Finally, the BSE Sensex ended with a gain of 30 points at 28,507. The BSE Sensex opened at 27,712 touched an intra-day high of 27,764 and low of 27,548.
The NSE Nifty closed with a gain of 10 at 8,583. The NSE Nifty opened at 8,594 hitting a high of 8,604 and low of 8,549.80.
The Indian equity market opened in green after massive cuts yesterday and also rebound in Asian markets. India’s annual rate of inflation based on wholesale prices eased on a month-on-month basis to 3.57% in September from 3.74 per cent in August.
At 12:49 PM, the S&P BSE Sensex is trading at 27,713 up 70 points, while NSE Nifty is trading at 8,592 up 19 points.
The BSE Mid-cap Index is trading up 0.76% at 13,413 whereas BSE Small-cap Index is trading up 0.76% at 13,167.
GAIL, RIL, Adani Ports, ONGC, L&T, Cipla and Axis Bank are among the gainers, whereas Lupin, Bharti Airtel, HUL, HDFC Bank, Infosys and Sun Pharma are losing sheen on BSE.
Some buying activity is seen in oil & gas, basic materials, energy, industrial and realty sectors, while banking, consumer durables, finance and telecom are showing weakness on BSE.
The INDIA VIX is down 2.91% at 14.9750. Out of 1,873 stocks traded on the NSE, 504 declined, 1,056 advanced and 313 remained unchanged today.
A total of 32 stocks registered a fresh 52-week high in trades today, while seven stocks touched a new 52-week low on the NSE.
Hindustan Construction Company soared 4.9%.HCC in joint venture with VCCL has won a Rs 367.72 crore order for construction of safety tunnel in Manipur.
Reliance Communications Ltd gained 2% after the company announced the signing of a non-binding Term Sheet with Brookfield Infrastructure Group (Brookfield) in relation to the proposed acquisition of RCOM’s nationwide tower assets and related infrastructure by Brookfield.
Steel Strips Wheels Ltd zoomed 4.3% to Rs 764.50 after the company announced substantial increase in export order for supply of Steel Wheels for VW Argentina’s requirements to 34000 wheels from original order of 7000 wheels. Wheels are being supplied from SSWLs Chennai plant.
Zee Entertainment Enterprises Ltd dropped 3.2% to Rs 529. Zee Entertainment Enterprises Ltd reached an agreement to buy Reliance Broadcast Networks Ltd, as per media reports. The companies are working on deal structure, report added.
Karnataka Bank jumped 3.4% to Rs 149. The bank has fixed 25 October as record date for the purpose of determining the shareholders eligible to apply for rights equity shares.
Hindustan Unilever Ltd slipped 1.4% to Rs 849.50. Hindustan Unilever Ltd to raise prices of some skincare products, affected sales in the September quarter, parent Unilever Plc said Thursday. The comment in Unilever’s third-quarter earnings presentation is in line with analysts’ forecasts that India’s largest consumer packaged goods firm by sales will post another quarter of tepid results.
Jammu & Kashmir Bank tanked 7% to Rs 69.55. Parvez Ahmed, chairman and chief executive since 6 October, told investors in a conference call on Thursday that the bank was looking to “deep clean” its balancesheet and aimed to take its provision coverage ratio (PCR) to about 90% over the next six quarters, from 50% currently. PCR is the amount of money a bank has kept aside for potentially bad loans.
Infosys slipped 1.2% The company has posted a net profit of Rs 3606 crore for the quarter ended September 30, 2016 as compared to Rs 3398 crore for the quarter ended September 30, 2015.
Reliance Industrial Infrastructure advanced 0.72% after the company reported 19% decline in net profit to Rs 3.38 crore for the quarter ended September 30, 2016. The company had posted a net profit of Rs 4.19 crore in the year-ago period.
Tata Consultancy Services inched up 0.50% to Rs.2340. TCS reported a profit after tax of Rs 6,603 crore for the September quarter. This was 4.51% QoQ higher than June quarter PAT of Rs 6318 crore the firm reported in June quarter.
DCB Bank slipped 0.73% ahead of results. DCB Bank will announce its Q2 numbers today.
Lupin slipped 0.91% on the BSE. Boehringer Ingelheim has entered into an agreement with Mumbai-based Lupin to co-market empagliflozin, a novel drug for the treatment of Type-II diabetes in adults.
ONGC zoomed 2% to Rs 277.75: ONGC Ltd and Hong Kong-listed United Energy Group Ltd are among bidders for Bangladesh natural gas assets being sold by Chevron Corp, as per media reports.
Cox & Kings slipped 1.2%. Cox & Kings-owned Meininger Hotels has signed an agreement with Beni Stabili SIIQ to set up a 491-bed hotel in Milan, Italy.
The rupee opened higher by eight paise at 66.85/$ as against the previous close of 66.93/$. The rupee opened higher against the dollar, tracking a recovery across Asian assets as better-than-expected economic data out of China propped up risk appetite.
On the macro-front, India’s retail inflation eased sharply to 4.31% in September, the slowest in more than a year, from 5.05% from August, mainly on account of a sharp fall in food prices.
Asian markets opened on a pessimistic note as losses over the last 3 days have hurt sentiment even as the Dow Jones index recovered most losses overnight. This week has seen brutal cuts on equity markets globally as investors contend with weak China data, weak start to earnings in the US & now almost 70% probability of rate hike by the Federal Reserve.
Wall Street closed down on Thursday. The Dow Jones industrial average was down 45.26 points, or 0.25% to 18,098.94, the S&P 500 lost 6.63 points, or 0.31% to 2,132.55 and the Nasdaq Composite dropped 25.69 points, or 0.49% to 5,213.33.
Strength in the US$ & rising bond yields are the other negatives being priced in by global markets. However with corrections being part of the course for markets, this would be a good opportunity to buy as underlying fundamentals indicate strength with emerging markets being best proxy to bullishness in energy & commodities with oil & metals hitting fresh 52 week highs.
Finance Minister Arun Jaitley blamed the successive governments' inability to bring in reforms in the infrastructure and power sectors for the rising non-performing assets in the core segments.