Sensex Edges Higher, Jumps 50 Points; PNB Surges Over 5%

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12:04 p.m.: Stock markets edges higher on buying in banking shares. The Sensex advances 50 points to 27,865 and Nifty jumps 17 points to 8,540.

11:56 a.m.: Banking stocks were witnessing buying interest. The Bank Nifty was up 0.45 per cent; Punjab National Bank was the top gainer from this space, up 5 per cent to Rs 131.30. Bank of India, Canara Bank, Bank of Baroda, Federal Bank, State Bank of India and IndusInd Bank were also among the gainers, up 1.2-3.66 per cent each.

11:18 a.m.: Tata Consultancy Services, which snapped its six-quarter streak of earnings miss in April, will be the first major IT company to report June quarter earnings. TCS, India’s biggest IT services outsourcer, is likely to report numbers post market hours today. (Read)

10:48 a.m.: Market breadth was positive as 1,214 stocks were advancing while 880 were declining.

10:45 a.m.: Pharma stocks were witnessing selling pressure. The BSE Healthcare index was down 0.53 per cent; Sun Pharma, Dr Reddy’s Labs, Cipla, Apollo Hospitals, Lupin, Biocon and Divis Labs also among the laggards.

10:40 a.m.: Shares of National Aluminium Company Limited (Nalco) surged nearly 6 per cent to hit intraday high of Rs 50.95 after the state-run aluminium producer secured the mining lease of a bauxite mine in Odisha.(Read)

10:30 a.m.: Brokerage IIFL’s Sanjeev Bhasin expects the Nifty to correct by 200 points after the sharp run up post Britain’s decision to exit the European Union last month. Mr Bhasin, who has been bullish on stock markets, advised investors to book profits and get into cash. (Read)

10:06 a.m.: Citi has initiated coverage on NBCC with buy for target price of Rs 300/share. It says NBCC has an asset-light model and NBCC is uniquely placed with attractive financials. It expects 38 per cent compounded annual groth in earnings per share over FY16-18. (Click here for more brokerage calls)

9:59 a.m.: Small-cap stocks were outperforming the benchmark indices which were trading on a lacklustre note. The BSE Small-cap index was up 0.5 per cent; PMC Fincorp was the top gainer from the small-cap space, up 12 per cent. Carborundum Universal, SRF Ltd, V-Mart Retail, Orient Paper & Industries, Unitech, Navin Fluorine International and OnMobile Global were also among the gainers, up 5-8.5 per cent each.

9:21 a.m.: Sensex edged lower in opening deals while 50-share Nifty slipped closer to its crucial psychological level of 8,500 amid profit-booking.

As of 9:19 a.m., Sensex traded 7 points lower at 27,808 and Nifty slipped 7 points to 8,512.

In opening deals, selling pressure was visible in select realty, pharma, IT and FMCG shares.

From the Nifty 50 basket of stocks, 28 were advancing while 23 were declining.

Zee Entertainment was the top Nifty loser, down 1.6 per cent to Rs 449. ONGC, Dr Reddy’s Labs, Mahindra & Mahindra, Sun Pharma, Hero MotoCorp, HDFC and Wipro were also among the laggards.

On the other hand, GAIL India was the top Nifty gainer, up 1.5 per cent to Rs 398. Power Grid, BPCL, UltraTech Cement and Coal India were also among gainers.

The broader markets were outperforming the benchmark indices. The BSE mid-cap and small-cap indices were up 0.24 and 0.36 per cent each.

8:03 a.m.: Sensex and Nifty are set to open on a flat note tracking Nifty futures traded on the Singapore Stock Exchange amid subdued global markets.

The Nifty futures traded on the Singapore Exchange also known as the SGX Nifty was trading flat, down 0.01 per cent or 0.5 points at 8,516.

Meanwhile, Asian shares held near eight-month high on Thursday but traded flat as investors bet the Bank of England will cut rates in a pre-emptive strike to ward off a recession following the country’s decision to leave the European Union.

Hong Kong’s Hang Seng was down 0.05 per cent and South Korea’s KOSPI was down 0.12 per cent. But Japan’s Nikkei advanced 0.72 per cent.

Overnight, major U.S. stock indexes gave back gains on Wednesday after hitting record intraday highs and European shares slipped after a plunge in oil prices pushed energy stocks lower on both sides of the Atlantic.

Oil prices plummeted more than 4 per cent, crimping the record-breaking rally in U.S. shares, while European shares dipped after four straight days of gains. Investors also awaited second-quarter corporate earnings.

The Dow Jones industrial average closed 0.13 per cent or 24 points higher at 18,372. The S&P 500 closed 0.01 per cent higher at 2,15 and the Nasdaq Composite closed 0.34 per cent lower at 5,006.

Back home, foreign institutional investors bought shares worth Rs 290 crore while domestic institutional investors sold shares worth Rs 655 crore on Wednesday.

TCS shares will be in focus today as the company will come out with its first quarter numbers later in the day.

Analysts polled by NDTV Profit expect sales to come in at Rs 29,251 crore compared with Rs 28,448 crore during the previous quarter. While net profit is expected to come in at Rs 6,063 crore compared with Rs 6,413 crore during the previous quarter.