Sensex Ends 131 Points Higher Led by ICICI Bank, Infosys


The Sensex rose over 100 points and Nifty closed near its crucial psychological level of 7,500 led by late buying in blue-chip stocks like ICICI Bank, Infosys, ITC and HDFC.

For the most part of the day, the Sensex and Nifty reeled under selling pressure. The Sensex touched high of 24,707 and low of 24,354.

From the Nifty-50 basket of stocks, 26 stocks were advancing while 24 were declining.

ICICI Bank was the top Nifty gainer; the stock closed 2.3 per cent higher at Rs 226. Kotak Mahindra Bank, ITC, Infosys, Lupin, Axis Bank, HDFC, Cipla and Wipro were also among the gainers, up 1-1.8 per cent each.

On the other hand, Hindalco, Asian Paints, Vedanta, Bajaj Auto, Cairn India and Sun Pharma were among the losers.

On the sectoral front, banking, FMCG and IT stocks witnessed buy while auto, metal and oil & gas stocks witnessed selling pressure.

The Sensex finally ended 131 points higher at 24,682 and Nifty was up 38 points at 7,499.

3:20 p.m.: Nifty likely to correct to 7,100-7,200 levels starting next week, says Sanjeev Bhasin of IIFL

3:16 p.m.: Geometric shares jumped nearly 13 per cent on Wednesday following the announcement of an interim dividend of Rs. 3 per share for 2015-16.

Billionaire investor Rakesh Jhunjhunwala and his wife together own 19 per cent in the IT consulting company.(Read)

3:07 p.m.: The stock markets extended gains in last thirty minutes of trade. The Sensex advanced 125 points to 24,676 and Nifty rose 38 points to 7,498.

3:01 p.m.: United Spirits is showing good momentum and indicators on charts are looking good. Investors can buy this stock for target of Rs 2,620 in one or two trading sessions with stop loss at Rs 2,540, says Kunal Bothra.

2:51 p.m.: The stock is trading above its 200 day moving average. It can consolidate for some more days but if ITC moves above Rs 330 then it can go up to Rs 350-360. Investors should buy this stock on dips, says Kunal Bothra of LKP Securities.

2:37 p.m.:  Sensex stages a strong recovery in late trade, led by buying in heavyweights ITC and Infosys. Nifty trading 24 points higher while Sensex up 64 points.

2:07 p.m.: The stock markets came off the intraday low levels and turned flat in the afternoon trades on the back of gains in heavyweights such as Infosys and ITC. The Sensex was down 61 points at 24,490 and Nifty was at 7,446, down 14 points.

1:46 p.m.: The market breadth continues to remain negative as 1,557 stocks were declining while 81 were advancing.

1:38 p.m.: The stock markets came off the intraday lows. The Sensex was dwon 117 points at 24,434 and Nifty was at 7,430, down 30 points.

1:22 p.m.: Lycos Internet, Rajesh Exports, Ricoh, Marksans Pharma, Arshiya International, Sharp and PC Jewellers were among the losers from the small-cap space.

1:08 p.m.: Monsoon forecast will be closely watched which will come in next three to four weeks and otherwise there is no new major concern that could impact the markets in the near term, says G Chokkalingam of Equinomics Research & Advisory.

12:43 p.m.: Shares of metal companies were among the worst hit in trades so far. The BSE Metal index was down 1.72 per cent; Hindalco, Jindal Steel, SAIL, Vedanta, Hindustan Zinc, Tata Steel, NALCO and JSW Steel were among the losers, down 1-5 per cent each.

12:40 p.m.: Blue Star, IL&FS Transportation Networks, Jagran Prakashan, Mahindra Lifespace Developers, Navkar Corp, Radico Khaitan and Siyaram Silk Mills are among the Angel Broking’s top mid-cap stock picks for 2016.(Read)

12:37 p.m.: Losses in the stock markets were capped on the back of gains in index hevyweight ITC, Infosys and Maruti Suzuki.

12:27 p.m.: Nifty 7,500 strike price call option was the most active options contract on the National Stock Exchange. The premium on the contract fell 23.66 per cent to Rs 69.05 and as many as 9,956 contracts were added to the open interest of 1,04,525 contracts.

12:02 p.m.: Consumer durable stocks were among the worst hit. The BSE consumer durable index slumped 3.65 per cent; Rajesh Exports was the top loser from this space, down 10 per cent to Rs 583.20. PC Jewellers, Whirlpool, Titan, Hitchi Homes and Symphony were also among the losers, down 0.5-5.3 per cent each.

11:45 a.m.: The stock markets extended losses in the late morning trades on the back of broad-based selling pressure. The Sensex fell 179 points to 24,372 and Nifty was down 48 points at 7,412.

11:29 a.m.: The market breadth turns negative as 1,249 stocks decline while 842 advance.

11:17 a.m.: ITC, BPCL, Infosys, Ambuja Cements, BHEL, Bank of Baroda, NTPC, Grasim Industries and Kotak Mahindra Bank were among the gainers in the Nifty.

11:07 a.m.: RPG Life Sciences, Marksans Pharma, Wockhardt, Natco Pharma, Dishman, Sun Pharma, Apollo Hospitals, Cadila Healthcare, Lupin and Pfizer were among the laggards from the pharma space, down 1-5.6 per cent each.

10:58 a.m.: Pharma stocks were under strong selling pressure for second consecutive day, weighed down by a weekend order from the government banning over 300 drugs.

The BSE healthcare index was down 1.5 per cent, adding to its 3 per cent loss suffered on Tuesday.(Read)

10:52 a.m.: Banking stocks were witnessing selling pressure. The Bank Nifty was down 0.42 per cent; Canara Bank, Bank of India, Yes Bank, State Bank of India, Axis Bank, HDFC Bank, IndusInd Bank, Punjab National Bank and ICICI Bank were among the losers, down 0.3-0.9 per cent each.

10:44 a.m.: Credit Suisse has upgraded Bosch to ‘outperform’ from ‘underperform’. It says premium multiples are justified and expects FY’16-22 compounded annual revenue growth rate of 20 per cent.

10:39 a.m.: CLSA has downgraded Eicher Motors to ‘underperform’ from ‘buy’ for target price of Rs 20,400 per share. It says stock has fully priced in strong Royal Enfield outlook and sees limited stock returns even on a 3 year view.(Click here for more brokerage calls)

9:57 a.m.: The market breadth was marginally negative as 878 stocks were advancing while 683 were advancing.

9:49 a.m.: Selling pressure visible across the board. Pharma, consumer durables, auto, metal and banking indices were down 0.2-1.35 per cent each.

9:44 a.m.: The stock markets extended losses on the back of losses in HDFC, Sun Pharma, Tata Motors, Dr Reddy’s Labs and Asian Paints. The Sensex fell over 102 points to 24,450 and Nifty was down 23 points at 7,438.

9:35 a.m.: GMR Infra was the top gainer from the mid-cap space, up 2 per cent to Rs 11.82. NALCO, SJVN, Mphasis, Videocon Indstries, Emami, Reliance Communications, JSW Steel, Piramal Enterprises and OFSS were also among the gainers, up 0.5-1.2 per cent each.

9:30 a.m.: From the Nifty-50 basket of stocks, 31 were advancing while 19 were declining.

Bank of Baroda was the top Nifty gainer, the stock advanced 1.75 per cent to Rs 145.70. BHEL, BPCL, ITC, Kotak Mahindra Bank, Punjab National Bank, Ambuja Cements, Larsen & Toubro, Hero MotoCorp and ONGC were also among the gainers/ On the other hand, Cairn India, Asian Paints, Dr Reddy’s Labs, Bharti Airtel, Hindalco, Bajaj Auto, Vedanta and Tata Motors were among the laggards.

The broader markets were trading on a lacklustre note. The BSE mid-cap index slipped 0.3 per cent and the small-cap index was up 0.1 per cent.

9:20 a.m.: The Sensex and Nifty edged lower in the opening deals on Wednesday tracking mixed global cues as markets waited anxiously for the Federal Reserve to provide guidance on the risk of US rate hikes this year.

The Sensex fell as much as 70 points to 24,481 and Nifty was hovering around its crucial psychological level of 7,450.

8:05 a.m.: The Sensex and Nifty are likely to open higher tracking gains on Nifty futures on the Singapore Stock Exchange amid mixed global cues.

The Nifty futures traded on Singapore Stock Exchange was up 0.27 per cent or 20 points at 7,504.

Meanwhile, Asian shares were mixed on Wednesday while the dollar dithered as markets waited anxiously for the Federal Reserve to provide guidance on the risk of US rate hikes this year.

While no move is expected at this meeting it does include updates of Fed members’ economic projections and a news conference with Chair Janet Yellen, events that have caused violent market reactions in the past.

China’s Shanghai Composite was up 0.35 per cent, Hong Kong’s Hang Seng advanced 0.10 per cent and Japan’s Nikkei was down 0.44 per cent.

Overnight,  healthcare and materials stocks pulled Wall Street lower on Tuesday in a second straight day of quiet trading as investors cautiously awaited news from the US Federal Reserve’s two-day policy meeting.

The Dow Jones industrial average ended up 22.4 points, or 0.13 per cent, at 17,251.53, the S&P 500 lost 3.71 points, or 0.18 per cent, to 2,015.93 and the Nasdaq Composite dropped 21.61 points, or 0.45 per cent, to 4,728.67.

Back home, foreign institutional investors sold shares worth Rs 54 crore and the domestic institutional investors sold shares worth Rs 302.31 crore on Monday in the cash segment.