Nifty Settles Above 8,600; Mid-Cap, Small-Cap Shares Rebound
Sensex and Nifty edged higher in trades today after Thursday's sharp selloff on the back of buying in heavyweights like Mahindra & Mahindra, Reliance Industries, Tata Motors and State Bank of India.
The Sensex edged 38 points higher to close at 27,865 and Nifty advanced 20 points to settle at 8,611.
The Sensex and Nifty, however, posted their biggest weekly falls since February. They also fell about 2 per cent each in September, posting their first monthly loss in six months.
For most part of the day, the benchmark indices moved in narrow range wherein Nifty touched high of 8,637 and low of 8,555. However, broader markets outperformed the benchmark indices, the BSE mid-cap and small-cap indices closed 2 per cent higher.
From Nifty basket of shares, 28 ended higher while 23 closed lower.
Aurobindo Pharma was the top Nifty gainer, up 855. Bank of Baroda, GAIL India, Mahindra & Mahindra, Grasim Industries and ONGC were also among the gainers. While, Cipla was the top Nifty loser, down 3.78 per cent at Rs 580.ITC, Tech Mahindra, Bharti Infratel and Coal India were also among the losers.
3:24 p.m.: Cipla, Coal India, ITC, Hindustan Unilever, Dr Reddy's Labs and NTPC weer among the losers in Sensex.
2:53 p.m.: Shares of NHPC rose nearly 5 per cent today after the company signed a power purchase pact with Rajasthan as well as Inox Ltd for a 50 MW wind power project in the state.
2:47 p.m.: Market breadth was positive as 1,901 stocks were advancing while 681 were declining.
2:48 a.m.: Market update: Sensex extends gains, up over 100 points; Nifty rises to 8,637 at day's high
2:11 p.m.: Oil & gas shares were witnessing good buying interest. The BSE Oil & Gas index was up 1.6 per cent. ONGC, GAIL India, Indian Oil, Reliance Industries, BPCL and Petronet LNG were among the gainers.
1:55 p.m.: Small-cap stocks continue to witness buying interest. Bharat Financial Inclusion, IDFC, Federal Bank, Apollo Tyres, Edelweiss, Sintex Industries, Jubilant Life Sciences and IIF were among the top gainers from this space.
1:40 p.m.: FMCG shares were witnessing selling pressure. The BSE FMCG index was down 0.6 per cent; ITC, Hindustan Unilever, GCPL, Emami and Dabur were among the laggards.
1:04 p.m.: Shares of liquor companies rallied today after Patna High Court said that Bihar government's prohibition policy is illegal.(Read)
Globus Spirits, Radico Khaitan, G.M.Breweries, Tilaknagar Industries, Pincon Spirit, United Spirits and United Breweries rallied between 3.5 per cent and 12 per cent.
12:26 p.m.: Shares of Alkem Laboratories slumped as much as 8.7 per cent today after the pharma company said it has received 13 observations about Daman plant from US FDA.
Alkem Laboratories said that the US regulator had conducted an inspection at the company's manufacturing facility located at Daman from September 20 to September 29, 2016. (Read)
12:09 p.m.: Shares of Sintex Industries rallied as much as 7.8 per cent to hit intraday high of Rs 78.60 after the company announced demerger of custom moulding and prefab businesses from the company to Sintex-BAPL Limited and Sintex Infra Projects Limited respectively.
Both Sintex-BAPL Limited and Sintex Infra Projects Limited are wholly-owned subsidiaries of Sintex Plastic Technology.
11:01 a.m.: Broader markets continue to outperform benchmark indices. The BSE mid-cap and small-cap indices advance over 1 per cent..
10:36 a.m.: Buying visible in banking shares. The Nifty Bank index rises 0.67 per cent to 19,311. Bank of Baroda, Canara Bank, Punjab National Bank, Bnak of India, Yes Bank, State Bank of India and Federal Bank were among the gainers from this space.
10:16 a.m.: The stock markets trade with a negative bias. Sensex falls 43 points to 27,785 and Nifty declines 5 points to 8,586.
9:49 a.m.: Reliance Communications was the top gainer from the mid-cap space, up 6 per cent at Rs 45.05. Petronet LNG, Tata Communications, Indiabulls Housing Finance, MRPL and MRF were also among the gainers, up 3-6 per cent each.
9:38 a.m.: The stock markets turned choppy after falling over 100 points. The Sensex was up 35 points at 27,863 and Nifty jumped 12 points to 8,603.
9:32 a.m.: Sensex fell over 100 points and Nifty struggled below 8,600 amid caution on Dalal Street a day after the Indian Army said it had conducted surgical strikes against terrorists across the Line of Control on Wednesday night.
As of 9:23 a.m., the Sensex traded 87 points lower at 27,740 and Nifty was down 26 points at 8,565.
Analysts say mood on the Street took a knock after yesterday's strikes by the Army.
Dipan Mehta, member of BSE and NSE, says after Army's surgical strike across the Line of Control, a new element of uncertainty has crept in our markets as investors will see this event as an additional risk premium on Indian markets. Markets could drift further lower from here, added Mr Mehta.
Meanwhile, in opening deals, selling pressure was seen in banking, metal, FMCG and consumer durable stocks.
From the Nifty basket of shares, 29 were declining while 22 were advancing.
Adani Ports was the top Nifty loser, down 1.77 per cent at Rs 252. Bharti Infratel, Idea Cellular, Cipla, HDFC, Tata Steel and ITC were also among the laggards.
On the other hand, GAIL India, Infosys, Wipro, Eicher Motors, Sun Pharma, State Bank of India and Reliance Industries were among the gainers.
The broader markets were outperforming the benchmark indices. The BSE Mid-cap and small-cap indices were up 0.3 per cent each.
8:29 a.m.: Weak global markets and jitters over the Army's strike at terrorists across Line of Control are likely to keep Indian stocks volatile today. The Nifty futures trading on Singapore exchange was down 0.61 per cent at 8,591, indicating a weak opening for Indian markets.
Here are key things to watch
Asian stocks were lower today following selloff on Wall Street overnight. US markets lost about 1 per cent as Deutsche Bank shares slumped to a record low. The immediate cause of Deutsche's crisis is a fine, disputed by Deutsche, of up to $14 billion by the US Department of Justice over its sale of mortgage-backed securities.
Indian markets saw a selloff on Thursday after the Army said it had conducted surgical strikes against terrorists across the Line of Control on Wednesday night. The derivative expiry also added to the market volatility with Sensex slumping 465 points.
However, some market participants say that buying is likely to emerge at lower levels with investors using the volatility to add to their positions.
Analysts say that the key to market trend would be the direction of inflows from foreign investors who have pumped in over $7 billion into Indian stock markets this year.
Despite the market jitters, foreign investors bought shares worth Rs 3,413 crore on Thursday in the cash market while domestic institutional investors were net buyers to the tune of Rs 1,631 crore.
Anil Manghnani of Modern Shares and Stock Brokers said 8,500 is very crucial support level for Nifty and any close below this level will trigger more downside.
Another key factor to watch is the rupee, which saw its biggest single-day loss on Thursday since Brexit vote in June. Analysts say that the Reserve Bank is likely to step in to curb rupee volatility. Anindya Banerjee of Kotak Securities sees rupee between 66.40 and 67.20 against the dollar in the near term.
