LIVE: Sensex turns flat after gaining over 100 points, Nifty holds 7,450;

0
104

The BSE Sensex and NSE Nifty opened on a positive note for the fourth straight session on Friday and recaptured their psychological levels of 7,500 (Nifty) and 24,700 (Sensex), thereafter, pared their gains and were trading flat in the late morning deals, as investors booked profits at higher levels.
11.03 am: AGC Network shares were trading 17.90 per cent up at Rs 78.05. AGC Networks’ cyber security division – CYBER-i, has entered into a strategic Managed Services Provider (MSP) partnership with Intel Security to offer outcome based managed security services across the globe. This will give the customers a credible solution designed to effectively and proactively prevent/monitor and respond to security incidents in their organisations. Sensex was trading 6.34 points up at 24,613. Nifty was down 4.15 points at 7,471.
10.36 am: Minda Industries shares were trading nearly 15 per cent up at Rs 967. The automobile components manufacturer, has acquired the global lighting business of Spain based Rinder Group that manufactures automotive lamps- head lamp, tail lamps and small lamps. The enterprise value for the total deal is 20 million euro. The acquisition includes 100 per cent equity holding in Rinder India and Light Systems and Technical Center, Spain along with 50 per cent equity holding in Rinder Riducu, Colombia. The deal will be financed through internal accruals and the debts.
10.30 am: Tata Steel, one of the world’s biggest steel companies, has received clearance from Environment Ministry for its Rs 1,877 crore expansion project to be carried out at Jamshedpur Steel Works in Jharkhand. The ministry has considered the application based on the recommendations of the Expert Appraisal Committee (Industry-I) and decided to grant environment clearance (EC) to the proposal for expansion of crude steel production at Tata Steel Works. Shares of Tata Steel were trading 0.44 per cent up at Rs 287.55.
10.21 am: The BSE Bankex was down 0.33 per cent at 17,207.58 on profit booking. HDFC Bank, Kotak Mahindra Bank and YES Bank were down 1.46 per cent, 0.85 per cent and 0.95 per cent, respectively.
10.12 am: Sensex was down 23.98 points at 24,583. Asian Paints on Thursday informed BSE that it has restarted operations at the company’s paint Plant situated at Rohtak in the state of Haryana. The company had shut down operations at the said plant in Rohtak due to agitation at lMT, Rohtak effective from February 19, 2016. Shares of Asian Paints gained as much as 1.12 per cent in the early trade on Friday.
10.00 am: Staying on the upward trajectory for the sixth straight day, the rupee gained another 12 paise to trade at 67.22 against the US dollar in early trade at the Interbank Foreign Exchange on persistent selling of the greenback in view of increased foreign fund inflows.
9.50 am: Sensex was down 45 points at 24561. Nifty was trading 22.40 points at 7453.20. In the 50-share index, ICICI Bank, ONGC, Dr Reddy’s Labs, ITC and Tata Motors were up between 0.90 per cent and 1.68 per cent. On the other hand, State Bank of India, GAIL, Hindalco, HDFC Bank and Punjab National Bank were down between 1.26 per cent and 1.82 per cent.
9.26 am: Vijaya Bank shares were trading in green after it received an approval for preferential issue of equity shares to Life Insurance Corporation of India (LIC) aggregating up to Rs 226 crore (inclusive of premium amount). The board of directors at its meeting held on March 3, 2016 has approved for the same. Shares of Vijaya Bank were trading 1.06 per cent up at Rs 33.35. Sensex was up 8 points at 24,615. Nifty was down 12 points at 7,463.
9.24 am: Japanese financial services giant Nippon Life has got markets regulator Sebi’s nod for raising
its stake in Reliance Mutual Fund to 49 per cent, completing the regulatory approval process for the deal. Reliance Capital was trading 1.65 per cent down at Rs 361.15.
9.21 am: Benchmark indices pared their initial gains. Sensex was trading 11.77 points down at 24,595. Nifty was down 4.25 points at 7,471.35.
9.19 am: Jindal Steel and Power shares were trading over 1 per cent up on reports that the company is in advanced talks with Adani Group to sell power unit.
9.15 am: Benchmark indices BSE Sensex and NSE Nifty opened in green on Friday on the back of firm global cues. The BSE Sensex opened 97.60 points up at 24704.59, while Nifty 50 index opened 29.80 points up at 7505.40.
8.47 am: Domestic equity indices are likely to open in green on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and global markets.
At 8.32 am (IST), SGX Nifty was trading 37 points, or 0.49 per cent, up at 7,477.50.
Asian shares look set to post a third straight weeks of gains on Friday as investors scaled back cautious bets on the global economy after a string of positive US economic data and a recovery in oil and commodity prices.
On Wall Street, S&P 500 Index rose 0.35 per cent to a two-month high of 1,993.4. The US data published on Thursday was positive on the whole, with factory orders rising and the service sector index showing a continued expansion.
Back home, the post-Budget market rally continued for the third day in a row, adding over Rs 5.32 lakh crore to investor wealth. The benchmark BSE Sensex on Thursday surged by 364 points or 1.50 per cent to end at 24,606.99. In the past three sessions, the index has risen 1,605 points.
Shares of Coal India will remain in focus on Friday. State-owned Coal India has offered 14 million tonnes of fossil fuel under special e-auction to both power and non-power sectors in order to facilitate liquidation of pit-head stock, Parliament was informed on Thursday.