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Sensex Ends Nearly 100 Points Higher on Buying in Banking Shares

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Sensex Ends Nearly 100 Points Higher on Buying in Banking Shares
The Sensex advanced 88 points to settle at 27,661 and Nifty jumped 32 points to shut shop at 8,360 on the back of late buying in banking, capital goods and metal stocks.

For the most part of the day, the Sensex and Nifty traded on a muted note as losses in blue-chip counters Bharti Airtel, TCS, Hindustan Uniliver and ONGC capped gains. However, late buying in cyclicals such as banking, capital goods and metal stocks helped the benchmark index to log in gains in the last 30 minutes of trade.

From the Nifty-50 basket of stocks, 30 stocks declined while 20 stocks ended higher.

Vedanta was the top gainer on the Nifty. The stock jumped 5.3 per cent to close at Rs 146. Sun Pharma, Bank of Baroda, Cairn India, Grasim Industries, ICICI Bank, Reliance Industries, HDFC Bank, Larsen & Toubro, BHEL, Axis Bank, State Bank of India, Tata Motors and Punjab National Bank also advanced 1-3 per cent each.

On the other hand, TCS shares fell 1.9 per cent to close at Rs 2,474 after the company disappointed the Street for the fourth straight quarter as revenues missed estimates. India's biggest outsourcer reported consolidated revenue of $4,036 million against brokers' poll of $4,054 million in the June quarter.

Hindustan Uniliver, Bharti Airtel, ONGC, Tata Power, ONGC, Hero MotoCorp, GAIL India and Idea Cellular were also among the losers.

The broader markets ended on a flat note. The BSE mid-cap and small-cap indices advanced 0.2 per cent each.

The overall breadth was neutral as 1,430 stocks advanced while 1,376 declined.

3:30 p.m.: The Sensex jumped 70 points to provisionally close at 27,644 and Nifty advanced 28 points to provisionally settle at 8,357.

3:20 p.m.: Devang Shah, portfolio manager with Sharekhan says that Rs 1,020 is an important level for Reliance Industries and as long as it trades below that level then one should avoid this stock and in the near term it can fall to Rs 970, adds Mr Shah.

3:10 p.m.: The markets saw a sudden spike in the late trades as buying in banking, capital goods and select oil & gas stocks picked up pace. 

The Sensex which was trading on a muted note, suddenly jumped 112 points to 27,686 and the Nifty rose 39 points to move above its crucial psychological level of 8,350.

3:00 p.m.: Vedanta and Cairn India rose on hopes their planned merger may get delayed amid concerns by minority shareholders.

2:50 p.m.: "It is not going to be a spectacular quarter but there will be pockets of outperformance in auto, housing finance and oil companies," Deven Choksey, managing director at K R Choksey Securities told Reuters.

2:45 p.m.: Banking stocks were witnessing buying interest. The Bank Nifty was up nearly 1 per cent; Bank of Baroda jumped 2 per cent to Rs 156. Canara Bank, Axis Bank, HDFC Bank, Yes Bank and Punjab National Bank also advanced 0.7-1.7 per cent each.

2.30 p.m.:KEC International shares surged as much as 6 per cent to hit intraday high of Rs 141.80 after the company informed the exchanges that it bagged orders worth Rs 622 crore in the transmission & distribution and cables business. (Read full story)

2:08 p.m.: The markets were trading on a muted note. The Sensex was down 8 points at 27,565 and the Nifty was up 1 point at 8,330.

2:00 p.m.: In the derivative segment, Nifty 8,500 call option was the most active options contract. The premium on the contract was down 4.3 per cent at Rs 58.30. 3.60 lakh shares were added to its open interest of 5.2 million shares.

1:38 p.m.: European markets surge; Germany's DAX rallies 1.9 per cent, French CAC40 index soars 2.35 per cent and Britain's FTSE 100 was up 1 per cent.

1:20 p.m.: Gruh Finance Q1 net profit jumps 20 per cent to Rs 50.31 crore on year-on-year basis on total income of Rs 294.39 crore. Stock jumps 2.5 per cent to Rs 260.

1:06 p.m.: Vedanta, Bank of Baroda, Cairn India, Zee Entertainment, Sun Pharma, BHEL, Coal India and Reliance Industries were among the top gainers on the Nifty.

12:55 p.m.: The Sensex continued to trade in a narrow range in afternoon deals. Losses in Bharti Airtel, TCS, ITC, Hindustan Uniliver and ONGC capped the gains registered by HDFC Bank, Reliance Industries, L&T and ICICI Bank.

12:45 p.m.: The index of industrial production data for month of May and consumer inflation data for the month of June will be released later in the day. Analysts polled by NDTV expect industrial production to rise by 4 per cent and CPI inflation is expected to come in at 5.08 per cent.

12:32 p.m.: Bharti Airtel was the top loser on the Nifty, down 3.3 per cent at Rs 420. Hindustan Uniliver, Idea Cellular, TCS, ONGC, NTPC, Tata Power, Bajaj Auto and Lupin were also among the losers, down 1.6-2.9 per cent each.

12:23 p.m.: TCS shares come under selling pressure; the stock was down 2 per cent at Rs 2,474.

12:21 p.m.: The overall market breadth was neutral as 1,318 stocks were advancing while 1,141 were declining.

12:06 p.m.: Bank Nifty was trading on a flat note, the index jumped 0.46 per cent to 18,594. Bank of Baroda, Canara Bank, Punjab National Bank, Yes Bank, ICICI Bank, HDFC Bank and State Bank of India were among the gainers, up 0.4-2 per cent each.

12:02 p.m.: RS Software shares tanked as much as 20 per cent to intraday low of Rs 153.15 on Friday after the mid-tier IT company reported weak earnings for the first quarter of FY16. Its earnings came after market hours on Thursday. 

11:57 a.m.: Shares of Eros International surged as much as 10 per cent at its day's high of Rs 524.90 on Friday. The shares of the Bollywood film producer and distributor fell over 11 per cent on Thursday, after the company clarified that it is not in discussions to sell a stake. (Read)

11:50 a.m.: Shares of KEC International advanced 6 per cent to hit high of Rs 141.80 after the company informed the Bombay Stock Exchange that it won an order worth Rs 622 crore for its transmission &distribution and cabled business.

11:45 a.m.: Zee Media shares surged 17 per cent to hit intraday high of Rs 20.75 as its pledged shares were released. Trading volumes on the counter surged as 7.5 million shares changed hands on the NSE and it was the most actively traded stock on the exchange.

11:30 a.m.: Subir Goakrn, former deputy governor of RBI told NDTV that the Chinese markets had to burst and slowdown in China will be positive for Indian macros and in the short term there will be some impact on the Indian markets.

11:20 a.m.: The markets moved in a very narrow range in the late morning deals. The benchmark indices were flip-flopping between negative and positive territories. The Sensex jumped 23 points to 27,597 and the Nifty was up 2 points at 8,331.

11:05 a.m.: CLSA has upgraded BHEL to buy from sell for target price of Rs 320 per share. CLSA expects structural catalysts for power capex revival and BHEL is likely to see surge in orders going ahead. (Click here for more brokerage calls)

N Chandrasekaran, CEO and MD of Tata Consultancy Services says the company posted strong growth in the June quarter with IT services volume rising 4.8 per cent.



10:48 a.m.: Mild selling pressure was visible in FMCG, IT, consumer durables and select oil & gas stocks.

10:44 a.m.: The markets erased early gains in the late morning trades. The Sensex slipped 13 points to 27,560 and Nifty slipped 5 points to 8,323.

10:36 a.m.: Zee Media, Suzlon Energy, Unitech, J P Associates, Bhushan Steel and Subex were the most actively traded stocks on the NSE.

10:30 a.m.: Shares of HUL fell as much as 2.8 per cent at its day's low of Rs 895, extending its losses to the second day. The shares of the FMCG company declined nearly 0.70 per cent on Thursday. (Read)

10:25 a.m.: The markets came off the intraday high levels on the back of selling in FMCG heavyweights such as Hindustan Uniliver and ITC. The Sensex was up 49 points at 27,623 and Nifty was at 8,342, up 14 points.

10:00 a.m.: The Sensex was up 113 points at 27,687 and Nifty advanced 30 points to 8,358.

9:40 a.m.: Monnet Ispat and Energy shares were locked in upper circuit at Rs 42.75 after the company said that JSW Energy has signed a memorandum of understanding to buy majority stake in its subsidiary Monnet Power Company Limited, which is engaged in the business of developing 1050 MW (2 x 525) Coal fired thermal power plant located at Malibrahmani, Angul Orissa.

9:33 a.m.: The broader markets were outperforming the benchmark indices. The BSE mid-cap index advanced 0.6 per cent and the small-cap index jumped 0.7 per cent. MRPL, reliance Capital, Union Bank of India, Torrent Power, Zee Entertainment, HPCL, Mphasis and Reliance Infrastructure were among the top gainers from the mid-cap space.

9:31 a.m.: Market expert Ambareesh Baliga says TCS Q1 was below expectations and things are slowing down in the IT space.

9:28 a.m.: Market expert Ajay Bagga says TCS numbers are below expectations. Margin compression has happened and attrition remains high.

9:25 a.m.: TCS shares were trading on a highly volatile note post first quarter results. The stock was trading flat at Rs 2,522 in trades so far, the stock touched high of Rs 2,600.00 and low of Rs 2,492.70.

9:20 a.m.: The Sensex advanced over 150 points and the Nifty moved above its crucial psychological level of 8,350 on the back of broad-based buying. 

Buying was visible across the sectors, metal, banking, auto, realty, oil & gas and IT indices advanced 0.5-1.4 per cent each.

From the Nifty-50 basket of stocks, 38 stocks were advancing while 12 were declining.

Vedanta was the top Nifty gainer, the stock jumped 2.2 per cent to Rs 142. BHEL, Coal India, Wipro, Bank of Baroda, Yes Bank, ICICI Bank, Tata Steel, IndusInd Bank and BPCL were among the top gainers on the Nifty.

9:10 a.m.: The Sensex advanced 131 points to 27,704 and Nifty jumped 37 points to 8,365 in thge pre-market session.

9:04 a.m.: Rupee opens higher at 63.32 per dollar against Thursday's close of 63.38.

9:03 a.m.: TCS chief N Chandrasekaran says: The pipeline remains strong, the growth in Digital has been strong. There is broad-based growth.

8:59 a.m.: TCS chief N Chandrasekaran says: Multiple factors have led to rise in attrition. Between June-July people leave for higher studies.

8:50 a.m.: Here's how top brokerages are viewing TCS earnings:

CLSA says that TCS has started with a slower sprint this year. Revenues missed estimates but margins came in strong. Reiterate BUY on TCS 

Credit Suisse says near-term stock performance could be constrained and premium to Infosys can contract after recent expansion and continues to view TCS as a core holding.

Kotak says that core growth still on, revenues were a tad off the track it says that multiple quarters of revenue miss is a concern and TCS is well-placed for a bounce-back.

Morgan Stanley says valuations are full leaving limited upside for TCS.

Deutsche Bank says it is a steady start to FY16. Impressive margin beat from TCS calls for retaining top buy call in IT space with target price of Rs 2,900/share.

8:35 a.m.: Tata Consultancy Services (TCS) is likely to be under pressure in trades today after India's largest outsourcer on Thursday disappointed the Street for the fourth straight quarter as revenues missed estimates. India's biggest outsourcer reported consolidated revenue of $4,036 million against brokers' poll of $4,054 million in the June quarter.

In constant currency, TCS reported a revenue growth of 3.5 per cent in the June quarter against expectations of 4.4 per cent growth.

The revenue miss is likely to weigh on TCS shares because the June quarter is considered to be seasonally strong as clients tend to close budgets by March, after which spending picks up, driving growth for outsourcers. (Click here for more on TCS earnings)

8:30 a.m.: Below are the stocks which will be in focus today:

Phoenix Mills: Phoenix Mills will be in focus today after the company said that it plans to raise Rs 200 crore with an uptick of upto Rs 350 crore via qualified institutional placement. Indicative price for the issue is Rs 353.60 per share compared to yesterday's closing price of Rs 370.95. Proceeds from the QIP will be used to meet capex & working capital requirements.

Wipro: Wipro has announced intent to acquire Denmark-based DesignIT. DesignIT firm specializes in designing transformative product-service experiences. The company had revenues of 27million euros in CY14 with 20 per cent CAGR over 5 years.

Andhra Bank: Andhra Bank has got shareholders nod for raising funds via QIP/FPO.

Cipla: Cipla's board has approved divestment of consumer healthcare business to wholly owned arm.

RS Software: RS Software reported its numbers yesterday. The company posted weak set of first quarter earnings.

8:15 a.m.: JSW Energy, Monnet Ispat: JSW Energy and Monnet Ispat will be in focus today as JSW Energy has signed MOU with Monnet Ispat & Energy and Monnet Power Co to initiate a due diligence process for majority stake in Monnet Power. Monnet Power is setting up 1,050 MW thermal power plant. The deal will be valued at Rs 3,570 crore for JSW Energy and JSW Energy has sought shareholder approval Rs 5,000 crore through equity issuance.

8:10 a.m.: The foreign institutional investors (FIIs) sold Indian shares worth Rs 254 crore while the domestic institutional investors purchased shares worth Rs 79 crore.

In the derivatives segment, the FIIs sold index futures worth Rs 1,247 crore and sold stock futures worth Rs 497 crore.

8:00 a.m.: The Sensex and Nifty are likely to open higher in trades today tracking positive cues in other Asian markets and firm trading of the Nifty which is traded on the Singapore Stock Exchange.

The Nifty traded on the Singapore Stock Exchange also known as the SGX Nifty was up 0.16 per cent at 8,360.

7:55 a.m.: The Asian markets were trading on a positive note after Greece offered new reform proposals to creditors, raising hopes of a cash-for-reform deal at a weekend summit of European leaders.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent, but still on track for a weekly loss over 4 per cent in a period marred by a savage correction in Chinese stock markets.

The Hang Seng surged 2 per cent and Japan's Nikkei advanced 0.4 per cent.

7:50 a.m.: The Greek government sent a package of reform proposals to its euro zone creditors on Thursday in a race to win new funds to avert bankruptcy and will seek a parliamentary vote on Friday to endorse immediate actions.

In the latest proposals, Greece has asked for 53.5 billion euros ($59 billion) to help cover its debts until 2018, a review of primary surplus targets and "reprofiling" the country's long-term debt. (Click here for full report)

(With agency inputs)


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