Market gives away early gains, Nifty ends below 9,110-mark
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Indian markets gave away all their intraday gains and ended negatively on Tuesday's trading session with Nifty which earmaked 9,210-mark slipped below 9,105-level.
Sensex closed at 29,319.10 down 94 points or 0.32%, while Nifty ended at 9,105.15 lower by 34 points or 0.37%.
This came right after when Indian Meteorological Department (IMD) on Tuesday released its prediction for this year's monsoon and said that it is set to be normal. It said that monsoon rainfall may be 96% of the normal with an error margin of 5% on either side.
IMD further said that there are more than 50% chance of El-Nino developing from August.
Gruh Finance stock price surged on BSE after reporting a whopping 22% rise in its fourth quarter ended March 31, 2017 result.
At 1417 hours, shares of Gruh Finance climbed over Rs 20 or 5.39% trading at Rs 389.75 per piece. However, in early trade the stock price saw nearly 7% rise.
The company reported net profit of Rs 296.65 crore in Q4FY17, rising by 21.79% compared to Rs 243.58 crore in the corresponding period of previous year.
While operating profit recorded growth of 24% to Rs 477.36 crore in Q4, against Rs 386.22 crore of FY16.
Led by geopolitical concern, mixed indications continue in the global markets.
Shares of ABB India gained nearly 2% after when the company said that it has won an order worth around Rs 178 crore, from Power Grid Company of Bangladesh Ltd (PGCB)
At 1410 hours, stock price of the company was trading at Rs 1,456 up Rs 4 or 0.28%.
As part of the project, ABB India will build two new substations and upgrade two existing substations, all located in the south-eastern parts of Bangladesh. The order was booked in the first quarter of 2017. The substations will add around 535 megawatts (MW) of transmission capacity – enough to power more than 250,000
households – and contribute to the government’s target of providing access to electricity for its population of around 165 million, by 2021.Supreme Court gave orders to auction Aamby Valley of Sahara Group
Shares of Orchid Pharma touched a seven-month high on Tuesday after receiving successful inspection report from US Drug regulator.
At 1308 hours, stock price of Orchid Pharma was trading at Rs 37.55 per share on BSE, soaring above 8.21%.
However, after the announcement, shares of Orchid Pharma reached at Rs 39.20 per share - a level last recorded on October 07, 2016.
In a BSE filing Orchid said, "We are pleased to announce that Orchid has received the establishment inspection report (EIR) from USFDA based on the successful inspection of the formulation manufacturing facility located in Tamil Nadu."
The facility was inspected by USFDA in the month of December 2016.
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Auto, banking, capital goods, metal and oil and gas index on BSE were highly boosed by investors.
S&P Bankex took the lead by trading at 25,024.90 above 316 points or 1.28%.
All stocks on Bankex index were in green with ICICI Bank trading at Rs 291.20 per share up 3.37%, followed by Bank of Baroda at Rs 180.75 per share (2.76%), State Bank of India at Rs 295.55 per share (2.04%), Punjab National Bank at Rs 161.50 per share (1.67%) and Axis Bank at Rs 507.20 per share (0.95%).
Meanwhile, S&P Auto index was trading at 22,162.37 higher by 171 points or 0.78% and S&P BSE Capital Goods was trading at 17472.76 up by 143 points or 0.83%.
S&P BSE Metal jumped over 121 points or 1.08% trading at 11,363.62-level, while S&P BSE Oil & Gas increased over 119 points or 0.83% trading at 14,452.87-mark.
After sliding down for three consecutive days, Indian markets surged on Tuesday tradings despite weak global cues.
At 1211 hours, Sensex was trading at 26,642.26 above 228.60 points or 0.78%, while Nifty jumped over 68 points or 0.75% trading at 9,207.65.
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There has been very little movement in TCS shares till now ahead of Q4FY17 result.
At 1012 am, shares of TCS was trading flat at Rs 2,320 per piece on BSE. However, few minutes ago, the stock did surged to Rs 2,326.30 per piece.
Motilal Oswal said, "TCS announces results today. Expectations remain muted but markets would be looking for growth commentary. Overall trade is seen ranged."
HDFC Securities said, "Realty, Oil & Gas are expected to trade in positive zone whereas IT and Metal sectors are expected to trade in negative zone. Crucial support for Nifty is at 9100 level, while strong immediate resistance is at 9180."
Losers on BSE involved Coal India trading at Rs 283.45 per share down 0.82%, followed by Cipla (Rs 574.85 per share), Mahindra & Mahindra (Rs 1,267 per share) and Bharti Airtel (Rs 340.60 per share) trading negative in the range of 0.10% - 0.85%.
Top gainers on BSE were - Gail India trading at Rs 400.45 per share up by 1.87%, followed by Tata Steel at Rs 469.20 per share (1.55%), NTPC at Rs 161.50 per share (1.48%), Adani Ports at Rs 324.35 per share (1.36%), Reliance Industries at Rs 1,404 per share (0.93%) and Power Grid at Rs 203.45 per share (0.87%).
Indian markets open in green on Tuesday with Nifty 50 regaining over 9,170-mark post WPI numbers.
At 9.21 am, Sensex surged over 173 points or 0.59% trading at 29,586.04, while Nifty climed over 35 points or 0.39% trading at 9,175.05.
Stocks that will be in focus today are:
Tata Consultancy Services (TCS): Investors will closely watch TCS stock as it will announce their fourth quarter ended March 31, 2016 result (Q4FY17) today.
Also in a meeting held on Monday, the shareholders of TCS approved a Rs 16,000 crore buy back plan. TCS decided to buy back 5.61 crore equity or 2.85% of the company's total capital. The company said that it will be buyback these shares at Rs 2850 per share thereby spending up to Rs 16,000 crore.
Wipro and Infosys:
Investor will trade cautiously on IT-giant stocks namely Wipro and Infosys as their peer TCS prepares itself to announce their Q4FY17 result.
Indiabulls Real Estate: The company on Monday said that it has considered the possibility of streamlining the existing 'residential', 'commercial' and 'leasing' business of Indiabulls Real Estate by segregating the commercial and leasing business segment carried on by itself through its SPV and vesting the same into ICAL.
On Monday, the shares of Indiabulls Real Estate soared over 40%.
HPCL: The company's board of directors have approved resumption of Rajasthan Refinery Project and signing of revised memorendum of understanding (MoU) with the Government of Rajasthan for implementation of the project.
IndusInd Bank: The bank on Monday launched IndusForex.com - a one-stop portal for all foreign exchange needs of Indian customers.
One of the key benefits of this portal is that the customers can buy multi-currency forex card with zero currency conversion charges.
Vakrange; The Board of Directors of Vakrangee Limited on Monday approved to provide the services of GST Registration, Filing of Returns, payment and other value added services thereunder through Vakrangee Kendra Outlets.
Indian Rupee is trading higher against US dollar. The rupee was trading at 64.467 above 0.051 paisa or 0.08% against dollar.
Asian markets open in red for second consecutive day amid North Korea concerns and geopolitical tension arising in Middle East.
MSCI`s broadest index of Asia-Pacific shares outside Japan was 0.15% lower.
Hong Kong's Hanh Seng was trading at 24,045.49 tumbling over 216 points or 0.89%, Austrailian shares slipped down 62 points or 1.06% trading at 5,863.20.
China's Shanghai SE Composite Index was trading flat at 3,221.95.
While Japan's Nikkei 225 was trading at 18,398.24 above 42 points or 0.23%.
A Reuters report said, "Markets are awaiting data on Chinese home prices in March and South Korea`s producer price index, as well as minutes from the Reserve Bank of Australia`s April meeting."
On Monday, Sensex closed at 29,413.66 down 47 points or 0.16%, while Nifty gave away gains and ended at 9,139 below 11.50 points or 0.13%.
ShareKhan said, "Indian equity indices ended the day marginally lower, as geopolitical issues continued to hog the limelight. Investors remained on the sidelines amid hope of positive corporate results after a disappointing start to the earnings season last week when Infosys issued a lower-than-expected revenue guidance for FY2018."
Furthermore, India's wholesale prices for March 2017 came in at 5.70% compared to 6.55% of February 2017 and a 0.45% in the same month of previous year, dragged down by easing fuel prices.
HDFC Securities said, "If Nifty sustains above 9140 level then traders could expect positive move in the Nifty towards 9180 followed by 9240 level. If Nifty trades below 9140 level for first hour of trade then traders may see down move, which could take Nifty towards 9125 level followed by 9020 level."
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