The Sensex and Nifty came off the intraday high levels to end on a flat note in trades on Monday.
Earlier in the day, the Sensex rose as much as 215 points to hit high of 24,650.57 and the 50-share Nifty moved above its psychological level of 7,450 on the back of broad-based buying.
However, owing to profit-booking in select capital goods, oil & gas, auto and power stocks, the Sensex turned flat in the late morning trades.
Buying was seen in metal, consumer goods, healthcare and select banking stocks.
HDFC Bank advanced 0.94 per cent to close at Rs 1,039.55 after the private sector lender met analyst expectations with an about 20 per cent increase in quarterly profit even as its bad loans ticked up.
Net profit rose to Rs 3,357 crore for the third quarter ended December 31, from Rs 2,795 crore a year earlier, HDFC Bank said in a statement on Monday. That compares with analysts’ average estimate of 33.61 billion rupees.
Gross non-performing loans as a percentage of total loans rose to 0.97 per cent in the December quarter from 0.91 per cent in the previous three months.
From the Nifty-50 basket of stocks, 28 stocks declined while 22 advanced.
Cairn India was the top Nifty gainer, the stock rose 5.4 per cent to Rs 118.95. Tata Steel, Sun Pharma, Ambuja Cements and Coal India were also among the gainers, up 1.8-2.9 per cent each.
On the other hand, GAIL India, Hero MotoCorp, L&T, Tata Motors and Mahindra & Mahindra were among the losers, down 1.72-2.79 per cent.
The Sensex finally closed 50 points higher at 24,485.95 and the 50-share Nifty shut shop at 7,436.15, up 14 points.
3:35 p.m.: The Sensex ended 50 points higher at 24,486 adn the 50-share Nifty advanced 14 points to close at 7,436.
3:25 p.m.: Nifty is heading for levels of 7,700 in next couple of trading sessions and on the downside index has important support around 7,400 levels, says Shrikant Chouhan of Kotak Securities.
3:17 p.m.: Metal stocks were outperforming the benchmark indices. The BSE metal index was the top sectoral gainer, up 1.6 per cent. Hindustan Zinc, JSW Steel, Tata Steel, NALCO and SAIL were among the gainers.
3:00 p.m.: The BSE Auto index was down 0.50 per cent; Hero MotoCorp, Tata Motors, Cummins India, Mahindra & Mahindra and Maruti Suzuki were among the losers from this space.
2:52 p.m.: BSE Bankex was trading on a flat note. The index was up 0.2 per cent; Federal Bank, Axis Bank, Yes Bank, Bank of Baroda, State Bank of India and Kotak Bank were among the losers from this space.
2:47 p.m.: Market breadth continues to remain positive as 1,678 stocks were advancing while 886 were declining.
2:38 p.m.: HDFC Bank reported a net profit of Rs 3,357 crore in the December quarter, meeting Street estimates. India’s biggest private lender, according to market value, said net profit jumped 20 per cent from the year-ago period.
Net interest income – the difference between interest earned and interest paid – rose 24 per cent annually to Rs 7,068 crore and came ahead of Street estimates. (Read)
2:20 p.m.: HDFC Bank Q3 net profit at Rs 3,360 crore against estimate of Rs 3,350 crore. Shares up 0.6 per cent at Rs 1,036.50.
2:07 p.m.: Selling pressure was visible in capital goods, power, oil & gas and select FMCG stocks.
2:03 p.m.: The stock markets slipped into the negative territory amid profit-booking. The Sensex slipped 2 points to 24,433.67 and the Nifty declined 1 point to 7,421.20.
1:58 p.m.: The stock markets erased most of its intraday gains in the afternoon trades as selling pressure emerged in heavyweight stocks such as Larsen & Toubro, Axis Bank, Infosys, ITC and Hero MotoCorp. The Sensex was up 32 points at 24,467 and Nifty was up 9 points at 7,431.
1:36 p.m.: From the Nifty-50 basket of shares, 32 were advancing while 18 were declining. Hero MotoCorp was the top loser in the Nifty, down 2.84 per cent at Rs 2,517. GAIL India, Axis Bank, Larsen & toubro, BPCL, Lupin, ITC and NTPC were also among the losers, down 0.7-2.45 per cent each.
1:25 p.m.: Kitex Garments post net profit of Rs 24 crore against Rs 23 crore during the same quarter last year, stock falls 4.3 per cent to Rs 519.
1:11 p.m.: HDFC Bank was trading 1 per cent higher at Rs 1,040.35 ahead of its third quarter numbers. Analysts expect the bank to post net profit of Rs 3,345 crore and net interest income is expected to come in at Rs 6,870 crore. Meanwhile gross non-performing assets (GNPA) are likely to remain stable at 0.9 per cent (QoQ).
1:03 p.m.: BSE capital goods index slipped 0.24 per cent; Larsen & Toubro was the top loser from this space, down 1.44 per cent to Rs 1,125. Suzlon Energy and Solar Industries were also among the losers.
12:49 p.m.: Nifty 7,500 call option was the most active call option on the National Stock Exchange. The premium on the contract slipped 15 per cent to Rs 22.25. Over 1.16 million shares were added to the open interest of 5.81 million shares.
12:35 p.m.: Healthcare shares were also witnessing buying interest. The BSE Healthcare index advanced 1.62 per cent; Sequent Scientific, Caplin Point Laboratories, Morepen Laboratories, Unichem Labs, RPG Life Sciences, Aarti Drugs, Nectar Lifesciences and Wockhardt were among the gainers, up 4.2-10 per cent each.
12:21 p.m.: Metal stocks continued to witness buying interest. The BSE metal index advanced 1.92 per cent; JSW Steel was the top gainer from this space, up 3.89 per cent to Rs 1,107.60. Hindustan Zinc, Tata Steel, Vedanta, SAIL, NMDC, NALCO and Jindal Steel were also among the gainers, up 0.7-2.6 per cent each.
12:05 p.m.: The stock markets came off the morning highs but were trading on a stable note in noon deals. The Sensex was up 139 points at 24,575 and Nifty advanced 40 points to 7,462.
11:56 a.m.: Responsive Industries was the top gainer from the small-cap space. The stock surged 15.65 per cent to Rs 99. Electrosteel Steels, Supreme Petrochem, Bs Ltd, Visagar Polytex, Bodal Chemicals and Nitin Fire Protection Industries were also among the gainers, up 9.2-15 per cent each.
11:35 a.m.: ITC reported another weak quarter, weighed down by falling cigarette sales. Cigarette volume at India’s biggest tobacco company dipped by 3-4 per cent in the December quarter, though the decline was lower than the 12-13 per cent fall since in the first half of FY16.
ITC’s cigarette business, which contributes nearly 50 per cent to overall sales, has been hit by repeated hike in value added tax (VAT) and excise duty over the last few quarters. The company has resorted to price hikes to sustain margins, which has also impacted volumes. (Read)
11:26 a.m.: Select oil & gas stocks were witnessing a mild selling pressure. The BSE oil & gas index slipped into the negative territory, down 0.06 per cent; GAIL India, Indian Oil, HPCL, BPCL and OIL were among the losers.
11:23 a.m.: The valuation of Interglobe Aviation was very high at the time of listing and small disappointment in earnings led to a lrage fall in Interglobe Aviation’s share price, says Mahantesh Sabarad, deputy head (research) of SBICap Securities.
11:10 a.m.: The stock markets came off the intraday high levels in the late morning deals on the back of selling in select capital goods stocks. The Sensex was up 136 points at 24,572 and Nifty was at 7,461, up 38 points.
11:01 a.m.: Broader markets were outperforming the benchmark indices. The BSE mid-cap index advanced 1 per cent and the small-cap index was up 1.6 per cent. Kansai Nerolac, MRF, Wockhardt, Piramal Enterprises, Berger Paints, Bharat Forge and Bajaj Holdings were among the gainers from the mid-cap space, up 3-5.3 per cent each.
10:53 a.m.: Market breadth was extremely positive as 1,740 stocks were advancing while 389 stocks were declining.
10:45 a.m.: The over 8 per cent correction in Indian stock markets over the last three weeks sent the BSE Sensex crashing below the psychological 24,000 mark for the first time in 20 months. Ambit Capital expects the Sensex to fall further to 22,000 levels.
“There is a high possibility for the markets to go to 22,000 before touching 28,000,” said Saurabh Mukherjea, CEO(Institutional Equities) at Ambit Capital. (Watch video)
10:40 a.m.: SpiceJet shares surged as much as 13.5 per cent on Monday after the budget carrier posted its highest-ever net profit in the December quarter. SpiceJet – India’s second largest low-fare airline – reported a net profit of Rs 238 crore on sales of Rs 1,460 crore on the back of higher passenger traffic and lower Aviation Turbine Fuel (ATF) costs. (Read)
10:12 a.m.: Kotak has upgraded ITC to buy for target price of Rs 370 per share. It says cigarette volumes are stabilizing and sees good value at current levels. (Click here for more brokerage calls)
10:07 a.m.: G Chokkalingam, founder of Equinomics Research & Advisory, says stock markets have bottomed out and there are enough opportunities to make money from current levels.
10:02 a.m.: K Subramanyam, co-head equity advisory at Altamount Capital, says going into expiry action would be seen in PSU banking space on the back of short covering because banking space saw enormous shorts getting built up.
9:44 a.m.: Metal stocks were witnessing buying interest. The BSE metal index advanced 1.3 per cent; Vedanta, Tata Steel, NALCO, SAIL, NMDC, Hindalco and Hindustan Zinc were among the top gainers, up 1-2.7 per cent each.
9:25 a.m.: The Sensex rose over 150 points and Nifty moved above 7,450 on the back of rebound in crude oil prices in the international markets.
Meanwhile, buying was visible across the board. Banking, metal, auto, capital goods and healthcare indices advanced over 1 per cent each in the opening deals.
Cairn India was the top gainer in the Nifty. The stock advanced 2.84 per cent to Rs 116.05. Vedanta, HCL Technologies, Tata Steel, ONGC, ICICI Bank, Sun Pharma, State Bank of India, BHEL and Adani Ports were also among the gainers.
On the other hand, Hero MotoCorp, Bharti Airtel, ITC, Wipro and BPCL were among the losers.