Sensex Trims Losses, Gains Over 100 Points; Future Consumer Rises 6pct
MUMBAI: The Sensex is currently trading higher by 101.41 points, or 0.44pct, to 23,293.38, while the Nifty rises 18.45, or 0.26 pct, to 7,066.70
2:30pm: The Sensex is currently trading higher by 101.41 points, or 0.44 pct, to 23,293.38, while the Nifty rises 18.45, or 0.26 pct, to 7,066.70.
2:20pm: Drug maker Dr. Reddy’s Laboratories Ltd gains as much as 2.6 pct, bucking a 0.94 pct fall in NSE index. Reddy’s board is due to consider buyback at a meeting later in the day, the company said in a filing to BSE last week. Dr. Reddy’s is the top gainer on S&P BSE Healthcare index, which is down 0.2 pct.
2:15pm: The rupee weakens to over 29-month low against the U.S. dollar, after foreign institutional investors (FIIs) continued to liquidate their investment in local equity and debt markets. The home currency was trading at 68.60, down 0.31 pct, from its previous close of 68.38. The local currency opened at 68.52 a dollar and touched a low of 68.67—a level last seen on 4 September 2013.
2:10pm: Allahabad Bank falls as much as 4.35 pct after rating agency Crisil cut the state-run lender’s tier-I and tier-II bonds from various levels to ‘AA’. Earlier this month, Allahabad Bank reported its December quarter loss on higher provisions. The stock had lost 38.54 pct this year as of Tuesday’s close.
2:00pm: Shares of logistic companies are trading lower. Patel Integrated Logistics Ltd falls 1.1 pct, Gati Ltd 1.8 pct, VRL Logistics 4 pct, Snowman Logistics 2.3 pct, Transport Corporation of India 1.3 pct, Sical Logistics 0.4 pct, Gateway Distriparks Ltd falls 7 pct.
1:50pm: United Bank of India rises 1 pct to 
18.20 after the bank said in a notice to BSE that it got approval from Securities Exchange Board of India to raise 250 crore via qualified institutional placement.
1:40pm: Future Consumer Enterprises Ltd rises 5.9 pct to 20.75 after huge block deal. Around 28.06 million equity shares or 2 pct stake of the company have changed hands in 3 block deals. Further details of buyers and sellers were not available, Bloomberg reported.
1:30pm: Glenmark Pharmaceuticals Ltd rises 1 pct to 711 after the company said in a notice to BSE that it got ANDA approval for Azelaic acid gel.
1:20pm: Khaitan Electricals Ltd falls 7.7 pct to 34.40 after the company said in a notice to BSE that Religare Finvest has filed winding up petition against the company in the Hyderabad high court.
1:10pm: The Sensex is currently trading down by 136.48 points, or 0.59 pct, to 23,055.49, while the Nifty is down 43.75, or 0.62 pct, to 7,004.50.
12:50pm: Kesoram Industries is down 4.71 pct to 77.90 on BSE after the company said its board of directors has approved preferential allotment of shares worth upto 90 crore to a promoter group company. Ahead of the announcement, stock rallied 9.65 pct in the preceding two trading sessions to settle at 81.75 on Tuesday from its close of 74.55 on 12 February 2016.
12:40pm: Godrej Properties Ltd falls 2.5 pct to 275.85. According to ET Now, the company is said to be planning a mega realty platform.
12:30pm: Other banking stocks are trading lower. Indian Overseas Bank falls 4.4 pct, Bank of India 2.8 pct, Yes Bank falls 3.7 pct, ICICI Bank 2.1 pct, Punjab National Bank 1.5 pct, Axis Bank 1.4 pct, Canara Bank 2.1 pct.
12:20pm: After falling as much as 3.2 pct in the morning trade, shares of State Bank of India recovered and was trading little changed to 155.90, up 0.05 pct from its previous close. SBI chairman on Tuesday said that non-performing assets will rise in the March quarter as well, and profitability will get impacted.
12:10pm: Shares of Just Dial rises as much as 8.22 pct to 479.9 on BSE on bargain hunting after the stock tumbled 25.04 pct in the preceding ten trading sessions to 443.45 on Tuesday, from a recent high of 591.55 on 2 February 2016. On BSE, so far 3.36 lakh shares were traded in the counter, compared with an average volume of 2.04 lakh shares in the past one quarter.
11:55am: The Sensex is now trading 40.57 points down, or 0.17 pct, to 23,151.40, while the Nifty is down 11.75 points, or 0.17 pct, to 7,036.50.
11:45am: India’s benchmark stock index slid to a one-week low as the rupee weakened toward a record low amid outflows by overseas investors.
11:35am: Electrosteel Steels Ltd is down 6.25 pct to 3.40 per share as lenders have decided to sell the majority equity stake in the company to London-based First International Group Plc.
11:25am: Adani Ports and Special Economic Zone Ltd rises 2.4 pct to 205.25. The stock is trading higher for the third consecutive session. Since 12 February, it gained 15.7 pct. Emkay Shares and Stock Brokers has initiated ‘Buy’ rating on the company and increased its target price by 46 pct to 260 a share. Elara Capital has upgraded the stock with ‘Buy’ rating and increased its target price by 66 pct to 296 a share. Broking firm Spark Capital rated the stock to ‘Buy’ and kept its target price to 253 a share.
11:15am: Jindal Steel and Power lost as much as 6.51 pct to 55.25 on BSE after the rating agency Crisil downgraded the ratings on the bank facilities and debt programmes of the company.
11:05am: Rural Electrification Corporation Ltd lost as much as 9.84 pct to 152.5 per share after the revenue department asked the RBI to file Annual Information Return (AIR) on certain foreign remittances and State Electricity Boards(SEB) on power used by certain kind of steel makers.
11:00am: “FIIs who wanted to exit India haven’t been able to do so at one go, due to the shallow depth of the Indian markets,” said Deven Choksey, group managing director, KR Choksey Investment Managers Pvt. Ltd. “Hence, the selling is continuing even when the global markets are firm. This in turn, deeply hurts the domestic investors who have been consistently buying,” added Choksey.
10:50am: The Sensex is now trading 187.20 points down, or 0.81 pct, to 23,004.77, while the Nifty is down 62.10 points, or 0.88 pct, to 6,986.15.
10:40am: Bharat Petroleum Corporation Ltd (BPCL) gains as much as 2.69 pct to 770.5 per share as it has received clearance from the environment ministry for a 337-crore project at its Kochi Refinery in Kerala.
10:30am: Ashok Leyland loses as much as 2.12 pct to 85.60 per share as Japanese company Nissan sent out a termination notice to its joint venture partner Ashok Leyland, a week after the Hinduja Group’s flagship company moved a district court near Chennai over the legal dispute with Nissan.
10:20am: Bank of India and Indian Overseas Bank is down 6.53 pct and 9.24 pct as Standard and Poor’s Ratings Services said that it had revised its outlook to ‘negative’ from ‘stable’.
10:10am: Valecha Enginnering Ltd gains as much as 10.4 pct to 33.45 per share as it bags orders worth 398 crore in Chhattisgarh and Mumbai. Shares extend gains for the third day in a row to its highest since 9 February.
10:00am: Ajay Bodke, CEO and chief portfolio manager, portfolio management services, at Prabhudas Lilladher Pvt. Ltd says, “The weakness in rupee is weighing on the markets. Also, investors are losing patience with years if tepid earnings growth. Markets are after all a function of valuations.” He also added that a section of the opposition has disrupted parliamentary proceedings in two previous sessions and there is a fear there could be a repetition. Also, all these factors are playing out when there is as it is incessant selling by FIIs.
9:50am: Bharti Airtel Ltd is down 2 pct to 308.8 per share; the biggest loser among sensex stocks. The company has announced top-level leadership changes in its Africa arm and has also rejigged the organization design there to boost operational efficiencies.
9:40am: The 30-share S&P BSE Sensex slips 161.96 points, or 0.70 pct, to 23,030.01, while the Nifty 50 of the National Stock Exchange (NSE) is down 43.10 points, or 0.61 pct, to 7,005.15.
9:35am: Among the sectoral Indices, BSE Bankex was the biggest loser losing 0.75 pct followed by BSE Capital Goods Index losing 0.70 pct.
9:30am: The Indian rupee weakens to 68.60 against the U.S. dollar compared with its previous close of 68.38, for the first time since 4 September 2013.
9:25am: The yield on India’s 10-year benchmark bond trading at 7.778 against Tuesday’s close of 7.783 pct.
9:20am: The dollar fell to ¥113.89 from ¥114.23 the previous day. The euro rose to $1.1149 from $1.1127.
9:15am: Japan’s Nikkei 225 slips 0.2 pct to 16,020.34 as investors shrugged off data showing strong machinery orders in January. Hong Kong’s Hang Seng gains 0.7 pct to 19,249.59 and the Shanghai Composite rises 0.4 pct to 2,847.23. Australia’s S&P/ASX 200 edges up 0.2 pct to 4,919.90 and South Korea’s Kospi adds 0.4 pct to 1,895.15.
9:10am: Asian stock markets were mostly trading higher on Wednesday as investors weighed the potential outcome of a preliminary agreement between Russia and Saudi Arabia to hold off on further increases in crude oil production, possibly alleviating a growing glut in supply.
9:00am: U.S. crude gains 27 cents to $29.31 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, a benchmark for international oils, climbs 58 cents to $32.76 a barrel.
8:50am: Shares were broadly higher on Tuesday, lifted by gains in retailers and manufacturers following upbeat news from China on bank lending. The Dow Jones industrial average added 222.57 points, or 1.4 pct, to 16,196.41. The S&P’s 500 index rose 30.80 points, or 1.7 pct, to 1,895.58. The Nasdaq composite climbed 98.44 points, or 2.3 pct, to 4,435.96.
