LIVE: Sensex, Nifty flat; Indoco Remedies surges over 10%


The benchmark Sensex fell over 50 points and the NSE Nifty slipped below the 7,700-mark in the morning trade following profit-booking by investors after recent gains amid mixed Asian cues.
11.52 am: Bharat Forge and Mahindra and Mahindra (M&M) shares were trading higher on Tuesday on reports that Airbus is in initial talks with companies to have some of its aircraft parts forged in India. M&M shares were trading 2.25 per cent up at Rs 1255.10, while Bharat Forge shares were trading 0.94 per cent up at Rs 883. Sensex was down 19 points at 25,265.
11.34 am: Rolta India shares were trading 1.48 per cent up at Rs 78.75. Standard and Poor’s (S&P) on Monday downgraded the long-term corporate credit rating on Rolta India to ‘B+’ from ‘BB-’ over expectations of an increase in its leverage and concerns that free operating cash flows will move into the negative zone in the next 12 months. READ MORE
11.30 am: Eros International Media shares gained as much as 5.63 per cent in the morning trade on Tuesday after the company on Monday post market hours announced completion of an internal review that showed confidence in the company’s accounting policy, practices and disclosures. The scrip was trading 4.15 per cent higher at Rs 172. READ MORE
Sensex was down 19.67 points at 25,265.
10.57 am: Rajesh Exports (REL) has bagged an export order worth Rs 1,045 crore of designer range of gold and diamond studded jewellery and medallions from Singapore. The order is to be completed by May 31, 2016. Shares of Rajesh Exports were trading 0.66 per cent up at Rs 614.20. Sensex was up 10 points at 25,296.
10.38 am: After falling over 80 points, the 30-share index turned flat. Sensex was up 9.49 points at 25294. Nifty was down 11 points at 7,693. Brokers said that apart from profit-booking in recent gainers, mixed trend in other Asian bourses influenced sentiment.
10.24 am: JMC Projects (India) shares were trading 6.44 per cent up at Rs 215. The company has recently secured new orders worth over Rs 930 crore. It has bagged road EPC project in Ethiopia worth approx Rs 465 crore. Further, the company has bagged a Retail mall project in Bangalore of Mantri developers worth Rs 235 crore and Building project in Bangalore worth approx Rs 62 crore. The company has also bagged area infrastructure development project by Naya Raipur Development Authority worth Rs 169 crore. Sensex was trading 70.25 points down at 25,215.
9.52 am: Godrej Properties shares were trading higher on raising $275 million from APG Asset Management. Shares of the company were trading 0.82 per cent up at Rs 290. Sensex was trading 87.52 points down at 25,197.
9.37 am: The rupee depreciated 11 paise to 66.64 against dollar in early trade due to higher demand for the dollar from importers amid a lower opening in the domestic equity market. Sensex was trading 83.44 points down at 25201. Nifty was trading 25.05 points down at 7,679.
9.30 am: Sensex was trading 55.20 points down at 25,237.07. Nifty was trading 20.55 points down at 7683.70. Defence related stocks were also trading higher after the new Defence Procurement Procedure (DPP), focusing on India-made products and fast-tracked acquisition process, was Monday cleared by the top committee of the Defence Ministry. Walchandnagar Industries were trading 5.97 per cent up at Rs 150.80. BEML was up 2.39 per cent at Rs 1,093.80.
9.26 am: Tea stocks were trading firm in the early trade. Shares of Goodricke Group and Tata Global Beverages were trading 4.38 per cent and 2.63 per cent up at Rs 174 and Rs 122.80, respectively.
9.18 am: Sensex was trading 41.98 points down at 25243, Nifty was trading 16.20 points down at 7,688.05. Indoco Remedies shares were trading up by nearly 10 per cent in the early trade. Indoco Remedies said it has received an approval from the US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa.
9.15 am: The BSE Sensex opened 45.64 points up at 25,331, while the Nifty 50 index opened 8.70 points down at 7,695.
9.11 am: Crude oil futures rebounded on Monday after data showed crude inventories at the Cushing, Oklahoma delivery hub for US futures fell for the first time since January. Crude stockpiles in Cushing fell 570,574 barrels to 69.05 million in the week to March 18. Traders also got some support with Organization of the Petroleum Exporting Countries (OPEC’s) secretary general stating that Iran may join other oil producers planning to freeze production to support prices at a later date.
Benchmark crude oil futures for April delivery gained $0.47 or 1.20 percent to $39.91 a barrel after trading in a range of $38.96 and $39.98 a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery closed at $41.54, up $0.34 or 0.80 percent on the ICE.
8.41 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open on a flat note with positive bias on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 8.23 am (IST), SGX Nifty was trading 7 points, or 0.09 per cent, at 7,718.
Asian stocks slipped on Tuesday as hawkish comments from US Federal Reserve officials clouded the monetary policy outlook less than a week after Fed Chair Janet Yellen had set out a more cautious path to interest rate increases this year.
Hang Seng and Shanghai were trading down by 0.36 per cent and 0.59 per cent, respectively. However, Japan’s Nikkei stock index added 2.1 per cent, reopening after a public holiday on Monday and getting a tailwind from a weaker yen.
Wall Street ended little changed on Monday as declines in cyclical sectors, which have led the recent rebound, were offset by gains in defensive stocks like those in telecoms and healthcare. The Dow Jones industrial average rose 21.57 points, or 0.12 per cent, to 17,623.87, the S&P 500 gained 2.02 points, or 0.1 per cent, to 2,051.6 and the Nasdaq Composite added 13.23 points, or 0.28 per cent, to 4,808.87.
Back home, heightened chances of RBI to reduce policy rate and positive Asian shares gave markets a high as the Sensex gained for the second straight session by soaring 333 points to close at 25,285 — a nearly 11-week high.
The 50-share Nifty recaptured the 7,700-mark and ended at 7,704.25, up 99.90 points, or 1.31 per cent.
Defence related stocks such as BEL, Walchandnagar Industries, BEML and L&T will remain in focus on Tuesday. After a delay of several months, the new Defence Procurement Procedure (DPP), focusing on India-made products and fast-tracked acquisition process, was Monday cleared by the top committee of the Defence Ministry.