was trading 120.21 points down at 24,539. Crompton Greaves shares surged over 5 per cent after it informed stock exchanges that it is selling it overseas transmission and distribution (T&D) business to First Reserve International Ltd, a US Private Equity Fund, for an enterprise value of euro 115 million.
9.56 am: Jindal Steel shares were trading 5 per cent down at Rs 62.80. According to media reports, foreign lenders of Jindal Steel and Power explore possibility of recalling loans worth $550 million.
Franklin Templeton Investments has reduced its exposure to Jindal Steel and Power (JSPL) by about half between January and February. While the fund house had a collective exposure of around Rs 1,588.8 crore to the Naveen Jindal-promoted firm in the form of debt paper, this has been pruned to Rs 728.9 crore, data from disclosures on the fund’s website shows. Sensex was down 0.67 per cent at 24,493.
9.50 am: Mindtree shares were trading nearly 9 per cent down at Rs 704. The share price of the IT company came under pressure after the company on Tuesday informed stock exchanges that it sees a marginal quarter-on-quarter revenue growth in Q4 on an organic basis.
9.41 am: Sensex was trading 152 points down at 24,507. Brokers said that apart from profit-booking in recent gainers, a weak Asian trend as fresh concerns about global growth driven by weak Chinese trade data hit sentiment here.
9.28 am: The rupee on Wednesday fell by another 15 paise to 67.50 against the dollar in early trade at the inter-bank foreign exchange market due to appreciation of the US currency overseas.
9.24 am: Maruti Suzuki shares were trading 0.73 per cent up at Rs 3486.85. Maruti Suzuki: India’s largest car maker Maruti Suzuki on Tuesday announced their much awaited entry into the compact sports utility vehicle by launching Vitara Breeza at an introductory price of Rs 7.35 lakh (ex-showroom, Mumbai) and Rs 6.99 lakh (ex- showroom Delhi). According to Angel Broking, with the launch of the new product the sales numbers as well as average ralisations of the company might see some improvement. Sensex was down 201 points at 24,457.82. Nifty was down 56.10 points at 7,429.20.
9.15 am: Triggered by weak global cues, the 30-share Sensex opened 131.96 points down at 24,527.27. Nifty 50 index opened 49.20 points down at 7,436.10.
8.38 am: Domestic equity indices are likely to open in red on Wednesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global markets.
At 8.25 am (IST), SGX Nifty was down 20.50 points, or 0.28 per cent, at 7,436.50.
Asian shares stepped back further from two-month highs on Wednesday as a retreat in oil prices and weak Chinese trade data revived concerns about the health of the global economy. Hang Seng, Nikkei and Shanghai were down 0.62 per cent, 1.59 per cent and 2.40 per cent, respectively.
US stocks also ended near the day’s lows on Tuesday as energy shares tumbled, losing steam after hitting a two-month high on Friday. S&P 500 index lost 1.12 per cent to 1,979.26 while the tech-heavy Nasdaq dropped 1.26 per cent to 4,648.83.
Back home, the benchmark Sensex on Tuesday closed in the positive territory for the fifth straight day by edging up 13 points as investors bolstered their bets amid inflows by foreign funds.
In contrast, the NSE Nifty-50, which retook the crucial 7,500-mark at the outset, gave up the day’s gains as profit-booking weighed. Finally, it closed little changed at 7,485.30 as against its previous closing of 7,485.35.
Shares of Container Corporation of India (Concor) will remain in focus on Wednesday. Government will sell 5 per cent stake in Concor at a minimum price of Rs 1,195 a piece, to garner Rs 1,165 crore. The floor price set for the offer for sale (OFS) is at a discount of 2.58 per cent over Tuesday’s closing price of Rs 1,226.65 of Concor on the BSE.
(With agency inputs)