Sensex Ends Flat Ahead of Derivatives Expiry

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The Sensex and Nifty ended on a flat note in trade on Wednesday ahead of the expiry of futures and options contract for the month of January which is due tomorrow.

The Sensex ended 6 points higher at 24,492 and the 50-share Nifty jumped 1 point to shut shop at 7,438.

For the most part of the day, the Sensex and Nifty traded in a choppy fashion swinging between minor gains and losses. In the intraday deals, the Sensex touched high of 24,645.70 and low of 24,458 and the broader Nifty moved in a range of 58 points.

The broader markets outperformed the benchmark indices. The BSE mid-cap index advanced 0.3 per cent and the small-cap index jumped 0.57 per cent.

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

Power stocks witnessed buying interest in trades today. NTPC was the top Nifty gainer, the stock jumped 4.2 per cent to close at Rs 143.75. Power Grid from the power pack also advanced 3.95 per cent.

Dr Reddy’s Labs, Idea Cellular, Punjab National Bank, Sun Pharma, Zee Entertainment, Tata Motors and ITC were also among the gainers.

On the other hand, BHEL was among the top Nifty losers, the stock closed 3.89 per cent lower at Rs 139.60. Ambuja Cements, Asian Paints, Tech Mahindra, HUL and Hero MotoCorp were also among the laggards.

The market breadth was marginally positive as 1,357 stocks advanced while 1,198 declined.

3:36 p.m.: Sensex ends 6 points higher at 24,492 and Nifty close flat at 7,438 ahead of the derivatives expiry which is due tomorrow.

3:21 p.m.: BSE power index was the top sectoral gainer, up 1.7 per cent; NTPC was the top gainer from this space, up 4.25 per cent at Rs 143.60. Power Grid, Reliance Infra, CESC, NHPC, Alstom T&D and Torrent Power were also among the gainers, up 1.46-4 per cent each.

3:05 p.m.: Shares of highway developers gained on Wednesday after the government approved the Hybrid Annuity Model for highway projects. ARSS Infrastructure gained as much as 4 per cent, while HCC surged as much as 5 per cent. Sadbhav Engineering added 1 per cent.

Under the Hybrid Annuity Model, 40 per cent of the construction cost in a highway project will be given by state-run NHAI, while developers will have to arrange for 60 per cent project cost. (Read)

2:20 p.m.: Markets continued to trade on a flat note. The Sensex was up 45 points at 24,531 and Nifty was up 12 points at 7,448.

2:05 p.m.: Aurobindo Pharma received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Voriconazole Tablets, 50 mg and 200 mg. This drug is used in the treatment of fungal infections for patients 12 years of age and older. Shares of Aurobindo Pharma were trading 1.2 per cent lower at Rs 807.95. (Read)

1:58 p.m.: Capital goods stocks were among the worst hit in trades so far. The BSE capital goods index was down 0.7 per cent; BHEL, Havells, Pipavav Defence, Suzlon, Mahindra CIE, SKF India and Larsen & Toubro were among the losers, down 0.9-3.4 per cent each.

1:26 p.m.: Small-cap stocks were witnessing buying interest; Alpha Geo, Ok Play India, OnMobile, Gujarat Fluro Chemicals, SpiceJet, Mold-Tek Packaging and Global Offshore Services were among the gainers, up 12-16 per cent each.

1:09 p.m.: BSE realty index was up 1.5 per cent; NBCC, DLF, Prestige Estate, HDIL, Oberoi Realty, Unitech and D B Realty were among the gainers, up 0.5-3.85 per cent each.

12:56 p.m.: Banking stocks which were trading with a negative bias recovered from the low levels. The Bank Nifty was up 0.2 per cent; Canara Bank, Punjab National Bank, Bank of India, Federal Bank, State Bank of India and Bank of Baroda were among the gainers, up 0.7-3.3 per cent each.

12:32 p.m.: The Sensex rose over 100 points and Nifty moved above its crucial psychological level of 7,450 in the noon deals on the back of buying in heavyweights like ITC, HDFC, Sun Pharma, Infosys and HDFC Bank.

11:55 a.m.: Select metal stocks face selling pressure, BSE metal index falls 0.13 per cent; NMDC and Hindalco were among the losers.

11:47 a.m.: Union Bank of India, Piramal Enterprises, Oriental Bank of Commerce, Torrent Power, UPL and Allahabad Bank were among the gainers from the mid-cap space, up 2.4-8 per cent each.

11:38 a.m.: Best strategy is to short put options and play the sideways movement, says Mithil Pradhan.

11:21 a.m.: Mithil Pradhan, chief strategist of derivatives & technicals with Violet Arch Global Managers, says that if Nifty falls below 7,290-7,300 levels then it can fall to 6,300 as there are no major support levels between 7,300 to 6,300.

11:11 a.m.: Shares of Vardhman Textiles surged as much as 14 per cent on Wednesday to Rs 819 after the net profit of the textile maker reported a big jump in net profit in the December quarter.

The net profit of Vardhman Textiles in the December quarter jumped 81 per cent to Rs 128 crore as compared to the same quarter of the prior year. (Read)

11:05 a.m.: Max India shares crashed 26 per cent on the National Stock Exchange as the three-way demerger of the company came into effect on Wednesday. The record date for the demerger is January 28, 2016.

Max India has been split into three companies – Max Financial Services, Max India and Max Ventures and Industries. Current listed entity – Max India – will be renamed as Max Financial Services. It will house the life insurance business of the group. (Read)

10:40 a.m.: Rohit Srivastava of Sharekhan says there is a high probability that markets may have formed a bottom, 7,360 is a good support for Nifty. He adds that markets are headed higher; 7,600-7,700 could prove to be resistance for Nifty.

10:35 a.m.: Market breadth was positive as 1,131 stocks were advancing while 785 were declining.

10:24 a.m.: HDFC was trading 0.16 per cent higher at Rs 1,176 ahead of its third quarter numbers which will be declared later in the day. Analysts expect the mortgage lender to report net profit of Rs 1,540 crore against Rs 1,425 during the same period last year and net interest income is expected to come in at Rs 6,870 crore.

10:19 a.m.: Capital goods stocks were also facing selling pressure. The BSE capital goods index was down 0.6 per cent; Pipavav Defence, BHEL, Larsen & Toubro, Havells and Kalpatru Power were among the losers, down .35-2.4 per cent each.

10:14 a.m.: We like companies in urban and rural consumption space. Retail stocks and private sector banks will do well given government’s focus on spending and technology stocks will be good on the back of rupee weakness, says Ridham Desai of Morgan Stanley.

10:03 a.m.: Reliance Communications was the top loser from the mid-cap space, down 2.9 per cent to Rs 63.70. M&M Financial Services, Blue Dart, Container Corp, IDBI Bank, Yes Bank and Amara Raja Batteries were also among the laggards, down 1.4-2.5 per cent each.

9:48 a.m.: Banking stocks were witnessing selling pressure. The Bank Nifty fell 0.53 per cent; Bank of Baroda, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank, Punjab National Bank and Bank of India were among the top losers, down 1-2 per cent each.

9:30 a.m.: The Sensex rose as much as 160 points in the opening trades but soon turned negative and Nifty moved below its crucial psychological level of 7,450 on Wednesday owing to subdued sentiment on the back of weakness in Chinese stock markets.

At 9:26 a.m., the Sensex slipped 7 points to 24,479 and Nifty fell 8 points to 7,428.

Selling pressure was visible in banking, metal, oil & gas, capital goods and FMCG stocks. On the other hand, some amount of buying was seen in power, realty and healthcare stocks.

Mid-cap stocks were also facing selling pressure. The BSE mid-cap index fell 0.08 per cent.

From the Nifty-50 basket of stocks, 30 stocks were declining while 20 were advancing.

Bank of Baroda, Kotak Mahindra Bank, GAIL India, Coal India, Adani Ports, Cairn India, Tech Mahindra and Yes Bank were among the losers, down over 1 per cent each.

At the same time, Power Grid, Sun Pharma, Tata Motors, NTPC, Tata Steel and Maruti Suzuki were among the gainers.

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