Caution took over investors as the market frittered away all the early gains as the benchmark Sensex started moving down, showing signs of heavy volatility. Selling pressure distinctly came to the fore in telecom, auto, capital goods and technology sectors. What contained the damage was indication that US economy is regaining momentum after upbeat retail sales data. But lingering worries about a US rate hike on horizon made investors skittish, which could affect liquidity flow for emerging markets.
Here are the updates:
1:15pm: BSE Sensex falls 90.11 points, or 0.33%, to 27,583.49, while the Nifty falls 42.10 points, 0.47%, to 8,541.30.
1:00pm: DCB Bank gains as much as 7.7% to Rs131.40 on BSE after net profit rose 31.3% to Rs48.49 crore on 22.16% rise in total income to Rs567.89 crore in September 2016 quarter over September 2015 quarter.
12:45pm: State Bank of India rises as much as 1.75% to Rs256.30 on BSE after the company’s board approved to dilute upto 5% stake of SBI in SBI Life to a non-promoter entity. The stock had hit a 52-week high of Rs 271.55 on 8 September 2016. The stock had hit a 52-week low of Rs 148.30 on 12 February 2016.
12:30pm: IT firm NIIT Technologies loses as much as 4.81% to Rs418.55 per share after it posted a 9% decline in consolidated net profit at Rs58.9 crore for the quarter ended September 30, 2016.
12:15pm: Shares of Gujarat Narmada Valley Fertilizers & Chemicals Ltd gains as much as 11% to Rs215 per share after Toluene diisocyanate (TDI) prices have increased sharply over the past few days and is the only manufacturer of TDI in India. TDI is a chemical used primarily for flexible foam applications including furniture, bedding and carpet underlay, as well as packaging applications.
12:00pm: DCM Ltd gains as much as 20% at Rs117, its 52-week high on BSE, after the board approved the restructuring of its business including demerger of real estate business.Volumes jumped five-fold with a combined 915,215 shares changed hands.
11:45am: Zensar Technologies Ltd rises 2.3% to Rs1,016.45 ahead of its September quarter earnings. According to 3 Bloomberg analyst poll, the company may post net profit of Rs74.50 crore while net sales will be at Rs788.60 crore.
11:30am: BSE Sensex gains 51.471 points, or 0.19%, to 27,725.07, while the Nifty is trading flat at 8,583.45.
11:20am: Lakshmi Vilas Bank rises 3% to Rs156.35 ahead of its September quarter earnings. According to 2 Bloomberg analyst poll, the bank may post net profit of Rs57.22 crore.
11:10am: Ultratech Cement Ltd falls 0.6% to Rs4,014.75 ahead of its September quarter earnings. According to 24 Bloomberg analyst poll, the company may post net profit of Rs547.20 crore while net sales will be at Rs5,586 crore.
11:00am: Steel Strips Wheels Ltd falls 6% to Rs723.85. The company reported 20% jump in its net profit in September quarter to Rs18.02 crore against Rs15.03 crore a year ago. Net sales fell 2.8% to Rs290.95 crore.
10:50am: Tyre stocks are trading lower. Ceat Ltd falls 4%, Apollo Tyres falls 2.5%, JK Tyres 1.6%, MRF Ltd falls 2%.
10:40am: LML Ltd rises 20% to Rs12.22 after the company said in a notice to BSE that it intends to commence trial production of its light cargo 3-wheeler vehicle around the end of October 2016.
10:30am: Dewan Housing Finance Corp Ltd rises 1.7% to Rs306.20 ahead of its September quarter earnings. According to 5 Bloomberg analyst poll, the company may post net profit of Rs212 crore while net sales will be at Rs514.10 crore.
10:20am: RS Software India Ltd falls 6.1% to Rs70.50 after the company posted a net loss of Rs5.96 crore in September quarter against net profit of Rs7.62 crore a year ago.
10:10am: Fortis Healthcare Ltd rises 8.3% to Rs184.10 after the company said it got nod to buy 51% economic interest in Fortis Hospital from its shareholders and Singapore Exchange Securities Trading Limited and unit holders of RHT Health Trust.
10:00am: Reliance Defence and Engineering Ltd rises 2.4% to Rs62.85 after the company said it appointed Madan Pendse as Chief financial officer.
9:50am: GVK Power & Infrastructure Ltd rises 4.6% to Rs6.57 after huge block deal. Around 57.10 million shares or 8.7% stake of the company changed hands. However details of the buyers and sellers were not known, according to Bloomberg report.
9:40am: The 30-share S&P BSE Sensex is currently trading higher by 49.11 points, or 0.18%, to 27,722.71, while the Nifty 50 of the National Stock Exchange (NSE) is up 3.45 points, or 0.04%, to 8,586.85.
9:35am: ICICI Bank Ltd rises 3.1%, State Bank of India is up 1%, Axis Bank rises 0.6% . The Essar Group will use the proceeds of the Rs86,400 crore sale of Essar Oil to halve its overall debt to about Rs42,000 crore, bringing relief to leading bankers SBI and ICICI which have lent heavily in the past.
9:30am: The Indian rupee on Monday weakens against the US dollar at 66.81 against the US dollar, down 0.15%, from its previous close of 66.72, after foreign institutional investors (FIIs) continued selling in debt markets. The fall in foreign exchange reserve also dampened the sentiments.
9:25am: The benchmark 10-year government bond yield is trading at 6.769% compared to Friday’s close of 6.754%.
9:20am: The dollar rises to ¥104.32 from ¥104.08 late on Friday in Asia. The euro falls to $1.0979 from $1.1029.
9:15am: US benchmark crude oil gave up 18 cents to $50.17 a barrel in New York. Brent crude falls 2 cents to $51.93 a barrel in London.
9:10am: Japan’s benchmark Nikkei 225 wobbled in early trading, and is up 0.2% at 16,880.98 in the morning session. South Korea’s Kospi gains 0.1% to 2,025.97, while Australia’s S&P/ASX 200 dips 0.5% to 5,406.40. Hong Kong’s Hang Seng slips 0.6% to 23,093.51 and the Shanghai Composite index falls 0.1% to 3,062.53. The SET of Thailand drops 0.6% to 1,469.50 and other markets in Southeast Asia are mostly lower.
9:00am: Asian shares are mostly lower on Monday, trading within a narrow range as cautious investors considered the most recent comments by Federal Reserve chair Janet Yellen. Yellen said on Friday that the slow recovery from the Great Recession has surprised economists, confounding long-held beliefs about growth and inflation, but she did not discuss the Fed’s timetable for a rate hike.
8:50am: The Dow Jones industrial average, which had jumped as much as 162 points in the morning, finished Friday’s session up 39.44 points, or 0.2%, at 18,138.38. The Standard & Poor’s 500 inched up 0.43 points to 2,132.98. The Nasdaq composite gained 0.83 points to 5,214.16.