Sensex Ends Rangebound Session on a Flat Note
The Sensex ended 13 points higher at 24,659 and Nifty ended slightly unchanged at 7,485 against its previous close.
In the intraday deals, the Sensex touched high of 24,793 and low of 24,509. While, the Nifty moved in a band of 85 points.
Buying was visible in metal and oil & gas stocks on the back of sustained rally in commodities such as iron ore and crude oil in the international markets. The metal sub-index on the BSE closed 1.7 per cent higher and the oil & gas index rose 1.5 per cent.
On the other hand, banking and IT stocks witnessed selling pressure on account of profit-taking after last week’s sharp run up in the stock markets.
From the Nifty-50 basket of stocks, 26 stocks advanced while 24 stocks ended lower.
Commodity stocks such as Cairn India, Hindalco, Vedanta, GAIL India, Reliance Industries, Tata Steel and ONGC were among the gainers in the Nifty.
On the other hand, Bank of Baroda was the top loser, down 4.7 per cent to Rs 141.90. State Bank of India, HUL, Kotak Mahindra Bank, HCL Technologies, Maruti Suzuki, ICICI Bank, Punjab National Bank, Axis Bank and BHEL were also among the laggards.
The market breadth was neutral as 1,320 stocks advanced while 1,328 declined.
3:27 p.m.: If markets fall major then major contribution will come from the Bank Nifty, says technical analyst Imtiyaz Quereshi.
2.58 p.m.: The stock markets came off the day’s low levels. The Sensex was down 68 points at 24,578, while the 50-share Nifty slipped 24 points to 7,461.Metal, energy counters continue to trade on a positive note with Cairn India, Hindalco and Vedanta among the prominent gainers. On the other hand, IT shares witness selling pressure.
2:28 p.m.: The broader markets were also witnessing selling pressure. The BSE mid-cap index was down 0.66 per cent and the small-cap index slipped 0.19 per cent. From the mid-cap space, M&M Financial Services, Oberoi Realty, Colgate Palmolive, Crompton Greaves, Biocon, Tata Communications and Canara Bank were among the prominent losers, down 2.4-4.6 per cent each.
2:15 p.m.: Capital goods stocks were facing the heat of selling pressure. BSE capital goods index was down 0.77 per cent; Suzlon Energy, Crompton Greaves, Laxmi Machine Works, SKF India, Solar Industries, Larsen & Toubro and Sadbhav Engineering were among the losers, down 1-3 per cent each.
1:55 p.m.: The market breadth turns bearish as 1,308 stocks decline while 1,199 stocks advance.
1:41 p.m.: The stock markets extended losses on the back of selling pressure in banking, IT, capital goods and auto stocks. The Sensex fell as much as 112 points to 24,534 and Nifty declined 36 points to touch low of 7,449.
From the Nifty-50 basket of stocks, 28 were declining while 22 were advancing. Bank of Baroda was the top Nifty loser, down 4 per cent to Rs 142.80. State Bank of India, Maruti Suzuki, HCL Tech, Kotak Mahindra Bank, ICICI Bank and Infosys were also among the losers, down 1.76-2.76 per cent each.
1:26 p.m.: The Bank Nifty extended losses, the index fell 1 per cent; Bank of Baroda, State Bank of India. Punjab National Bank, ICICI Bank, Canara Bank and Axis Bank were among the losers, down 0.9-3.8 per cent each.
1:14 p.m.: The stock markets slipped into the negative territory in the afternoon trades on the back of selling pressure in IT and banking shares on account of profit-booking after last week’s sharp rally. The Sensex slipped 9 points to 24,637 and Nifty was at 7,481, down 4 points.
1:06 p.m.: Nifty 7,500 strike price call option was the most active options contract on the National Stock Exchange. The premium on the contract jumped 3.2 per cent to Rs 105.75. As many as 4.54 lakh shares were added to the open interest of over 6.3 million shares.
12:41 p.m.: The BSE IT indx was down 0.7 per cent; HCL technologies, Mphasis, Ramco Systems, Nucleus Software, KPI Technologies, TCS and Infosys were among the laggards from this space.
12:30 p.m.: Unitech, Poly Medicure, Pipavav Defence, Selan Exploration Technology, Meghmani Organics, Shrenuj & Co and Sunteck Realty were among the top gainers form the small-cap space, up 7.87-14.5 per cent each.
12:18 p.m.: NALCO’s plan to buy back up to Rs 3,250 crore of government shares will be delayed to the next fiscal year because of procedural delays, a government official said Tuesday. Shares of NALCO traded 4 per cent higher at Rs 39.
12:00 a.m.: The stock markets were trading on a flat note. The Sensex was up 28 points at 24,674 and Nifty was at 7,496, up 10 points.
11:54 a.m.: Citi has upgraded Maruti Suzuki to buy for target price of Rs 4,200. It says recent correction in share price offers an opportunity.
11:48 a.m.: The market breadth was positive as 1,393 stocks were advancing while 885 were declining.
11:44 a.m.: Mid-tier IT company Mindtree has issued a warning for its fourth quarter earnings, sending its shares down nearly 4 per cent on Tuesday.
“In dollar terms, Mindtree is expected to report a marginal QoQ revenue growth for Q4 on an organic basis (excluding acquisitions of the current financial year),” the Bengaluru-based company said in a statement.
11:24 a.m.: The Sensex and Nifty turned flat in the late morning deals as the gains in benchmark indices were capped due to selling in banking and technology stocks. The Sensex was up 67 points at 24,715 and Nifty was at 7,505, up 21 points. Both the indices were moving in a tight range. The Sensex moved in range of 164 points.
10:57 a.m.: Eveready Industries rallied as much as 7.5 per cent to Rs 249 after the company announced it plans to foray into home appliances sector. The company plans to launch a range of electrical and non-electrical appliances as ceiling fans, coffee maker and food processors etc.
10:45 a.m.: Banking stocks were witnessing selling pressure on account of profit booking. The Bank Nifty was down 0.6 per cent; Bank of Baroda, Punjab National Bank, State Bank of India, ICICI Bank, Canara Bank, Bank of India and Kotak Mahindra Bank were among the losers, down 0.5-2.7 per cent each.
10:38 a.m.: Broader markets were broadly in line with the benchmark indices. The BSE mid-cap index was up 0.44 per cent and the small-cap index advanced 0.85 per cent. From the mid-cap space, Wockhardt was the top gainer, up 4.5 per cent to Rs 952. NALCO, Mphasis, Glenmark, Neyveli Lignite, Godrej Industries, Reliance Infra and Jindal Steel were also among the gainers, up 2.3-3.6 per cent each.
10:10 a.m.: Shares of oil & gas producers such as Cairn India, ONGC, Oil India, Reliance Industries and GAIL India also rose between 1-5 per cent on the back of surge in prices of crude oil in the international markets.
10:00 a.m.: Nifty faces tough resistance around 7,580 and it is unlikely that it will go above 7,700-7,800 in the current rally, says Anil Mangnani of Modern Shares and Stock Brokers.
9:49 a.m.: The Sensex advanced over 100 points and Nifty moved above its crucial psychological level of 7,500 on the back of buying in metal and oil & gas stocks.
From the metal space, SAIL was the top gainer, the stock surged 9 per cent to Rs 44. NMDC, Vedanta, Hindalco, Jindal Steel, Jindal SAW, NALCO and Tata Steel also advanced 2-7 per cent each after prices of iron ore fines advanced 19 per cent year to date to $64 per ton in the international markets.
9:25 a.m.: The Sensex edged higher and 50-share Nifty inched above its crucial psychological level of 7,500 but soon turned flat as selling in banking and IT stocks wiped out oinitial gains.
At 9:21 a.m., the Sensex was up 6 points at 24,652 and Nifty was up 2 points at 7,488.
Banking and IT stocks were witnessing profit-booking after last week’s sharp rally.
From the Nifty-50 basket of stocks, 31 were advancing while 19 were declining.
ICICI Bank, TCS, State Bank of India, HUL, Bank of Baroda and HCL Tech were among the losers. On the other hand, Vedanta, Cairn India, Hindalco, BHEL, ITC and ONGC were among the gainers.
7:45 a.m.: The Sensex and Nifty are likely to open on a weak note tracking subdued trading of Nifty futures on the Singapore Exchange.
The Nifty futures traded on the Singapore Exchange also known as the SGX Nifty was down 0.26 per cent or 19 points at 7,491.
Meanwhile, other Asian markets were also trading with a negative bias. China’s Shanghai Composite and Shanghai Shenzen indices slumped over 3 per cent each and Hong Kong’s Hang Seng and Japan’s Nikkei also fell over 1 per cent each.
Overnight, the Dow Jones industrial average and the S&P 500 index closed higher on Monday as a spike in energy shares offset sharp declines in large-cap technology names, which dragged down the Nasdaq.
Crude prices, which have largely dictated the direction of the stock market this year, were up more than 5 percent. The S&P 500 energy sector, up 2.4 per cent, rose for the fifth consecutive session, a streak not seen since October. It is up more than 23 per cent from its 2016 low in mid-January.
The Dow Jones industrial average closed up 67.18 points, or 0.4 percent, to 17,073.95, the S&P 500 gained 1.77 points, or 0.09 percent, to 2,001.76 and the Nasdaq Composite dropped 8.77 points, or 0.19 percent, to 4,708.25.
Back home, foreign institutional investors bought shares worth Rs 671.57 crore while the domestic institutional investors sold shares worth Rs 533.1 crore in the cash segment of stock markets on Friday.
Tata Motors and Bharat Forge will be in focus today after Tata Motors on Monday announced a tri-partite partnership with Bharat Forge and US-based General Dynamics Land Systems (GDLS) to bid for India’s Rs 50,000-crore future infantry combat vehicle (FICV) project.
Tata Motors will lead the consortium with Bharat Forge as a partner while General Dynamics Land Systems (GDLS) will bring in its much-proven expertise in-combat vehicle platforms, the company said in a statement.
