Sensex Snaps 4-Day Losing Streak as Global Markets Recover

Sensex Snaps 4-Day Losing Streak as Global Markets Recover
3.35 p.m.: Sensex snapped a four-day losing streak on Friday tracking recovery in global markets. It ended 82.5 points higher at 24,934.33. The 50-share Nifty rose 33 points to close above the 7,600 mark. Buying was seen across the sectors including IT, banks, FMCG and energy stocks. 

Broader indices outperformed the Nifty as investors preferred smallcap and mid cap stocks to large caps. The BSE Midcap index closed 1.32 per cent higher and the BSE Smallcap index ended 1.24 per cent higher. 

Among the Nifty-50 stocks, Tata Power gained 3.62 per cent to be the top gainer in Nifty followed by Tata Motors and Power Grid, which added 2.79 and 2.53 per cent respectively. BPCL, IndusInd Bank, Yes Bank, Tech Mahindra, ONGC, Tata Steel were the other major gainers in the index. 

On the other hand, Cipla was the top loser in Nifty, down 2.49 per cent. L&T, Bajaj Auto, Coal India, Adani Ports are the other major losers in the Index. Out of the 50 shares in Nifty, 31 shares ended with gains while 19 shares closed with losses. 

Market breadth remained positive as gainers outnumbered losers by 2,956:808. 190 shares were unchanged today. 

3.25 p.m.:Imtiyaz Qureshi of Investeria Financial Services, says the 7,500 strike Nifty put has 60 lakh open interest, which shows it is unlikely to break 7,500 in the near term. 

3.20 p.m.: The India VIX or the volatility index is down 6.18 per cent at 17.78, indicating lower anticipated volatility in the near term. The index touched an high of 19.26 yesterday. 

3.10 p.m.: Cipla down 2.33 per cent at Rs 622.60. Ruchit Jain of Angel Broking says "it is a buy on dips counter". Rs 600-605 is a good level to buy Cipla, he added. 

Mr Jain says, Bharti Airtel, TCS, Tata Steel are showing signs of reversal, one can look to accumulate these stocks at current levels.

3.00 p.m.: Markets witness some profit booking, Sensex up 82 points at 24,934 and the 50-share Nifty is up 30 points at 7,598. Maruti Suzuki, Coal India, Bajaj Auto, L&T, Cipla drag Nifty lower, which are down between 1.5-2.6 per cent each. Broader markets continue to outperform. 

2.15 p.m.: Markets extend gains as European indices turn positive after opening lower. Both the FTSE, CAC40 indices trade higher by more than 0.5 per cent. Sensex up 172 points at 25,024, Nifty at 7,625. Energy, IT, infra, FMCG stocks gain. Metal stocks, which were down earlier, have turned positive now. 

1.58 p.m.:Sanjiv Bhasin, executive vice president at IIFL, says that this is the "perfect time to buy India". "7,550 could be breached for a day, but this does not mean that markets have not bottomed out," he added. 

According to Mr Bhasin, Indian macros are at their best now and there is valuation comfort in most of the large cap stocks, which will attract foreign investors' money going ahead. 

1.45 p.m.: Markets give up some gains as European shares opened with minor losses. Sensex up 120 points at 24,975 while the Nifty holds 7,600 level, up 40 points. Broader markets continue to outperform.

1.15 p.m.: Banking, IT stocks push markets higher. Sensex up 162 points at 25,014 and the Nifty is up 51 points to regain 7,600 mark. Tata Motors gains 3.11 per cent to Rs 354.25 to be the top Nifty gainer. Tech Mahindra, Tata Power, Yes Bank and Tata Steel are other major gainers in the Nifty. Cipla continue to be the top loser in Nifty down 2.1 per cent. 

Broader indices extend gains. The BSE Midcap index is up 1.33 per cent while the BSE Smallcap rise 1.3 per cent. Market breadth remains positive as 1,888 stocks advance and 672 stocks decline while 186 shares remain unchanged. 

12.20 p.m.: Market continues to remain range bound. The Sensex is up 84 points at 24,936 while the 50-shares Nifty is up 25 points at 7,594. Metal stocks continue to drag. In the Nifty50 index Cipla is the top loser, down 2.88 per cent followed by Coal India and L&T, which trade with over 2 per cent losses. Bajaj Auto, Adani ports, Vedanta, ACC and Hero MotoCorp are the other major losers in the index. 

Tech Mahindra is the top gainer in the index, rising 2.46 per cent followed by Power Grid and BPCL. 

The Indian rupee also staged a smart recovery, up 26 paise at 66.67. 

Meanwhile, Japan's Nikkei closed lower for the fourth consecutive day on Friday, down 0.39 per cent. Other Asian indices like Hang Seng and Shanghai Composite hold on to gains. 

11.30 a.m.: Domestic brokerage Angel Broking has come up with its top picks for January 2016. In the large cap segment, the brokerage recommends the following stocks: Infosys (target Rs 1,306), LIC Housing Finance (target Rs 592), L&T (Target Rs 1,646), HDFC Bank (target Rs 1,262), HCL Tech (target Rs 1,132), Ashok Leyland (target Rs 111) and Amara Raja for a target of Rs 1,040.

In the mid cap space its recommendations are: Blue Star (target Rs 439), Garware Wall Ropes (target Rs 473), Navkar Corp (target Rs 265), Radico Khaitan (target Rs 156), Siyaram Silk Mills (Rs 1,354) and Surya Roshni (target Rs 201). 

11.05 a.m.: Sensex below 25,000, up 71 points, Nifty at 7,587. Auto, metal stocks witness selling pressure. Coal India down 2.33 per cent followed by Bajaj Auto, which falls 2.3 per cent. 

11 a.m.: Rupee up 27 paise at 66.67 per dollar. At day's high it was up 33 paise at 66.60.

10.55 a.m. Buzzing stock: Aptech surged nearly 15 per cent on high volumes to touch 52-week high of Rs 76.7. Rekha Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala had acquired 3.73 per cent stake in the company from Aptech Investments at Rs 67.50 per share on January 4, 2016. 

10.45 a.m.: GM Breweries shares surged as much as 12 per cent to touch 52-week high of Rs 1,160.25. Yesterday the company reported 160 per cent annual surge in its net profits for the third quarter ending December 2015. 

The liquor manufacturer's net profit surged to Rs 15.6 crore against Rs 6 crore last year and its revenues jumped 18 per cent to Rs 93 crore. (Read story here)

10.10 a.m.: Sensex off day's high, up 83 points at 24,935, Nifty slips below 7,600. Metal, Capital goods shares witness selling. 

ACC, Cola India, Bajaj Auto, Hero MotoCorp fall between 0.8-2 per cent. Out of the 50 shares in Nifty, 30 are in green while 20 are in red. 

10.00 a.m.: Larsen & Toubro gains nearly 1 per cent to Rs 1,217. L&T Hydrocarbon Engineering, a fully owned subsidiary of L&T, in consortium with McDermott has bagged an offshore contract from ONGC valued at Rs 2,450 crore. L&T Hydrocarbon Engineering's share in the consortium is Rs 640 crore, the company said in a filing to Bombay Stock Exchange. 

9.42 a.m.: Sensex erases some of its early gains, up 121 points at 24,972 and the Nifty slipped below the 7,600 mark. Yes Bank is the top gainer in Nifty50 index, up 2.3 per cent followed by Tata Motors and Sun Pharma, which are up 1.8 per cent and 1.5 per cent respectively. All the 50 shares in Nifty are in green. 

Broader markets also recover, the BSE Midcap index rises 0.84 per cent and the BSE Smallcap index gains 1.05 per cent. 

9.20 a.m.: Sensex rises over 200 points to 25,080 and the Nifty regained 7,600 mark, gaining over 60 points. Buying was visible across the sectors. Banking, metals, auto, oil & gas stocks recover between 0.8 to 1.3 per cent. Tata Motors was the top gainer in Nifty, up 2.46 per cent followed by Tata Steel and Yes Bank, which are up over 2 per cent each. Axis Bank and Sun Pharma were the other two prominent gainers in the Nifty50 index. 

9.00 a.m.: Rupee opens higher at 66.75 per dollar against Thursday's close of 66.93. 

8.50 a.m.: SGX Nifty witness further recovery, it is up 39 points at 7,612.This indicates Nifty will be able to sustain 7,540 level, which was last seen in September, at open. Anil Manghnani, director at Modern Shares & Stock Brokers, told NDTV that if Nifty fails to hold 7,540, then it could fall straight away to 7,370 and then 7,200. (Read full story here

8.25 a.m.: Sensex is likely to open flat on Friday tracking a recovery in other Asian markets. Nifty futures trading on Singapore Stock Exchange (SGX Nifty) was up 6 point, indicating a flat to positive open for the Nifty. Oil stocks are likely to recover tracking a rebound in crude oil price. 

Asian shares witnessed recovery on Friday after the China government decided to do away with the circuit breaker mechanism that halted trading twice this week. China's Shanghai Composite was up 1.38 per cent while Hong Kong's Hang Seng added 0.93 per cent. Japan's Nikkei and also gained 0.39 per cent. 

Crude oil prices also gained more than 2 per cent tracking higher Asian share after it fell to 12-year lows on Thursday on China concerns. 

Overnight, US stocks plunged over 2 per cent tracking weakness in China and oil. The Dow Jones industrial average closed down 392.41 points, or 2.32 per cent, to 16,514.1, the S&P 500 had lost 47.17 points, or 2.37 per cent, to 1,943.09 and the Nasdaq Composite had dropped 146.34 points, or 3.03 percent, to 4,689.43.

(With agency inputs)

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