Indices erase early gains; Nifty sustains above 8650 mark

India Infoline News Service | Mumbai | October 19, 2016 15:54 IST

The BSE Sensex ended with a loss of 66 points at 27,984. Selling pressure was seen in FMCG, realty, banking, auto, finance and capital goods stocks, while power, utilities, telecom, pharma, energy and oil & gas stocks ended in green on the BSE.

Bear Versus Bull Silhouette
Wiping out most of its early gains, the Indian stock market ended lower in a volatile trading session on Wednesday, taking a breather after Tuesday’s surge.

The stock market swung between gains and losses due to profit-booking by funds and investors amid weak European cues. After opening with a positive bias, indices failed to carry forward the momentum.

Finally, the BSE Sensex ended with a loss of 66 points at 27,984. The BSE Sensex opened at 28,112 touched an intra-day high of 28,131 and low of 27,926.

The NSE Nifty closed with a loss of 19 points at 8,659. The NSE Nifty opened at 8,698 hit a high of 8,699 and low of 8,637.

Selling pressure was seen in FMCG, realty, banking, auto, finance and capital goods stocks, while power, utilities, telecom, pharma, energy and oil & gas stocks ended in green on the BSE.

Investors kept an eye on the ongoing government meet on the goods and services tax (GST) for clarity on new rates.

Idea Cellular, BHEL, Tata Power, Wipro, Lupin, Gail, Adani Ports and Sun Pharma were among the gainers on NSE, whereas ITC, ICICI Bank, Hero MotoCorp, HUL, HDFC, Zee and Aurobindo Pharma were among the losers today.

The India VIX (Volatility) index gained by 0.51% to 14.6125. Out of 1,531 stocks traded on the NSE, 636 declined and 832 advanced today.

The rupee was trading up four paise at 66.68 per US dollar.

On the global front, Asian stocks closed on a mixed note. The Shanghai Composite index closed marginally higher after its GDP grew 6.7% in the year to September, precisely in line with forecasts, with tepid private investment compensated for by robust government spending and a heated property market. Hong Kong’s Hang Seng index slipped 0.38%, while Nikkei 225 gained by 0.21%.

European investors awaited the outcome of the latest regional central bank meeting. The FTSE 100 was trading lower by 0.10%. DAX and the CAC 40 are trading down higher by 0.13% respectively.

Mangalore Chemicals and Fertilisers hit 20% upper circuit at Rs 63.35 after the company posted its net profit stands at Rs 15 crore for the quarter ended September 30 on strong operational performance despite revenue degrowth.

Sun Pharmaceuticals rallied 1% to Rs 750. ICGEB and Sun Pharma announced their new collaboration for development of a dengue vaccine, targeted against all the four serotypes of Dengue virus that cause disease in humans.

IDBI Bank rose 4% after media reports said that four bidders were looking to acquire a part of the government’s stake in the lender. GIC of Singapore, Asian Development Bank, IFC and Commonwealth Development Corporation are eyeing stakes in IDBI Bank, reports added.

BHEL rallied 3.7% to Rs 141 after the company commissioned three power projects - Koldam HEP (4x200 MW) of NTPCBSE 0.17%, Parbati HEP Stage-III (4x130 MW) of NHPCBSE 0.59 % and Rampur HEP (6x68.67 MW) of SJVN. As per media reports, the Supreme Court allowed an appeal against Madras High Court's stay over construction of Ennore SEZ supercritical thermal power project.

L&T Technology Services advanced 0.45%. The company announced that it has secured a new multiyear, multi-million dollar contract with a large global semi-conductor company to provide verification support on their expansive portfolio of offerings and products.

Havells India tanked 4.7%. Havells India on Tuesday reported a 22% YoY jump in net profit to Rs 145 crore for the September quarter, as per new accounting standard Ind-AS.

Sterling Tools galloped 13% after the company informed BSE that a meeting of the Board of Directors of the Company will consider sub-division of the equity shares of the company on Nov 5.

Indian Oil Corporation gained 1.9% to Rs 326.90. CLSA has retained its buy rating on Indian Oil Corporation and raised target price by 20 per cent to Rs 810 from Rs 675.

Tata Power zoomed 3.5%. Tata Power has appointed three independent directors - Anjali Bansal, Vibha Padalkar and Sanjay Bhandarkar - on its board with effect from October 14, 2016.

Hatsun Agro Product Ltd gained 2%. The company is planning to invest around Rs 850 crore during the current fiscal year and next fiscal year, in order to set up two milk processing facilities, along with the expansion of existing facilities and marketing, as per media report.

Ceat dropped 3.3%. The company has introduced a new range of puncture-safe tyres for motorcycles, thereby creating a new segment.

A total of 105 stocks registered a fresh 52-week high in trade today, whereas nine stocks touched a new 52-week low on the NSE.
 

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