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Sensex Ends in Red; BHEL Slumps Over 5% on Poor Q1 Numbers

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Sensex Ends in Red; BHEL Slumps Over 5% on Poor Q1 Numbers
The Sensex slipped 62 points to close at 28,236 and Nifty fell 24 points to shut shop at 8,565 led by losses in blue-chip stocks such as State Bank of India, BHEL, HDFC and TCS.

For the most part of the day, the Sensex and Nifty flip-flopped between the negative and positive territory. However, due to selling pressure in select banking and capital goods heavyweights in latter half of the day the benchmark indices traded in the negative zone.

On the sectoral front, banking, power, capital goods, FMCG, metal and pharma indices ended in the red. However, oil & gas stocks witnessed buying interest. The BSE oil & gas index advanced 2 per cent.

The broader markets also ended in the red. The BSE mid-cap and small-cap indices slipped 0.2 and 0.14 per cent respectively.

From the Nifty-50 basket of stocks, 34 stocks declined while 16 stocks advanced.

BHEL was the top Nifty loser, the stock fell 5.7 per cent to close at Rs 266 after the company said that its net profit fell 82 per cent annually to Rs 34 crore which was much below what the analysts had expected.

Coal India, State Bank of India, Asian Paints, Bajaj Auto, NTPC, Bosch, Punjab National Bank and Cipla were also among the laggards.

On the other hand, ONGC jumped 4.4 per cent to Rs 282. Tata Motors, Vedanta, BPCL, Grasim Industries, NMDC and Cairn India were also among the gainers.

The overall market breadth was negative as 1,538 stocks declined while 1,383 stocks advanced.

3:30 p.m.: Sensex slips 57 points to provisionally close at 28,241 and Nifty falls 17 points to 8,571.

3:16 p.m.: From the Nifty-50 basket of stocks, 35 were declining while 15 were advancing. BHEL was the top Nifty loser, down 6.4 per cent to Rs 264. Coal India, State Bank of India, Bank of Baroda, Asian Paints and NTPC were also among the losers, down 1.8-3.7 per cent each.

3:07 p.m.: State Bank of India, Coal India, BHEL, HDFC ICICI Bank, TCS and HDFC Bank were among the major contributors towards losses in the Sensex.

3:00 p.m.: Nomura remains neutral on Bharat Forge. Nomura says that the company is likely to witness slowdown in production on the back of falling orders. Order inflows for class 8 trucks in North America declined 19 per cent annually to 23,920 units in July, 2015, marking its fifth consecutive month of decline, said Nomura.

2:47 p.m.: Corporation Bank Q1 net profit at Rs 204 crore against estimates of Rs 143 crore. Stock slips 0.4 per cent to Rs 53.60.

2:45 p.m.: Nifty 8,500 put option was the most active contract on the National Stock Exchange. The premium on the contract jumped 8.5 per cent to Rs 69.65. 1.4 lakh shares were added to the open interest.

2:25 p.m.: Overall breadth was neutral as 1,373 stocks were advancing while 1,451 stocks were declining.

2:17 p.m.: Finolex Cables Q1 net profit at Rs 70 crore against estimates of Rs 50 crore. Stock jumps 0.7 per cent to Rs 256.

2:15 p.m.: Neyveli Lignite Q1 net profit at Rs 367 crore against estimates of Rs 355 crore. Stock surges 10 per cent to Rs 93.65.

2:05 p.m.: BSE mid-cap index slips into red falls 0.12 per cent; Motherson Sumi Systems, SJVN, Alstom T&D, IDBI Bank, Oriental Bank of Commerce, LIC Housing Finance, Glenmark Pharma and Essar Oil were among the laggards from the mid-cap space.

1:56 p.m.: The markets extended sell-off in the noon trades as selling pressure in select capital goods and banking stocks picked up pace. The Sensex was down 63 points at 28,234 and the Nifty slipped 24 points to 8,565.

1:51 p.m.: BHEL first quarter net sales at Rs 4,280 crore against estimates of Rs 5,280 crore.

1:49 p.m.: BHEL Q1 net profit falls to Rs 34 crore against estimates of Rs 206 crore. Shares slump over 5 per cent to Rs 266.

1:43 p.m.: MRPL, Torrent Power, Cummins India, Bajaj Finserv, HPCL, Bajaj Holdings and Crompton Greaves were among the prominent gainers from the mid-cap space.

1:29 p.m.: Grasim Q1 net profit at Rs 484.67 crore, against Rs 487 crore during the same period last year. Stock jumps 1.45 per cent to Rs 3,806.

1:26 p.m.: Rainfall in next two months will be crucial for M&M's farm sector growth to pick up, says G Chokkalingam of Equinomics Research and Advisory.

1:18 p.m.: Mahindra & Mahindra Q1 standalone net profit at Rs 852 crore against poll of Rs 741 crore. Stock jumps 2.4 per cent at Rs 1,431.

1:07 p.m.: Take Solutions first quarter net profit at Rs 39.5 crore compared to Rs 13 crore during the same quarter last year. Stock jumps 1.4 per cent to Rs 151.70.

1:05 p.m.: J P Associates, Unitech, Suzlon Energy, J P Power Ventures, Alok Textiles and Subex were among the most actively traded stocks on the National Stock Exchange.

12:50 p.m.: Future Retail Q1 net profit falls to Rs 6.1 crore against Rs 66.5 crore during the same quarter last year. Stock slips 2.2 per cent to Rs 125.60.

12:47 p.m.: Banking stocks were feeling the heat of selling pressure. Bank Nifty slipped 0.56 per cent; Bank of Baroda, State Bank of India, Bank of India, Axis Bank, Punjab National Bank and HDFC Bank were among the losers, down 0.5-2 per cent each. 

12:40 p.m.: Aarti Industries surges 7 per cent to hit 52-week high of Rs 436 after the company reported that its net profit jumped 47 per cent to Rs 60.90 crore.

12:29 p.m.: Nirmal Bang increased target price on Arvind to Rs 370 from Rs 354 earlier. GAP store lunch was highly successful, which made Arvind to perform significantly better than estimates. (Click here for more brokerage calls)

12:15 p.m.: Uflex shares surge 6.45 per cent to hit intraday high of Rs 186.20 after the company said that it is in the process of setting up a first of its kind Aseptic Packaging Plant for liquid packaging in Sanand, Gujarat with a Capex of Rs 550 crores in the first phase.

11:56 a.m.: The markets continued to trade on a lacklustre note tracking weakness in banking, realty and metal stocks.

The Sensex was down 6 points at 28,292 and the Nifty slipped 8 points to 8,580.

11:40 a.m.: Nischal Maheshwari head of research, Edelweiss Capital says that one should avoid Sun TV Network at current juncture. (Click here for full report)

11:27 a.m.: Overall breadth on BSE was positive as 1,371 stocks were advancing while 1,057 were declining.

11:19 a.m.: KEI Industries Q1 net profit at Rs 11.7 crore compared to Rs 3.54 crore during the same quarter last year. Stock surges 6.5 per cent to hit 52-week high of Rs 117.

11:05 a.m.: Oracle Financial Services Software (OFSS) shares surged as much as 4 per cent to intraday high of Rs 4,375.65 as the Mumbai based tech company reported a 43 per cent sequential rise in net profit. (Click here for full report)

10:51 a.m.: Bank of Baroda, State Bank of India, Coal India, Punjab National Bank, HCL Technologies and ITC were among the losers from the Nifty-50 basket of stocks.

10:45 a.m.: Bombay Dyeing falls nearly 6 per cent to hit low of Rs 82 after the company reported standalone net loss of Rs 53.37 crore in the fiscal first quarter that ended on June 30, 2015.

10:40 a.m.:Eros International shares were down 1 per cent at Rs 579.30 as compared to a flat Nifty.

But on a year-to-basis, the Eros has strongly outperformed the markets, rising close to 60 per cent. (Read)

10:36 a.m.: Alps Motor Finance, Shalimar Products, J P Infratech, Praj Industries and Safal Herbs were among the losers from the small-cap space.

10:30 a.m.: Motherson Sumi Systems, Sun TV Network, Shree Cements, J P Associates, SJVN Ltd and Essar were among the losers from the mid-cap space.

10:20 a.m.: Positive on Coal India and EIL as oil prices are in the comfort zone, says Ambareesh Baliga

10:00 a.m.: The Sensex was trading on a subdued note. The benchmark was up 9 points at 28,306 and Nifty advanced 2 points to 8,591.

9:53 a.m.: Jaypee Infratech shares fall 6.4 per cent to Rs 14.79 after the company reported that its net profit for the first quarter of FY16 fell to Rs 26.09 crore from Rs 45.96 crore during the same quarter last year.

9:48 a.m.: Shares of Praj Industries slips 4 per cent to Rs 105. The company after the market hours on Thursday said that its net profit came in at Rs 5.18 crore compared to Rs 2.48 crore during the same period last year. The company's total order backlog stood at Rs 980 crore.

9:42 a.m.: Rupee should be much lower than current levels, says AV Rajwade of AV Rajwade and company.

9:40 a.m.: Tata Motors jumps 0.5 per cent to Rs 385 ahead of its first quarter numbers which will be announced the later in the day.

9:36 a.m.: Vedanta gains 3.23 per cent to hit intraday high of Rs 131 as the company plans to start iron ore mining operations at the Codli mines in Goa on August 10.

9:25 a.m.: The Sensex was trading on a subdued note in the opening deals. The Sensex slipped 50 points to 28,248 on weak global markets and the Nifty was down 12 points.

Meanwhile, selling was visible in select banking, FMCG, capital goods and consumer durable stocks.

The mid-cap and small-cap stocks were witnessing some buying interest. The BSE mid-cap and small-cap indices advanced 0.3 per cent each.

From the Nifty-50 basket of stocks, 29 stocks were advancing while 21 were declining.

Vedanta was the top Nifty gainer; the stock jumped 2.6 per cent to Rs 129.85. Tata Steel, Cairn India, Sun Pharma, Hindalco, Idea Cellular, Tech Mahindra and Reliance Industries were also among the gainers.

On the other hand, ITC was the top Nifty loser, down nearly 1 per cent at Rs 323. IndusInd Bank, SBI, Larsen & Toubro, HCL Tech, Lupin and Bank of Baroda were also among the losers.

9:12 a.m.: Reports suggest that government plans to divest its stake in NTPC and NHPC. As per reports, government is planning to divest 11.36 per cent stake in NTPC and 5 per cent stake is likely to be divested in NHPC. 

9:10 a.m.: The Sensex jumps 29 points to 28,327 and Nifty slips 8 points to 8,581 in the pre-market session. 

9:08 a.m.: Tata Motors is looking attractive at current levels one should look at buying this stock, says Ambareesh Baliga.

9:05 a.m.: Auto and banking stocks are looking attractive as RBI will most probably cut rates going ahead, says Prashasta Seth of IIFL AMC.

8:58 a.m.: Market expert Ambareesh Baliga says that Nifty crossing 8,600 will be difficult as reforms have taken a back seat and macro numbers are not looking attractive.

8:53 a.m.: Eros International: Eros will be in focus today as Salman Khan Starrer "Bajrangi Bhaijaan" crossed Rs 300 crore mark 20 days post its release.

8:50 a.m.: The initial US jobless claims edged up by 3000. Crucial jobs report will be released today. Analysts expect that 223,000 jobs were created in July. This data is most closely watched data ahead of Fed Sept rate decision. 

8:30 a.m.: The foreign institutional investors purchased shares worth Rs 108.93 crore while the domestic institutional investors sold shares worth Rs 111.78 crore.

8:10 a.m.: Below are the stocks which will be in focus today:

From the large-cap space, Tata Motors, Mahindra & Mahindra, BHEL and Grasim Industries will be on traders' radar as all these companies will report their first quarter numbers later in the day.

From the mid-cap space, Finolex Industries, Future Retail, Gateway Distriparks, Gujarat State Petronet, Neyveli Lignite, Repco Home Finance, Sobha and Kalpatru Power will be in focus today as these companies will also reporte their first quarter numbers.

Vedanta: Vedanta shares will be in limelight today as company said that it will continue to engage with its shareholders. Synergies from merger with Cairn India will accrue to all shareholders.

Tata Steel: Reports suggest that Tata Steel is likely to undergo debt refinancing exercise to bring down interests cost.

Coal India: Economic Times report suggests that Coal India will invest Rs 62,590.50 crore by 2020 to produce 908 million tonnes of coal. 

NTPC: NTPC commissioned unit 1 of 500 mw Vindhyachal Station. Total installed capacity of Vindhyachal Station is at 4,760 megawatt with this total installed capacity of NTPC group is at 45,548 megawatt.

7:50 a.m.: The Sensex and Nifty are likely to edge lower tracking subdued trading of Nifty futures on the Singapore Stock Exchange. The Nifty traded on the Singapore Exchange also known as the SGX Nifty was down 0.35 per cent or 30 points at 8,583.

Meanwhile, most of the Asian markets edged lower tracking weakness in the US markets. The weakness in Asian shares came ahead of the US employment data that will help US Fed to determine in raising interest rates next month.

Japan's Nikkei slipped 0.28 per cent, KOSPI fell 0.15 per cent and Taiwan Weighted was down 0.4 per cent.

Meanwhile, Chinese shares moved up after the Chinese government infused funds into the stock markets. Shanghai Composite and Shanghai Shenzen advanced over 2 per cent each.

Overnight, Wall Street ended sharply lower on Thursday as weak earnings reports from media companies stirred fears that more viewers are ditching cable TV, dragging the sector to its worst two-day loss since the financial crisis.

The Dow Jones industrial average fell 0.69 per cent to end at 17,419.75 and the S&P 500 lost 0.78 per cent to 2,083.56. The Nasdaq Composite dropped 1.62 per cent to 5,056.44, its biggest one-day tumble since early July.

(With inputs from Reuters)


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