The benchmark BSE Sensex and NSE Nifty ended in green on Tuesday on account of buying in frontline blue chip counters ahead of IIP and inflation data scheduled to be released later in the day amid firm Asian cues. The sentiments were on optimistic note from early trade after global rating agency, Fitch Ratings stated that it expects India’s GDP growth to gradually accelerate to 7.7 per cent in the current fiscal and 7.9 per cent in FY18. Hopes of good monsoon this year further supported market mood.

Sensex closed 123.43 points up at 25,145.59, while Nifty settled the day 37.55 points up at 7,708.95. In the 50-share index, GAIL, Tata Motors DVR, Maruti Suzuki, ZEEL and Tata Motors gained between 2.20 per cent and 4.31 per cent. On the other hand, Coal India, Tata Steel, Idea Cellular, ITC and Tech Mahindra slid between 1.10 per cent and 2.27 per cent.

Sectorwise, the BSE Auto index gained the most — 1.61 per cent, followed by BSE Oil & Gas index (up 1.21 per cent), BSE Healthcare index (up 1 per cent) and BSE Consumer Durables index (0.74 per cent). On the other hand, the BSE Metal index slid 1.38 per cent.

Vinod Nair, head of research, Geojit BNP Paribas Financial Services, said, “The market extended gains led by strong expectation of a strong monsoon coupled with a positive outlook on CPI inflation which is to be released later today. These factors will give much needed support for a gradual pickup in the domestic economy. Good buying interest was seen in midcaps followed by small caps showing signs of the comeback of retail investors.”

Among day’s major market moving events, shares of Nestle India remained in action after the stock rose 5.3 per cent intraday. The shares surged after market reports that Central Food Technological Research Institute has cleared all samples of Nestle’s Maggi noodles samples. CFTRI cleared all the 29 samples of the product. Shares of TTK Prestige too remained in action after the announcement by the company that it would acquire UK based kitchenware business with the help of the company’s UK based subsidiary TTK British. The stock was trading up by more than 10 per cent over the news owing to the expected revenue boost the company would get post the acquisition.

Dr Reddy’s Laboratories on Tuesday informed bourses that its board has approved the buyback of 44.84 lakh equity shares with face value of Rs 5 each for aggregate amount not exceeding Rs 1,569 crore. READ MORE

Overall market breadth for the day remained mildly positive and advances to declines ratio for Nifty stood at 38:12 for the day.

Equity markets will remain closed on Thursday on account of ‘Dr Baba Saheb Ambedkar Jayanti’ holiday and on Friday on account of ‘Ram Navami’ holiday.

Asian equity markets ended mostly higher on Tuesday. Japanese shares rallied as the yen pulled back from the previous day’s 17-month high against the dollar, lifting shares of exporters as well as recently battered banks. However, Chinese shares succumbed to profit taking after sharp gains in the previous session on the back of encouraging consumer as well as producer price inflation data. China’s Shanghai Composite index also dropped on liquidity worries after the country’s securities regulator approved seven initial public offerings that will raise a total 2.8 billion yuan ($433 million), too led to drop in Chinese shares.

 

Markets through the day

3.30 pm: Sensex closed 123.43 points up at 25,145.59, while Nifty settled the day 37.55 points up at 7,708.95.

3.16 pm: Meanwhile, oil reached a 2016 high above $43 a barrel on Tuesday, supported by hopes that an upcoming meeting of oil producers will agree steps to tackle a supply glut, and by a weak US dollar and further signs of strong demand in China. Sensex was up 124.61 points at 25,146.

2.43 pm: Bharat Petroleum Corp shares were trading 1.07 per cent up at Rs 926.60. BPCL board on Monday approved proposal to seek shareholders’ consent for increasing the FII investment ceiling from 24 per cent up to 49 per cent.

2.33 pm: Meanwhile, India and the United States have agreed to conclude a logistics supply agreement in the coming months, Defence Minister Manohar Parrikar said, after talks with his US counterpart Ash Carter. The logistics supply agreement that the two sides have been negotiating for over a decade will allow the Indian and US militaries to access each other’s bases. Defence-related stocks such as Astra Microwave were trading 12.23 per cent up at Rs 125.30 in the afternoon trade. Bharat Electronics were trading 3.71 per cent up at Rs 1,193.

2.22 pm: Sensex was up 113 points at 25,137. Nifty was trading 32.50 points up at 7,703.

2.06 pm: UK shares stumbled on Tuesday in choppy trade, after a broker downgrades hit the shares of Ashtead Group, while a fall in the European luxury sector weighed on Burberry. The blue-chip FTSE 100 index was 0.3 per cent lower at 6,181.78 points by 0823 GMT, slightly outperforming the broader European market.

1.41 pm: TTK Prestige shares rallied as much as 10.29 per cent on Tuesday after its wholly owned subsidiary TTK British Holdings has acquired 100 per cent of the equity shares of Silampos UK. Through this transaction, the TTK Prestige acquired 100 per cent of the equity and business of Horwood Homewares (Horwood), a subsidiary of Silampos UK. READ MORE

Sensex was up 34.30 points at 25,056. Nifty was up 3.40 points at 7,674.

1.04 pm: Sugar stocks such as the Oudh Sugar Mills and Balrampur Chini Mills were trading in red on Tuesday on account of fall in global sugar prices. READ MORE

Sensex was trading 102.29 points up at 25,124.

12.40 pm: Hero MotoCorp (HMCL) has submitted plans to begin production at its proposed plant in Chittoor district of Andhra Pradesh, after more than 18 months since signing an Memorandum of Understanding (MoU) with the state government. According to the plan, the company is planning to produce 5 lakh units (per annum) in the first phase by December 2018 with an investment of Rs 800 crore. HMCL shares were trading 2.25 per cent up at Rs 66.90.

12.11 pm: Agriculture-related stocks such as Jain Irrigation and Insecticides (India) gained on Tuesday after a private weather forecaster said 2016 monsoon rains seen above average. READ MORE

11.35 am: Ramco Systems, a leading enterprise software provider on Cloud, Mobile and Tablets, has won Logistics ERP software order from GMK logistics, part of Australian logistics and transport provider, CTI Logistics. Shares of Ramco were trading 4 per cent up at Rs 789. Sensex was up 91.14 points at 25,113.

11.00 am: Shares of jewellery makers gained on Tuesday after they reopened shops on Monday following nearly six weeks of protest. READ MORE

Sensex was up 105 points at 25,127, while Nifty was trading 30.90 points up at 7,702.

ALSO READ: Above average rains ahead, stay long on Nifty with target of 8,000

10.30 am: Tata Steel shares declined 3.8 per cent in the early trade on Tuesday after the company said that it has signed an agreement to sell the loss-making 4.5MT long product Scunthorpe steel plant to UK-based investment firm Greybull Capital for a nominal consideration with the latter taking assets and relevant liabilities.

10.08 am: Sensex was up 33.51 points at 25,055. Dealers said widening of positions by participants ahead of key economic data — industrial production (IIP) for February and consumer price index (CPI) for March — to be released after market closing on Tuesday and a firm trend in other Asian bourses influenced sentiment. Moreover, expectations of a normal monsoon this year, too had a positive impact, they said.

9.59 am: Rupee edged up by 5 paise to 66.39 against dollar in the early trade at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks.

9.28 am: Nestle India shares surged over 4 per cent in the early trade on Tuesday after the company said that Maggi has cleared tests conducted by Central Food Technological Research Institute (CFTRI) under the directive of Supreme Court, reiterating that its instant noodles brand is safe for consumption. READ MORE. Sensex was trading 62 points up at 25,084. Nifty was up 15.80 points at 7,687.

9.23 am: Meanwhile, Hero MotoCorp shares hit their new 52-week high of Rs 3,017.35.

9.17 am: Sensex was trading 50.53 points up at 25,072.69. Nifty was up 14.15 points at 7,685. Tata Steel was trading 2.36 per cent down at 323.35.

9.15 am: Sensex opened 34.31 points up at 25056, while Nifty opened the day 2.15 points down at 7,669.25. Skymet, a private weather forecasting agency, on Monday predicted an “above normal” Southwest monsoon this year.

9.10 am: The US market closed lower on Monday, relinquishing earlier gains on lower-than-average volume, as oil futures rallied and the dollar traded lower against most of its rivals. The Dow Jones Industrial Average lost 20.55 points or 0.12 per cent to 17,556.416, Nasdaq was down by 17.29 points or 0.36 per cent to 4,833.40 while, S&P 500 dropped 5.61 points or 0.27 per cent to 2,041.99.

8.45 am: The BSE Sensex and NSE Nifty are likely to open on a flat-to-cautious on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty). Investors are also eyeing CPI and IIP data, which is scheduled to be announce later in the day.

At 8.34 am (IST), SGX Nifty was down marginally 4 points, or 0.05 per cent, at 7,687.50.

Asian stocks rose on Tuesday, led by a rebound in Japanese stocks, while commodities such as crude oil prices rose on sagging dollar.

Snapping its two-day losing run, the benchmark BSE Sensex on Monday rallied by 348 points to regain the 25,000-mark on hopes of a good monsoon while investors widened bets in IT sector in the last two hours of the session ahead of the March quarter earnings, starting with Infosys.

Shares of Tata Steel will remain in focus on Tuesday. Tata Steel on Monday kickstarted the sale process for its cash-guzzling UK business with divestment of Long Products Europe business unit to investment firm Greybull Capital for a “nominal” amount.

(With agency inputs)