Indian benchmark stock indices opened marginally higher than yesterday, making new highs yet again today, but soon gave up the peaks, as caution prevailed ahead of a crucial GST panel meet in Srinagar starting tomorrow. Markets are also believed to be watching out for more corporate results to affirm whether the broader the broader earnings trend has been positive. The BSE Sensex rose to 30,642.9 points in the opening trade, topping the 30,600 level for the first time ever, while the NSE Nifty rose to a new life-time high of 9,521 points, before paring down.
Meanwhile, US share futures and the dollar slipped in early Asian trade on Wednesday after reports that President Donald Trump asked then-FBI Director James Comey to end a probe into his former security adviser. The reports raised questions about whether charges of obstruction of justice could be laid against Trump, weakening confidence in the US president’s ability to push through an aggressive stimulus programme that investors had been banking on since his election last November. US economic data published on Tuesday was mixed after soft retail sales and inflation data on Friday, also undermining investors’ optimism on the US economy.
Here are the live updates:
04:15 pm: The recent rally in domestic stocks has lifted the benchmark indices Nifty and Sensex to new lifetime highs, with the NSE Nifty 50 surpassing the 9,500 mark and the BSE Sensex nearing 30,700 points for the first time ever. In this year alone, Sensex has rallied close to 15% while Nifty has risen more than 16%, supported by a buoyant political environment in the country, expected corporate earnings rebound and strong economic factors. Many experts suggest that the bull run isn’t over yet as markets still have a lot to offer. We take a look at top six factors, which may help Nifty scale the next magical high of 10,000 points as Prime Minister Narendra Modi tries to prop up the economy in the remaining two years of his term.
03:30 pm: Markets close at record highs, the benchmark Sensex ends up 0.25% or 76 points at 30,658.77 points while teh broader Nifty 50 concluded up 0.14% or 13 points at 9,525.75 points. Tata Steel hit the day’s high of Rs 499 before closing up 8.07% at Rs 493.4, while the FMCG major HUL hit a fresh all-time high of Rs 1,012 on NSE.
02:05 pm: Tata Companies pulling the Sensex up, Tata Steel up 8.48% at Rs 495.75; Tata Motors up 3.11% at Rs 450.9; ICICI Bank up 2.15% at Rs 309.2; Hindustan Unilever up 1.06% at Rs 1,008.7 and Hero MotoCorp up 1.05% at Rs 3,656.95 lead the Sensex.
02:00 pm: India Grid Trust initial share sale offer opened on Wednesday a day after it garnered Rs 1,012 crore from anchor investors. Deutsche Global Infrastructure Fund, Credit Suisse (Singapore), Reliance Nippon Life Insurance Company, Copthall Mauritius Investment and Edelweiss Tokio Life Insurance Company were among the anchor investors.
01:45 pm: Markets extend gains, make yet another lifetime highs; BSE Sensex trades above 30,675 while NSE Nifty 50 at 9,525.
01:25 pm: Markets recover the morning erosion, the benchmark Sensex trade firm, up 0.22% at 30,648.90 points while the broader Nifty 50 up 0.06% at 9,517.80. Tata Steel shares jump over 8% making the day’s high of Rs 497.3 (up 8.92%) while ICICI Bank hits yet another 52-week high of Rs 309.55 on NSE.
01:15 pm: The share price of Shilpi Cable Technologies hit lower circuit for the 15th consecutive session on Wednesday. The stock has eroded by 73% on a closing basis in the last 17 trading sessions, dropping from Rs 225.60 on 20 April 2017 to Rs 60.90 on 16 May 2017. A major reason for this drastic fall in the stock price was an overseas lender filing a petition against the company under the Insolvency and Bankruptcy Code, 2016.
The company in a filing to the stock exchanges dated 30 April 2017 has said, “An overseas bank has filed a petition against Shilpi Cable before the National Company Law Tribunal (NCLT), under Section 8 & 9 of the Insolvency and Bankruptcy Code, 2016.
01:00 pm: Tata Steel shares rallied over 8 per cent on Wednesday after the company during its fourth quarter results said that its loss narrowed to Rs 1,168 crore from Rs 3,042 crore in the corresponding quarter last year. At 12.35 pm, Tata Steel share price was trading 7.64 per cent up at Rs 491.90. The share price of the company opened at Rs 470 and touched a high and low of Rs 496.85 and Rs 466, respectively in trade so far. Sensex was trading 40.06 points down at 30,542.54 during the same time.
12:45 pm: Even as Sensex and Nifty continue to scale new highs day-after-day, few prominent investors prefer sitting the rally out, wary of stretched valuations of Indian equities. France-based lending and financial services behemoth Societe Generale said this week that the Indian equity market is ‘rather expensive’ at the moment and that it will add exposure to the equities in the country only on dips.
“I think that it’s clearly an expensive market, and there will be probably a better timing to add positions if there is any kind of pullback later in 2017,” Xavier Denis, Global Strategist, Societe Generale Private Banking, said in an interview to BTVi yesterday evening.
12:25 pm: Markets feel the heat, BSE Sensex falls 0.05% at 30,568.78 points while NSE Nifty struggles around 9,500 level, down 0.12% at 9,500.5 points. Analysts also warned about near-term corrections in Indian markets after a remarkable run. Since crossing the 9,000-mark on March 14, the broader NSE index has risen around 5.7 percent in just over two months and is the biggest percentage gaining Asian index so far this year as of Tuesday’s close. “Since the markets are trading at record high levels, there could be some nervousness creeping in and that’s why volumes are low,” said Siddhartha Khemka, head of research at Centrum Wealth.
12:05 pm: Non-banking finance company Capital First shares fell nearly 5 per cent intraday on Wednesday after the company informed bourses that Warburg Pincus has sold 20 per cent stake in the company. At 11.21 am, share price of the Capital First was trading 3.44 per cent down at Rs 736.75. The share price of the company opened at Rs 747 and touched a high and low of Rs 749 and Rs 725, respectively, in trade so far. Sensex was trading 7.63 points up at 30,590.23 during the same time.
11:55 pm: Infrastructure Investment Trusts (InvITs) seem to be the flavour of the season. After IRB Infra’s successful IPO earlier this month, Sterlite Power Grid Ventures has become the first power sector company and the second infrastructure company to launch the initial public offering (IPO) of its InvIT. With plans to raise Rs 2,250 crore through the public offering, India Grid Trust’s InvIT opens for bidding today and will close on May 19.
11:40 am: Most of the sectoral indices of NSE trade in red, Nifty Bank (down 0.12%), Nifty FMCG (down 0.93%), Nifty IT (down 0.71%), Nifty Pharma (down 0.42%), Nifty PSU Bank (0.69%); while Nifty Auto (up 0.13%) and Nifty (up 2.27%) cheer.
11:25 am: Shares of ICICI Bank, Hindustan Unilever and State Bank of India hit a fresh 52 -week high of Rs 308.85 and 1,005.9 and Rs 308.8 respectively on NSE. The FMCG major, HUL is on a continuous gaining streak since this morning ahead of the Q4 earnings to be announced later today.
11:10 am: Markets muted, the benchmark Sensex up 0.06% at 30,602.72 points while the broader Nifty 50 up 0.05% at 9,507.4 points. Tata Steel shares soar 7% to Rs 488.7 on the continued buying after the posting Q4 earnings yesterday.
10:50 am: Ahmedabad-based company PSP Projects initial public offering (IPO) hits the market on Wednesday at a price band of Rs 205-210 per equity share. The issue, which will close on May 19, raised Rs 95.25 crore from nine anchor investors. PSP Projects allotted 45.36 lakh crore shares at a rate of Rs 210 per share. Investors acquiring shares in the anchor allotment include Reliance Capital, Axis Mutual Fund, Birla Sun Life Insurance, Sundaram Mutual Fund, IDFC Mutual Fund among others.
10:35 am: Indian benchmark indices, after a stellar run on Tuesday, opened higher today to make new all time highs but soon came under pressure due to profit booking. BSE Sensex opened at 30,616.53 points, up 0.11% from yesterday’s close but soon slipped into the negative.
10:20 am: Shares of JSW Steel (up 3.37%) and Bajaj Finance (up 1.44%) hit fresh 52-week highs of Rs 208.45 and Rs 1,367.2 respectively on NSE ahead of the Q4 earnings to be announced later today.
10:05 am: Tata Steel (up 4.49%), ICICI Bank (up 1.54%) and Bharti Airtel (up 1.21%) lead while ITC (down 1.08%), Dr Reddy’s (down 0.96%) and Wipro (down 0.84%) drag the benchmark Sensex.
09:50 am:Markets remain subdued, BSE Sensex regains 30,600 up 0.08% or 23.29 points at 30,605.99 points while NSE Nifty down 0.03% at 9,509.35 points.
09:35 am: HUL shares hit a fresh all-time high at Rs 1,004 on Nifty 50 ahead of the Q4 earnings to be announced later today while Tata Steel shares trade extend the morning gains, up 4% at Rs 474.95.
09:15 am: Markets opened higher above the yesterday’s record closing, BSE Sensex up 0.11% at 30616.53 points while Nifty 50 up 0.09% at 9,517.6 points. Tata Steel (up 2.95%) lead the gains on NSE Nifty 50 despite reporting a consolidated loss of Rs 725 crore for March quarter.
With inputs from Agencies