Sensex Ends Lacklustre Session on Negative Note

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The Sensex and Nifty ended Monday’s lacklustre trading session on a negative note on the back of losses in blue-chip stocks such as ICICI Bank, State Bank of India and Maruti Suzuki.

Earlier in the day, the Sensex opened higher after the infrastructure giant; Larsen & Toubro maintained its sales guidance for the year, while sentiment was also supported by better-than-expected manufacturing data.

However, losses in the banking and auto heavyweights weighed upon the overall positive sentiment and dragged the benchmark indices in the red.

The Sensex touched high of 25,002 and low of 24,791.89 and the broader Nifty moved in a range of 59 points.

From the Nifty-50 basket of stocks, 28 stocks declined while 22 stocks advanced.

ICICI Bank was the top loser in the Nifty, the stock fell as much as 5.45 per cent to hit low of Rs 217.55. The stock fell consecutively for the second day in a row after the private sector lender disappointed investors with a weak set of third quarter numbers posted on January 28.

State Bank of India also fell 3.72 per cent to Rs 173.20 ahead of the Reserve Bank of India’s monetary policy review due tomorrow.

Maruti Suzuki from the auto space fell as much as 3.76 per cent to hit low of Rs 3,941.55 after the company reported that its sales in the month of January fell 2.6 per cent annually to 1,13,606 units.

On the other hand, losses in the benchmark indices were contained on the back of gains in Larsen & Toubro, Adani Ports, Yes Bank, Coal India, ACC and Ambuja Cements.

The broader markets outperformed the benchmark indices. The BSE mid-cap index advanced over 0.5 per cent while the small-cap index rose 0.3 per cent.

The market breadth was marginally positive as 1,425 stocks advanced while 1,265 stocks declined.

The Sensex finally closed 46 points lower at 24,825 and Nifty declined 8 points to shut shop at 7,556.

3:18 p.m.: The market breadth was marginally positive as 1,434 stocks advancing while 1,236 were declining.

2:55 p.m.: ICICI Bank was the top loser on Sensex and the Nifty. Its shares extended losses in last hour of trade and plunged 5.35 per cent to Rs 217.80. Selloff in ICICI Bank shares has contributed 79.31 points towards loss in the Sensex.

2:50 p.m.: The Sensex was trading, down 58 points at 24,812 and Nifty was down 16 points at 7,547.

2:47 p.m.: Given the global gloom, I do not expect markets to showcase a pre-budget rally, says market expert Ajay Bagga.

2:42 p.m.: The Reserve Bank of India (RBI) is expected to leave its key interest rate steady at 6.75 per cent tomorrow and only make one cut this year as rising inflation ties its hands, according to a Reuters poll.

That marks a turn from rapidly cooling domestic consumer price inflation, which allowed the RBI to lower the repo rate four times in 2015. (Read)

2:37 p.m.: Thermax shares fell as much as 4 per cent on Monday after the capital goods company’s standalone profit fell 11 per cent annually to Rs 68 crore in the December quarter.

Thermax, which provides solutions for the energy and environment sector, said a delay in the core sector recovery impacted its business. Its revenue fell 8 per cent annually to Rs 1,039 crore against Rs 1,125 crore in the year-ago period. (Read)

1:51 p.m.: Power stocks were witnessing selling pressure. The BSE power index was down 0.74 per cent; Suzlon Energy was the top loser from this space, down 7.4 per cent at Rs 18.80. Thermax, JSW Energy, Reliance Infra, NTPC, CESC and Reliance Power were among the losers, down 0.7-2.8 per cent each.

1:43 p.m.: The stock markets fell in the late noon deals amid selloff in banking shares. The Sensex was down 29 points at 24,841 and Nifty declined 5 points to 7,558.

1:30 p.m.: Marico shares surged as much as 4.5 per cent on Monday after the maker of Parachute coconut oil and Saffola edible oil reported a 24 per cent jump in profit.

Marico posted a net profit of Rs 198 crore on sales of Rs 1,555 crore in the December quarter, led by a solid 10 per cent jump in volumes. (Read)

1:09 p.m.: The stock markets continued to trade on a flat note in the noon deals. The Sensex was up 15 points at 24,885 and Nifty advanced 10 points to 7,574.

12:37 p.m.: IPCA Labs shares plunged as much as 16.27 per cent to hit intraday low of Rs 560 after the company said that it received warning letter from US drug regulator US FDA for Ratlam, Indore and Piparia manufacturing units.

12:31 p.m.: ICICI Bank, Bank of Baroda, Maruti Suzuki, State Bank of India, Axis Bank and Vedanta were among the losers in the Nifty, down 1.67-3.67 per cent each.

12:10 p.m.: Selling pressure was seen banking shares. The BSE Bankex fell 0.7 per cent; ICICI Bank was top loser from this space, down 3.2 per cent to Rs 222.80. State Bank of India, Bank of Baroda, Axis Bank and Punjab National Bank were also among the losers, down 0.8-2.25 per cent each.

11:56 a.m.: Larsen and Toubro (L&T) shares surged over 5 per cent on Monday, buoyed by the 11 per cent rise in new orders in the December quarter. L&T bagged new orders worth Rs 38,500 crore in Q3, beating Street estimates.

However, analysts were not so happy with the operational numbers. L&T post a net profit of Rs 1,035 crore on revenue of Rs 25,387 crore in Q3, missing estimates. (Read)

11:33 a.m.: The stock markets consolidated gains in the late morning deals. The Sensex was up 80 points at 24,950 and the 50-share Nifty was up 25 points at 7,589.

11:25 a.m.: BSE IT index advanced 0.83 per cent; Subex was the top gainer from this space, up 7.46 per cent to Rs 10.08. Zicom, Tata Elxsi, Tech Mahindra, Wipro, Infosys and TCS were also among the gainers.

11:19 a.m.: Eicher Motors reports sales of 47,710 units in January, up 65 per cent from 28,927 last year. Shares of Eicher Motors advanced 2.67 per cent to Rs 16,990.

11:03 a.m.: On the macro-economic front, Indian manufacturing activity unexpectedly returned to growth in January as firms raised output on stronger demand, a survey showed, adding to expectations the central bank will likely leave policy unchanged this month.

The Nikkei Manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, jumped to a four-month high of 51.1 in January after slumping to a 28-month low of 49.1 in December. The 50-mark demarcates contraction from expansion. (Read)

10:59 a.m.: Religare has downgraded JSW Steel to ‘sell’ for target price of Rs 940. Religares says company reported lower than expected earnings in Q3 with net loss of Rs 920 crore against estimates of loss of Rs 190 crore. With deteriorating fundamentals we see the risk-reward unfavourable. (Click here for more brokerage calls)

10:48 a.m.: Maruti Suzuki sales fell 2.6 per cent year-on-year to 1,13,606 units from 1,16,606 units. Maruti Suzuki share falls 2.9 per cent to Rs 3,979.

10:40 a.m.: Airline shares rallied on Monday following a sharp reduction in Aviation Turbine Fuel or jet fuel prices. Budget carrier SpiceJet gained nearly 8 per cent, while Jet Airways rallied over 6 per cent after state-run Indian Oil slashed ATF prices by 12 per cent.

InterGlobe Aviation, which runs IndiGo, hit a day high of Rs 918, after rallying 5 per cent. (Read)

10:29 a.m.: The stock markets moved higher in the morning trades on the back of gains in index heavyweights Larsen & Toubro, HDFC Bank, ITC and Infosys. The Sensex was up 92 points at 24,963 and the 50-share Nifty advanced 31 points to 7,595.

10:24 a.m.: BSE oil & gas index was down 0.83 per cent; ONGC was the top loser from this space, down 1.55 per cent to Rs 222. Indian Oil, HPCL, BPCL, GAIL India and Reliance Industries were also among the losers, down 0.45-1.55 per cent each.

9:51 a.m.: The market breadth was positive as 1,187 stocks were advancing while 543 were declining.

9:49 a.m.: Yes Bank which advanced 2.37 per cent in the opening deals, slipped into the negative territory owing to some profit-booking after a sharp run-up post the results on Friday. The stock was down 0.11 per cent at Rs 746.

9:42 a.m.: Nifty seems to have made a bottom at 7,241, the level it touched two weeks ago, says Sushil Choksey of Rosy Blue Securities.

9:36 a.m.: DHFL, Petronet LNG, Jain Irrigation Systems, IDBI Bank, SKS Microfinance, Voltas, Godrej Industries, IFCI and Jindal Steel were among the top gainers from the Nifty Mid-Cap 50 basket of stocks, up 1-3.2 per cent each.

9:33 a.m.: The broader markets were outperforming the benchmark indices. The BSE mid-cap index advanced 0.65 per cent and the small-cap index jumped 0.79 per cent.

9:31 a.m.: Bank Nifty was down 0.46 per cent; ICICI Bank was the top loser in the Nifty, the stock fell 2.45 per cent to Rs 227. Canara Bank, State Bank of India, Axis Bank, Punjab National Bank and Kotak Mahindra Bank were among the losers.

9:18 a.m.: The Sensex and Nifty opened on a flat note in trades on Monday after China’s manufacturing sector contracted at its fastest pace in almost three-and-a-half years in January, missing market expectations, an official survey showed on Monday.

The Sensex was up 33 points at 24,903 and the 50-share Nifty advanced 10 points to 7,574.

Meanwhile, buying was visible in select capital goods and pharma stocks. On the other hand, selling pressure was seen in banking, metal, oil & gas, power and FMCG stocks.

From the Nifty-50 basket of stocks, 27 stocks were advancing while 23 were declining.

Larsen & Toubro was the top Nifty gainer the stock jumped 3.3 per cent to Rs 1,138 after the company reported robust order inflows during the third quarter of the current financial year.

Grassim Industries, Lupin, Cipla, Bharti Airtel, Sun Pharma and HCL Technologies were also among the gainers, up 1-4.6 per cent each.

On the other hand, selling was visible in GAIL India, ICICI Bank, Vedanta, ONGC, State Bank of India, BPCL and HUL were among the losers, dowm 1-2.5 per cent each.

The Sensex and Nifty are likely to open on higher tracking positive trading of Nifty futures on the Singapore Stock Exchange.

The Nifty futures traded on the Singapore Stock Exchange also known as the SGX Nifty was up 0.65 per cent or 49 points at 7,600.

Meanwhile, Asian markets were trading on a mixed note. Japan’s Nikkei advanced 1.7 per cent and South Korea’s KOSPI was up 0.2 per cent. On the other hand, Hong Kong’s Hang Seng was down 0.3 per cent and China’s Shanghai Composite slipped 0.8 per cent.

Wall Street surged over 2 per cent on Friday after the Bank of Japan unexpectedly cut interest rates and Microsoft led a major rally in technology shares, repairing some of the damage to the S&P 500’s worst January since 2009.

Slammed by collapsing oil prices that have fed doubts about the health of the global economy, stocks have had a volatile start to the year. At one point last week, the S&P’s loss for 2016 reached 11 per cent before recovering to end the month of January down 5 per cent.

The index rose 2.48 per cent on Friday, its strongest day since September.

The Dow Jones industrial average ended 2.47 per cent higher at 16,466.30 while the S&P 500 gained 46.88 points or 2.48 per cent higher to end at 1,940.24.

The Nasdaq Composite surged 2.38 per cent to 4,613.95.

Back home, the foreign institutional investors bought shares worth Rs 571.7 crore while domestic institutional investors purchased shares worth Rs 240 crore on Friday.

Larsen & Toubro will be in focus today, company post the market hours on Friday reported that its quarterly net profit rose nearly a fifth as it won more orders for building roads and power transmission networks although the rise was smaller than expected.

L&T said consolidated net profit in the quarter ended on December 31 rose to Rs 1,035 crore from Rs 867 crore a year earlier.

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