Indian stock markets rose 2 per cent on Friday posting their biggest single-day percentage gain since October as hints of more stimulus measures from the European Central Bank lifted global markets.
Global markets were also supported after oil prices rose 5 per cent on Friday. Although higher crude prices are not good for India’s current account balance, they are helping shore up risk sentiment in global assets.
Analysts said whether shares can gain further would depend on corporate earnings results and developments in China, where markets have remained volatile over concerns about economic growth.
“Sustainability (of market gains) would depend on quarterly earnings performance and no negative news flow from China,” said Gaurang Shah, vice president at Geojit BNP Paribas.
The broader NSE index gained as much as 2 per cent or 146 points in its biggest single-day percentage gain since October 5, 2015. The index closed at 7,422.
The Sensex gained as much as 1.98 per cent or 473 points to end at 24,435.
Blue-chip stocks battered this week led gains, with HDFC up 1.9 per cent, Reliance Industries rising 7.93 per cent and Larsen & Toubro closing 3.6 per cent higher.
Idea Cellular fell as much as 7.4 per cent after third-quarter earnings fell short of street estimates.
The broader markets ended in-line with the benchmark indices. The BSE mid-cap index advanced 1.9 per cent and the small-cap index ended with a gain of 2.25 per cent.
3:36 p.m.: The Sensex ended 473 points higher at 24,436 and Nifty rallied 146 points to close at 7,422 on the back of broad-based buying.
3:14 p.m.: Ruchit Jain, equity technical analyst with Angel Broking, says that Nifty can go up to 7,470-7,530 levels till expiry and one should not go short at current levels.
2:57 p.m.: Next couple of years look challenging for the telecom companies given disruption in technology and investors should consider on having nil weight on telecom companies, says Dipan Mehta, member of BSE and NSE.
2:48 p.m.: Investors should focus on companies in banking and NBFC space which have high retail clients, says Dipan Mehta, member of BSE & NSE.
2:43 p.m.: BSE auto index up 3.8 per cent; Eicher Motors, Maruti Suzuki, Apollo Tyres, Mahindra & Mahindra, Motherson Sumi, Hero MotoCorp, Tata Motors and MRF were among the gainers, up 2.85-5.72 per cent.
2:38 p.m.: The stock markets continued to witness buying. The BSE benchmark Sensex surged 500 points to 24,462 and the 50-share Nifty rallied 157 points to 7,433.
2.24 p.m.: Idea Cellular shares made a 52-week low of Rs 105.50 on the NSE after its Q3 earnings disappointed investors.(Read full story here)
1:54 p.m.: European markets trade on a firm note. Britain’s FTSE100 advances 1.8 per cent, Germany’s DAX rallies 1.8 per cent and French CAC40 index up 2.15 per cent.
1:48 p.m.: Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank expects Nifty to touch 7,000 by March 2017. He however, adds that India is the brightest spot in emerging markets and will benefit from low commodity prices.
1:40 p.m.: State-run banking shares were witnessing buying interest. The Nifty PSU Bank index surged 5 per cent; Canara Bank, Bank of India, Syndicate Bank, Allahabad Bank, State Bank of India, Bank of Baroda, Oriental Bank of Commerce, Union Bank of India, Andhra Bank and Indian Overseas Bank were among the gainers, up 3.6-6 per cent each.
1:12 p.m.: Goa Investment Promotion Board (GIPB) has granted in-principle approval to various proposals by Vedanta Limited for expansion of existing capacities at its pig iron plant (PIP).
The company had put up a proposal for enhancement of its pig iron, coke, sinter and power plant at Navelim village, about 30 km from here, a senior GIPB member told PTI.
Post this development, shares of Vedanta rallied 5.4 per cent to Rs 65.85. (Read)
1:04 p.m.: BSE metal index advanced 4.2 per cent; Vedanta was the top gainer, the stock jumped 5.52 per cent to Rs 65.95. Tata Steel, Hindalco, SAIL, Jindal Steel, NMDC, Hindustan Zinc, JSW Steel and NALCO also advanced 2.35-4.84 per cent.
12:26 p.m.: The stock markets continued to rally led by buying in banking, oil & gas, capital goods and auto stocks. BSE benchmark Sensex surged as much as 461 points to 24,423.78 and Nifty rose 144 points to 7,421.40.
12:10 p.m.: GAIL India was the top Nifty gainers, the stock jumped 6.75 per cent to Rs 363.50. Vedanta, Bank of Baroda, State Bank of India, Hindalco, Axis Bank, Tata Motors, Tata Steel, Yes Bank and Punjab National Bank were also among gainers, up 3.7-6 per cent each.
On the other hand, Idea Cellular, Bharti Airtel, Adani Ports and HUL were among the notable losers.
12:00 p.m.: IndiGo shares crashed 14 per cent on Friday, a day after India’s biggest carrier reported a record profit at Rs 657 crore in the December quarter. The sharp selloff in IndiGo shares, despite strong quarterly performance, puzzled investors and triggered selling in other carriers such as Jet Airways and SpiceJet. (Read)
11:54 a.m.: Nifty 7,400 call option was the most active options contract in the derivatives segment on the National Stock Exchange. The premium on the contract jumped 114 per cent to Rs 66.80. As many as 265 fresh contracts were added to the open interest of 59,256 contracts.
11:35 a.m.: HDFC, ICICI Bank, HDFC Bank, Reliance Industries, Larsen & Toubro, State Bank of India and Axis Bank contributed over 200 points towards gain in the Sensex.
11:24 a.m.: Shares of Syngene International, Biocon’s contract research arm surged as much as 12 per cent on Friday after the company post the market hours on Thursday reported strong earnings for the December quarter.
Syngene International’s net profit jumped 31 per cent annually to Rs 59 crore on sales of Rs 280 crore. In the year ago period it had reported a net profit of Rs 45 crore on revenues of Rs 228 crore. (Read)
11:18 a.m.: Shares of Idea Cellular fell as much as 7 per cent to touch a low of Rs 105.70 after India’s third-biggest mobile phone operator missed profit estimates in the December quarter.
Ideal Cellular’s net profit fell 0.4 per cent to Rs 764 crore on account of high finance charges. Analysts on an average had expected a net profit of Rs 806 crore, according to Reuters.
11:10 a.m.: Broad-based buying in equities helped Sensex rally over 400 points to 24,384 and Nifty reclaimed its crucial psychological level of 7,400 by rising nearly 135 points.
11:00 a.m.: Jindal Polyfilms, Electrosteel Steels, Zee Media, International Paper APPM, Sharp, GTL Infra, Intrasoft Technologies, Kwality Limited and TRF were among the gainers from the small-cap space, up 8.5-17 per cent each.
10:50 a.m.: Broader markets were in-line with the benchmark indices. The BSE mid-cap and small-cap indices were up over 1.5 per cent each. Canara Bank, Bank of India, Oriental Bank of Commerce, Union Bank of India, Allahabad Bank, UPL, Indian Bank, Blue Dart, Torrent Pharma and Adani Power were among the gainers from the mid-cap space, up 3-6 per cent each.
10:37 a.m.: The market breadth was extremely positive as 1,700 stocks were advancing while a mere 345 were declining on the Bombay Stock Exchange.
10:28 a.m.: Buying visible across the sectors. Banking, oil & gas, metal, auto and capital goods indices advanced around 2 per cent each. Sub-index of banking stocks, Bank Nifty was up 2 per cent. Bank of India, Canara Bank, Punjab National Bank, State Bank of India, Axis Bank, Kotak Mahindra Bank, ICICI Bank and Yes Bank were among the top gainers, up over 2-4.6 per cent each.
10:20 a.m.: The stock markets were trading near day’s highest levels on the back of buying in banking, oil & gas, capital goods, auto and metal stocks. The Sensex advanced nearly 340 points to 24,300 and the 50-share Nifty was trading firmly above its key 7,350 levels.
10.13 a.m.: Reliance Capital shares trade 1.26 per cent higher at Rs 367.05. It reported a net profit of Rs 235 crore on revenues of Rs 2,315 crore for the December quarter. Its earnings were in-line with estimates.
10.08 a.m.: ITC shares fall 0.7 per cent to Rs 304.40. The cigarette maker is likely to report a net profit of Rs 2,756 crore on sales of Rs 9,451 crore for the December quarter. Its volume is expected to decline 7.5 per cent annually.
09.55 a.m. Markets extend gains, Sensex up nearly 250 points at 24,210; Nifty rises nearly 80 points above 7,350
9.40 a.m.: Shares of InterGlobe Aviation, which operates low-cost carrier Indigo fell sharply by 9 per cent.
9.20 a.m.: Sensex opened with over 200 points gains tracking positive global markets and the Nifty jumped nearly 80 points to reclaim the 7,350 level.
Gains in the market were led by banking, auto, metal and energy shares, which advanced over 1 per cent each. In the Nifty index Bank of Baroda was the top gainer in the Nifty rising nearly 3 per cent followed by ICICI Bank and Hindalco Industries. Power Grid, Dr Reddy’s Lab, NTPC and SBI were the other prominent gainers in the Nifty, rising between 2-2.6 per cent.
Meanwhile, Idea Cellular was the top loser in the Nifty, fell nearly 5 per cent on weak December quarter earnings. The telecom operator’s December profit fell to Rs 764 crore on higher finance charges, and lower realisations.
9 a.m.: Rupee opens higher at 67.80 per dollar against Thursday’s close of 68.02
8.10 a.m.: The BSE Sensex and the Nifty are likely to open with strong gains on Friday, taking cues from Asian shares, which rallied as much as 4 per cent today. Japan’s Nikkei traded 3.5 per cent higher after the European Central Bank hinted about further monetary easing in the coming months.
The Nifty futures, trading on Singapore Stock Exchange, were up 0.75 per cent or 55 points, indicating a gap up opening for domestic equities.
Telecom major Idea Cellular, which missed profit estimates in Q3, and low-cost carrier InterGlobe Aviation, which reported a 24 per cent jump in net, will be in focus.
Tobacco major ITC, explorer Cairn India, Reliance Communications will report their earnings today.
Energy shares like ONGC and Reliance Industries are likely to witness some pullback today as crude oil recovered from 2003 lows.
Meanwhile, continued selling by foreign investors will weigh on domestic equities. On Thursday FIIs sold cash shares worth Rs 1,747 crore. However, domestic investors continued to support markets, they have bought shares worth Rs 1,268 crore in cash market yesterday.
Overnight, US markets closed with modest gains. The Dow Jones index closed 0.74 per cent higher and the S&P 500 gained 0.52 per cent.