Sensex Edges Lower On Weakness In Banking, FMCG Shares

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10:11 a.m.: Havells India shares fall 1.56 per cent to hit intraday low of Rs 424.40 after the company post market hours on Tuesday reported that its net profit rose 22 per cent to Rs 146 crore in September quarter.

9:58 a.m.: Stock markets were trading with a negative bias on the back of weakness in banking and FMCG shares. The Sensex was down 23 points at 28,027 and Nifty declined 4 points to 8.674.

9:50 a.m.: Zuari Agro was the top gainer from the small-cap space, up 12 per cent to Rs 260. ABG Shipyard, Kellton Tech Solutions, Diamond Power Infrastructure, JMC Projects, Indian Hume Pipe and J Kumar Infraprojects were also among the gainers.

9:39 a.m.: IDBI Bank was the top gainer from the mid-cap space, up 4.2 per cent to Rs 73. NALCO, Bajaj Finserv, HPCL, Reliance Communications, MRPL, Wockhardt, Tata Communications and Glenmark were also among the gainers.

9:27 a.m.: Sensex and Nifty were trading in a choppy mode in trades on Wednesday on the back of profit-booking in select banking, FMCG and auto stocks after yesterday’s sharp run up.

As of 9:20 a.m., the Sensex was up 27 points at 28,078 and Nifty advanced 7 points to 8,685.

From the Nifty basket of shares, 34 were advancing while 17 were declining. BHEL was the top Nifty gainer, up 4.5 per cent to Rs 142.35. Lupin, Sun Pharma, ONGC, BPCL, Yes Bank, HCL Technologies, Wipro and Cipla were also among the gainers.

On the other hand, Zee Entertainment, Tata Motors, ICICI Bank, HUL, ITC, TCS, HDFC, Adani Ports and HDFC Bank were among the laggards.

The broader markets edged higher in opening deals. The BSE mid-cap index jumped 0.3 per cent and small-cap index rose 0.5 per cent.

8:38 a.m.: Sensex and Nifty are set to open higher tracking Nifty futures traded on the Singapore Exchange.

The Nifty futures traded on the Singapore Exchange also known as the SGX Nifty was up 0.24 per cent or 20 points at 8,688.

Meanwhile, other Asian share markets were also trading on a positive note. Japan’s Nikkei was up 0.13 per cent, Taiwan Weighted advanced 0.76 per cent and South Korea’s KOSPI jumped 0.45 per cent.

Overnight, Wall Street advanced on Tuesday to give the S&P 500 its best day this month on the heels of solid earnings reports from names such as UnitedHealth and Netflix that put corporate profits on track to snap a four-quarter streak of declines.

The Dow Jones industrial average rose 75.54 points, or 0.42 per cent, to 18,161.94, the S&P 500 gained 13.1 points, or 0.62 per cent, to 2,139.6 and the Nasdaq Composite added 44.01 points, or 0.85 per cent, to 5,243.84.

Back home, The GST Council on Tuesday discussed possible Goods and Service Tax rates, including a four-slab structure of 6, 12, 18 and 26 per cent with lower rates for essential items and highest band for luxury goods, even as it reached consensus on payment of compensation to states.

The all-powerful panel, headed by Finance Minister Arun Jaitley and includes representatives of all states, reached a consensus on the way states would be compensated for any loss of revenue from implementation of the new indirect tax regime from April 1, 2017.

Base year for calculating the revenue of a state would be 2015-16 and secular growth rate of 14 per cent would be taken for calculating the likely revenue of each state in the first five years of implementation of GST, Mr Jaitley said.

Endurance Technologies is set to list its shares on exchanges today issue price was fixed at Rs 472 per share.

Tata Motors will be in focus today after the company issued non-convertible debentures worth Rs 500 crore on a private placement basis.

Sintex industries will also be closely watched after Prominent Plastics acquired 7.9 lakh shares in Sintex industries, raising its holding to 0.15 per cent from 0.001 per cent.

Apollo Hospitals plans to sell its stake worth Rs 450 crore in a subsidiary and it may react to this development.