Sensex Snaps Eight-Day Winning Streak, Falls 75 Points

Sensex Snaps Eight-Day Winning Streak, Falls 75 Points
The markets snapped eight-day winning streak on Wednesday after Greece debt concerns resurfaced. The Sensex closed 75 points lower at 27,730 and the Nifty fell 21 points lower to shut shop at 8,361.

For the most part of the day, the Sensex and Nifty traded on a firm note. The Nifty traded firmly above its crucial psychological level of 8,400 and the Sensex jumped over 130 points. Selling pressure creeped in the last 30 minutes of trade which led to decline in the benchmark indices. Reuters quoting a Greek government official said that the country's debt repayment proposals were rejected by its creditors.

Selling pressure was visible in most of the sectors. Metals, oil & gas, realty, auto and capital goods indices ended 0.6-1.5 per cent lower. On the other hand, FMCG and healthcare indices closed higher.

From the Nifty-50 basket of stocks, 37 stocks declined while 17 stocks advanced.

Punjab National Bank, Hindalco, Bank of Baroda, Tata Steel, Mahindra & Mahindra, ACC, State Bank of India, Tata Motors, ACC, NTPC, Infosys, Larsen & Toubro, HDFC Bank and Reliance Industries fell 0.4-3.6 per cent each.

On the other hand, BHEL, Zee Entertainment, HUL, Lupin and Sun Pharma were among the gainers.

The broader markets also saw the heat of selling pressure. The BSE mid-cap index ended 0.3 per cent lower and the small-cap index fell 0.5 per cent.

The overall breadth on the BSE was negative as 1498 stocks declined while 1218 stocks advanced.

3:30 p.m.: Sensex provisionally closed 143 points lower at 27,660 and the Nifty ended 42 points lower at 8,340.

3:27 p.m.: Selling pressure was visible across the board. Metal, oil & gas, realty and consumer durable stocks were among the worst hit.

3:15 p.m.: Reuters quoting a Greek government official says that the country's proposals were rejected by its creditors.

3:01 p.m: Market turn flat in late trade: Nifty unchanged at 8,382; Sensex marginally lower at 27,802. Market analysts say 8400 level remains a resistance zone for Nifty.

2:45 p.m.: The European markets trading on a mixed note. Germany's DAX was down 0.3 per cent, French CAC 40 index was down 0.06 per cent and UK's FTSE 100 was up 0.5 per cent. 

2:30 p.m.: The BSE Sensex rose on Wednesday, heading for a ninth straight session of gains, its longest winning streak in nearly 10 months, as defensive shares gained on hopes monsoon will aid sales, while continued optimism over Greek debt talks also helped. (Read)

2:20 p.m.: JBM Auto shares jumped as much as 8.6 per cent to hit intraday high of Rs 190 after the company said that it inaugurated a manufacturing plant in Sanand, Gujarat for manufacturing auto components for Ford.

1:57 p.m.: From the oil & gas space Indian Oil, Castrol, HPCL, Petronet LNG and GAIL India were among the top losers

1:45 p.m.: Metal, oil & gas and consumer durable stocks have also come under selling pressure in the noon deal. The BSE metal index was down 0.76 per cent; Hindalco, Jindal Steel, Tata Steel, Hindustan Zinc, SAIL and NMDC were among the top losers.

1:35 p.m.: Technical analyst Rajat Bose told NDTV that Coal India shares have broken out of a range on strong volumes, which augurs well for the stock. If Coal India shares continue to trade above Rs 415, the stock can hit Rs 445, he added. (Read)

1:22 p.m.: Aurobindo Pharma shares surged over 4 per cent to hit 52-week high of Rs 1,454 on the National Stock Exchange.

1:12 p.m.: Premium on the Nifty 8,300 put option fell 72 per cent to Rs 4. More than 1.2 million shares have been added to the open interest and now the open interest in the put option stood at 7 million shares.

1:02 p.m.: The Sensex jumped over 100 points and the Nifty was trading above its crucial psychological level of 8,400 on the back of sustained buying visible in pharma and FMCG stocks.

From the Nifty-50 basket of stocks, 26 stocks were advancing while 24 were declining.

From the FMCG pack, Hindustan Uniliver and ITC were trading 2.7 per cent and 1 per cent higher each respectively. The BSE FMCG index was up 1.2 per cent.

12:37 p.m.: Unitech, J P Associates, Suzlon Energy, GMR Infra, Adani Power and Indiabulls Real Estate were among the most actively traded stocks on the National Stock Exchange.

12:23 p.m.: Sun TV shares fell as much as 12.71 per cent on Wednesday, extending its losses to the third day. Its shares fell over 3 per cent on Tuesday after Economic Times newspaper reported, citing sources, that the Prime Minister's Office has found merit in the Home Ministry's decision to deny the broadcaster security clearance for its 33 channels. (Read)

12:17 p.m.: The Sensex advanced nearly 100 points and Nifty jumped recliamed 8,400 on the back of buying in pharma and FMCG stocks.

Meanwhile, on the Nifty, 24 stocks were advancing while 26 were declining.

BHEL was the top Nifty gainer. The stock jumped 4 per cent to Rs 254. HUL, Zee Entertainment, Lupin, Sun Pharma, IndusInd Bank, Idea Cellular and HCL Technologies were among the top gainers on the Nifty.

12:07 p.m.: Nifty midcap 50 index falls 0.8 per cent to 3,256; Sun TV Network, Voltas, J P Associates, TVS Motor Company, Union Bank, Bata India and Crompton Greaves were among the losers.

11:50 a.m.: Shares of Cadila Healthcare rose nearly 3 per cent at its day high of Rs 1,779.80 on Wednesday. Cadila Healthcare informed BSE that it has received final approval from US FDA for Pyridostigmine Bromide Tablets, USP, 60 mg. (Read)

11:42 a.m.: Zee Entertainment, HUL, BHEL, Lupin, IndusInd Bank, Idea Cellular and Sun Pharma were among the top gainers on the Nifty.

11:32 a.m.: PSU banking shares fall. The PSU banking index was down 0.77 per cent; Union Bank of India, Oriental Bank of Commerce, Bank of India, Punjab National Bank, Allahabad Bank and Indian Bank were among the top losers from this space.

11:25 a.m.: Shares of Infinite Computer Solutions surged 5 per cent on Wednesday at Rs 171.20 after its board approved a share buyback. The technology company informed the BSE that its board has approved a share buyback from open market through stock exchanges at a price not exceeding Rs. 220 per share for an aggregate amount not exceeding Rs. 31 crore. (Read)

11:22 a.m.: Sun TV Network shares fall for third day. The stock fell 8.65 per cent to Rs 294.

11:16 a.m.: The overall breadth on the Bombay Stock Exchange was marginally positive as 1,224 stocks were advancing while 911 stocks were declining.

11:06 a.m.: The Sensex is trading in a rangebound manner. So far, the Sensex was trading in a range of 136 points and the Nifty moved in range 38 points. Gains on the benchmark indices were capped as selling in select auto, capital goods and banking stocks weighed upon the gains in FMCG and pharma stocks.  

10:53 a.m.: Mid-cap stocks have come under selling pressure. The CNX mid-cap index was down 0.3 per cent. UPL, Ramco Cements, Union Bank of India, Bharti Infratel, TVS Motor Company, Oriental Bank of Commerce and Ashok Leyland were the top mid-cap losers.

10:45 a.m.: The auto stocks came under selling pressure. The BSE auto index fell 0.34 per cent; Bharat Forge, Eicher Motors, Ashok Leyland, Maruti Suzuki, Bajaj Auto, MRF, Bosch, M&M, Tata Motors and Hero MotoCorp were among the top losers.

10:40 a.m.: The markets have come off the intraday high levels on the back of selling visible in auto, capital goods, banking and select oil & gas stocks.

The Sensex which jumped over 100 points was up 56 points at 27,860 and the Nifty which moved above its crucial psychological level of 8,400 was up 16 points at 8,397.

10:34 a.m.: Nomura has maintained its 'buy' call on Reliance Industries for target price of Rs 1,150 per share. Nomura says that RIL's near-term outlook remain strong on the back of strong refining margins and is optimistic on growth of the company excluding its telecom venture. Upcoming expansion in refining will be a key earnings driver for the company. However, prolonged oil price weakness remains a risk factor, Nomura adds. (Click here for more research reports)

10:20 a.m.: Nifty 8,400 call option was the most active call option on the National Stock Exchange. The premium on the option surged 31 per cent to Rs 36.80. 2.68 lakh shares were added on the contract and its open interest jumped to 5.14 million shares.

10:17 a.m.: From the FMCG space, Hindustan Uniliver advanced 2 per cent to Rs 891. ITC, Zydus Wellness, Colgate Palmolive, Dabur and Marico were also up 1-2 per cent each.

10:10 a.m.: The Sensex has advanced 100 points to 27,905 and the Nifty jumped 28 points to move above its crucial psychological level of 8,400 on the back of buying in FMCG and pharma stocks.

The BSE Healthcare index was up 1.1 per cent and the FMCG index gained 0.9 per cent.

10:01 a.m.: Shares of Persistent Systems fell 10 per cent at its day's low of Rs 656 after the mid-tier IT company warned about its April-June quarter results. (Read)

9:40 a.m.: Capital goods stocks also came under selling pressure. The BSE capital goods index was down 0.2 per cent; Thermax, Larsen & Toubro, Alstom T&D, Havells, Suzlon Energy and Crompton Greaves were among the losers.

9:37 a.m.: Market analyst, Rajat Bose says Coal India has broken out of a range on strong volumes and next target for the stock is Rs 445.

9:35 a.m.: The broader markets were also trading on a flat note. The BSE mid-cap and small-cap indices were up 0.2 per cent each. Aurobindo Pharma, Unitech, NALCO, GMR Infra, Shree Cement, Wockhardt and Adani Power were among the top gainers from the mid-cap basket.

9:30 a.m.: The Bank Nifty was down 0.23 per cent. Banking stocks such as Punjab National Bank, Bank of Baroda, State Bank of India, Kotak Mahindra Bank, Bank of India, Axis Bank, Yes Bank and Canara Bank were among the losers.

9:20 a.m.: The Sensex and Nifty have opened on a flat note. The Sensex was up 32 points at 27,836 and the Nifty advanced 10 points to 8,391. 

Meanwhile, some amount of buying was seen in healthcare, metal, FMCG, power and realty stocks. On the other hand, mild selling was visible in select banking and capital goods stocks. 

From the Nifty-50 basket of stocks, 36 stocks were advancing while 14 were declining. 

UltraTech Cemet was the top Nifty gainer; the stock jumped 2 per cent to Rs 2,956. NMDC, Lupin, Hindustan Uniliver, Idea Cellular and Grasim Industries also edged higher. 

While, Asian Paints, Tech Mahindra, Bharti Airtel, HDFC, Bank of Baroda, Punjab National Bank, State Bank of India and L&T were among the laggards.

9:10 a.m.: Pre-market session- Sensex jumps 48 points to 27,852 and Nifty advanced 18 to 8,399.

9:08 a.m.: Market analyst, Rajat Bose told NDTV that the PSU Banking stocks are witnessing considerable buying interest and charts are suggesting fresh traction in the banking space.

9:00 a.m.: Rupee opens lower at 63.65/dollar against Tuesday's close of 63.58

8:35 a.m.: Asia shares were trying to score a sixth session of gains on Wednesday as investors chose to be optimistic on the chances of a Greek debt deal, while the dollar held firm as the prospect of U.S. rate rises came back into view.

Japan's Nikkei led the way as a rise of 0.5 per cent cleared a peak from 2000 to reach ground last trod in late 1996.

8:20 a.m.: Below are the stocks which will be in focus today:

Punjab National Bank: Punjab National Bank will be in focus today as the bank has cut interest rates on fixed deposits by upto 25 basis points.

Asian Paints, Canfin Homes: Both the companies will go ex-dividend today.

Lanco Infra: Lanco Infra has approved allotment of shares to ICICI Bank, The company has allocated 2.17 crore shares to ICICI Bank at Rs 6.23 per share.

Crompton Greaves: Crompton Greaves has tied up with Spanish company for kitchen appliances business in India.

BHEL: BHEL has commissioned 250 megawatt unit of NTPC's Bongaigaon power plant.

Torrent Power: Torrent Power's contract to distribute power in Kanpur has been cancelled.

8:15 a.m.: Manpasand Beverages IPO will open today. Manpasand Beverages sells fruit drinks sold under Mango Sip, Fruit-Up and Manpasand ORG brands. Mango Sip currently accounts for 86 per cent of revenues and it is the fourth largest player in mango drinks category. 

The IPO will close on June 26, 2015 and its issue size is of Rs 400 crore. Company is offering shares in price band of Rs 290-320 per share and promoters will be diluting their 25-27 per cent share in the company.

8:05 a.m.: The Indian markets have been witnessing gains since the last eight trading sessions. The rally in the markets has been broad-based as the Nifty has jumped 5.2 per cent, Bank Nifty has advanced 6.2 per cent and the CNX mid-cap index rose 5.5 per cent.

Analysts say, that the rally in the equity market was triggered after better than expected monsoon rains added to the hopes that going ahead inflation would ease and would give head room to the Reserve Bank of India to go ahead and cut the interest rates.

7:50 a.m.: The foreign institutional investors (FIIs) turned sellers again. After purchasing Indian shares on Monday, the FIIs sold shares worth Rs 374.9 crore while the domestic institutional investors purchased shares worth Rs 404 crore.

However, in the index options segment, the FIIs purchased contracts worth Rs 1,390 crore and on the stock futures front, the FIIs bought stock contracts worth Rs 990 crore.

7:45 a.m.: The Nifty may add to eight days of gains ahead of the derivatives expiry which is due tomorrow. The Nifty which is traded on the Singapore Stock Exchange was indicating a flat start for the Indian benchmark index. The SGX Nifty was up 0.07 per cent or 5 points at 8,386.

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