The NSE index swung between gains and losses on Monday, taking a pause after hitting its highest in nearly two years last week, although market heavyweight Reliance Industries Ltd surged to a more than seven-and-a-half-year high on continued hopes about its telecom unit. The NSE index was not far from breaching the key 9,000 level which it last touched on 4 March 2015, although analysts have warned markets could see a phase of consolidation in the near term, especially with gross domestic product data due on Tuesday.
Asian shares stayed below 19-month highs with caution setting in ahead of US President Donald Trump’s speech to a joint session of Congress on Tuesday, where he is expected to unveil some elements of his plans to cut taxes. “Investors await key events such as Trump’s speech as well as comments from Federal Reserve officials later in the week,” said Anand James, chief market strategist at Geojit Financial Services.
The broader NSE index was 0.24% lower at 8,918.2 as of 11.43am, after touching its highest since 4 March 2015 on Thursday. The benchmark BSE index was down 0.04% at 28,882.52.
The NSE Bank index fell nearly 1% with Axis Bank down 2.7% and Bank of India shedding 1.6%. Meanwhile, Reliance Industries rose as much as 6.3% to its highest since 18 May 2009 after telecom unit Jio said last week it would start charging for its services in April after offering them for free for seven months.
GMR Infrastructure Ltd rose as much as 7.4% to its highest since 6 January 2016 after the company said it had completed strategic debt restructuring of a unit, leaving its consortium of lenders with 52.4% stake.
2.50pm: BSE Sensex trades lower by 42 points, or 0.15%, to 28,851, while the Nifty 50 falls 35 points, or 0.39%, to 8,904. Reliance Defence and Engineering Ltd shares rise 6.20% to trade at Rs63.35.
1.52pm: BSE Sensex trades higher by 21 points, or 0.07%, to 28,914, while the Nifty 50 falls 16 points, or 0.18%, to 8,924. Reliance Defence shares rise 7.88% to trade at Rs64.35.
12.37pm: BSE Sensex trades higher by 5 points, or 0.02%, to 28,898, while the Nifty 50 falls 13 points, or 0.15%, to 8,926.
10.32am: BSE Sensex trades higher by 6 points, or 0.02%, to 28,899, while the Nifty 50 falls 19 points, or 0.21%, to 8,921.
10.22am: BSE Sensex trades lower by 19 points, or 0.07%, to 28,874, while the Nifty 50 falls 13 points, or 0.14%, to 8,927.
10.15am: IDBI Bank Ltd shares fall 2.6% to Rs 79.65 after ICRA has downgraded the ratings for IDBI Bank’s Rs 8,000 crore Infrastructure Bonds Programme.
10.10am: Anil Ambani’s group stocks trade higher. Pitching defence business as the main growth driver, industrialist Anil Ambani will brief the sectoral and market analysts on Tuesday about future plans of his Reliance Group in this segment, PTI report said.
10.00am: Reliance Defence and Engineering Ltd shares rise 5.6% to Rs 63.10, Reliance Capital Ltd shares rise 2.4%, Reliance Infrastructure Ltd shares rise 2.3%.
9.55am: Zee Entertainment Enterprises Ltd shares fall 2.6% to Rs 504.90. According to Business Standard report, the news media arm of the Subhash Chandra-led Essel Group has been directed by the National Company Law Tribunal’s Bench to have a shareholders meeting on 27 March. The agenda is to clear the demerger of the print business from Zee Media Corporation, a listed company housing both the print and television news media interests of the group.
9.45am: Banking stocks trading lower. Axis Bank Ltd fell 2.8%, Jammu & Kashmir Bank 2.5%, Syndicate Bank 1.9%, Oriental Bank of Commerce 1.8%, Federal Bank 1.7%, Bank of Baroda 1.5%, Andhra Bank 1.3%, South Indian Bank 1.2%, Union Bank of India 1.2%, Allahabad Bank 1.2%, ICICI Bank 1.1%.
9.35am: BSE Sensex trades higher by 33 points, or 0.11%, to 28,926, while the Nifty 50 rises 9 points, or 0.10%, to 8,949.
9.31am: Amtek Group stocks trade higher after Castex Technologies board approved plan for restructuring debts. Castex Technologies Ltd shares rise 6.4% to Rs9.55, Amtek Auto Ltd rose 1.3%, Metalyst Forgings Ltd rose 2.5%, JMT Auto Ltd rose 1.3%,
9.30am: Reliance Industries shares rise 5% to Rs1,245 on higher volumes.
9.25am: Cadila Healthcare shares rise 1.6% to Rs437 after the company said it will launch India’s first Tetravalent Inactivated Influenza vaccine—VaxiFlu-4.
9.20am: Oil and Natural Gas Corp. Ltd (ONGC) shares rise 1.1% to Rs197.85 after Economic Times reported that ONGC will take control of Hindustan Petroleum Corp. Ltd as part of the government’s plan to create an integrated public sector oil entity. India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said in the budget speech earlier this month as the world’s third-largest oil consumer looks to better compete with global majors in acquiring foreign assets.
9.15am: The local currency opened at 66.72 and touched a high of 66.69, a level last seen on 10 November.
9.10am: Lakshmi Vilas Bank shares rise 2.1% to Rs160.20 after a huge block deal. Around 3.78 million shares or 1.97% stake of the company changed hands in the block deal. However, details of the buyers and sellers were not known, according to a Bloomberg report.
9.08am: India’s 10-year bond yield rose to 6.916% compared to its Thursday’s close of 6.939%. Bond yields and prices move in opposite directions.
9.05am: GMR Infrastructure Ltd shares rise 1.5% to Rs15.10 after the company said in a notice to the BSE that GMR Chhattisgarh Energy Ltd’s consortium of lenders adopted a strategic debt restructuring plan, according to the Reserve Bank of India rules.
9.00am: Most Asian currencies were trading lower. Philippines peso was down 0.15%, China offshore 0.1%, China renminbi 0.1%, Indonesian rupiah 0.01%, Japanese yen 0.09%, South Korean won 0.06% and Taiwan dollar 0.06%. However, Thai baht was up 0.05%.