The BSE benchmark Sensex rose over 100 points led by gains in FMCG heavyweights such as ITC and Hindustan Unilever which rose for second day in a row on GST boost. However, the gains in today’s session were capped as state-run banks and pharma shares succumbed to selling pressure. Earlier in the day, the Sensex rose over 200 points and the broader Nifty touched high of 9,499 and low of 9,428. The Sensex ended 106 points higher at 30,571 and Nifty rose 10 points to close at 9,438.
From the Nifty basket of shares, 33 ended lower while 18 closed higher. State Bank of India was the top Nifty loser, declining 4 per cent to close at Rs. 294. Bank of Baroda, ACC, Ambuja Cements, Lupin, Eicher Motors, ICICI Bank, Aurobindo Pharma, GAIL India, Indian Oil and Sun Pharma were also among the losers. On the other hand, ITC was the top Nifty gainer, the stock surged 6 per cent to close at Rs. 304. Bharti Infratel, Zee Entertainment, L&T, Hindustan Unilever and TCS were among the gainers.
On the sectoral front, FMCG shares witnessed good buying interest with Nifty FMCG index rising 3.6 per cent. On the other hand, PSU banking shares witnessed heavy selling with Nifty PSU index falling 4.2 per cent. Pharma, realty and energy shares also witnessed selling pressure.
The broader markets underperformed the benchmark indices. The BSE mid-cap and small-cap indices fell over a per cent each.
The overall market breadth was extremely bearish as 1,841 shares ended lower while 881 closed higher on the BSE.
Here are the highlights of today’s trading session:
3:09 pm: Shares of cement companies were facing the heat of selling pressure. ACC, Ambuja Cements, India Cements, Shree Cement, Grasim Industries and Manglam Cement were trading lower by 1-3 per cent each.
2:43 pm: The overall breadth turns extremely bearish as 1,731 shares fall while 931 advance on the BSE.
2:28 pm: Tanla Solutions was the top loser from the small-cap space, down 11 per cent at Rs. 42.60. Indo Solar, MBL Infra, T D Power Systems, Caplin Point Laboratories, Suni Hi-Tech, Jet Airways and JP Associates were also among the losers from the small-cap space.
2:18 pm: Broader markets underperform benchmark indices. The BSE mid-cap index falls 0.8 per cent and small-cap index declines 0.53 per cent.
1:53 pm: Venky’s India’s shares jump 5 per cent to Rs. 1,219 after the company reported that its net profit in March quarter more than doubled to Rs. 42 crore from Rs. 20.19 crore during the same period last financial year.
1:46 pm: Selling pressure visible in banking, metal, oil & gas, power, realty, power and pharma shares.
1:09 pm: Bank of India’s loss narrows to Rs. 1,045 crore from Rs. 3,587 crore during the same period last year. Gross non-performing loans as a percentage of total advances eases to 13.22 per cent from 13.38 per cent iin the previous quarter. Shares fall 3.47 per cent to Rs. 172.10.
12:48 pm: Stock markets off day’s high on selling pressure in PSU banks, pharma, oil & gas and auto shares. Sensex up 108 points or 0.35 per cent at 30,573 and Nifty was up 18 points or 0.19 per cent at 9,446.
12:42 pm: Market breadth turns bearish as 1,445 shares decline while 1,062 advance on the BSE.
12:27 pm: Mid-cap shares were witnessing selling pressure. The BSE mid-cap index was down 0.36 per cent; Cummins India was the top loser from this space, down 5 per cent at Rs. 921. Bajaj Finserve, Kamsai Nerolac, Bank of India, OFSS, Tata Power, Torrent Power, Aditya Birla Fashion and Retail and Reliance Communications were also among the losers.
12:07 pm: Oil & gas stocks were witnessing selling pressure. The BSE Oil & Gas index was down 0.72 per cent; HPCL, BPCL, Castrol India, IGL, GAIL India and Indian Oil were among the laggards.
11:42 am: FMCG shares extend gains. The BSE FMCG index was the top sectoral gainer up 2.6 per cent; ITC, Hindustan Unilever, Britannia Industries, Marico and Nestle India were among the gainers.
11:32 am: Strong reform measures like GST and political stability at centre are driving domestic stock markets higher, says market expert Ajay Bagga.
11:25 am: The market breadth was neutral as 1,126 shares were advancing while 1,246 were declining on the BSE.
11:11 am: Pharma shares witness selling pressure. The BSE Healthcare index falls nearly 1 per cent; Sun Pharma, Lupin, Dr Reddy’s Labs, Piramal Enterprises, Aurobindo Pharma and Shasun Strides were among the losers from this space.
10:43 am: PSU banking shares were witnessing selling pressure. The Nifty PSU bank index fell 2.25 per cent; Bank of India was the top loser from this space, down 3 per cent at Rs. 173. State Bank of India, Andhra Bank, IDBI Bank, Allahabad Bank, Bank of Baroda, Oriental Bank of Commerce and Syndicate Bank were also among the laggards.
10:28 am: FMCG shares rally for second day in a row. The BSE FMCG index rises 2 per cent on the back of gains in ITC, Hindustan Unilever, Nestle India, Marico, Britannia Industries and Dabur Ltd.
10:09 am: LT Foods was the top gainer from the small-cap space, up 12 per cent at Rs. 80.50. Shaily Engineering, BL Kashyap, MEP Infrastructure Developers, Kohinoor Foods, SORIL Infra Resources, Bliss GVS Pharma and Indiabulls Ventures were also among the gainers from the small-cap space.
9:40 am: Shares of Suzlon Energy jumped as much as 8 per cent to hit intraday high of Rs. 22.25 after the company reported profit of Rs. 579 crore against loss of Rs. 334 crore during the same period last year.
9:23 am: The broader markets were in-line with the benchmark indices. The BSE mid-cap and small-cap indices were up 0.5 per cent each. Indian Hotels was the top gainer from the mid-cap space, up 2.34 per cent at Rs. 142. Bharat Electronics, NLC India, Bharat Forge, Central Bank, GMR Infra, Jindal Steel and Page Industries were also among the gainers.
9:20 am: From the Nifty basket of shares, 39 were trading higher while 12 shares were among the losers. ITC was the top Nifty gainer, the stock rose 2.76 per cent to Rs. 294. Indiabulls Housing Finance, Bharti Airtel, Tata Motors, Tata Steel, TCS, Kotak Mahindra Bank, Tata Motors DVR, Axis Bank and Reliance Industries also advanced 1-1.7 per cent each. On the other hand, BPCL, Tata Power, Wipro, Sun Pharma, State Bank of India and GAIL India were among the laggards.
8:44 am: Suzlon Energy may react to its earnings after the company reported net profit of Rs. 579 crore in March quarter against loss of Rs. 333.9 crore. Its revenues rose to Rs. 4,999 crore from Rs. 3,246 crore.
Foreign institutional investors sold shares worth Rs. 989 crore while domestic institutional investors bought shares worth Rs. 349 crore on Friday.
Shares of Kotak Mahindra Bank and Tata Motors DVR will be in focus today after both of them were included in the BSE benchmark- Sensex replacing GAIL India. With these two additions the tally of stocks in Sensex will rise to 31 from 30 at present from June 19.
Among other shares, Just Dial may react to its earnings which came over the weekend. Just Dial reported that its net profit in the March quarter declined to Rs. 25.4 crore from Rs. 40 crore during the same period last year.
GAIL India will be reporting its March quarter earnings later in the day. Analysts expect the company to report net profit of Rs. 1,113 crore on sales of Rs. 13,226 crore compared with net profit of Rs. 770 crore on sales of Rs. 11,627 crore during the same period last year.