Sensex, Nifty edge up for third straight day
03.40 p.m. The BSE Sensex and the broader Nifty ended marginally higher for a third straight day. A sharp selloff in IT stocks weighed on sentiments today. TCS, India's biggest outsourcer fell around 4 per cent after the company's management put out weak growth forecast for the March quarter. Other IT stocks such as Infosys also fell sharply. However, metal and banking stocks saw buying today. The BSE Metal index outperformed the broader markets rising 2.1 per cent, while the Bank Nifty advanced 0.6 per cent.
3.31 p.m.Nifty closed provisionally at 6524.05 up 7.40 points and Sensex closed at 21,834.69 up 2.08 points.
3.23 p.m. Rupee update: Rupee currently trades at 61.03 up 16 paisa from Tuesday's close.
3.14 p.m. Godrej consumer products is currently trading at its day high of Rs. 763 up 3.38%, the top gainer in CNX FMCG index now.
3.02 p.m. Stock Market update: the 30-share Sensex currently trading at 21829.43 (-0.01%) and the 50-share Nifty is trading at 6521.95 (0.08%).
2.44 p.m. Metal stocks continue to outperform the broader indices, Hindalco tops the list with 5.14% gain.
2.21 p.m. Rupee update: Rupee currently trades at 60.98, after making a day high of 60.92.
2.18 p.m. Local brokerage Prabhudas Liladhar said demerger of products business will unlock value for the shareholders of Polaris (Read full story).
2.13 p.m. CNX PSU bank index trading at day high, up 0.99%.
2.07 p.m.Tata Steel replaced Hindalco as the top gainer in Nifty. Currently trading at a gain of 4.33%.
1.40 p.m. Europe Market update: CAC 40 down 4.66 points at 4308.60 (-0.11%) and FTSE 100 down 5.46 points at 6599.82 (-0.08%).
1.36 p.m. Rupee update: Rupee currently trades at 61, after making a day high of 60.97.
1.34 p.m. Stock Market update: the 30-share Sensex currently trading at 21851.60 (0.09%) and the 50-share Nifty is trading at 6530.25 (0.21%).
12.47 p.m. Rupee update: Rupee breaks 61 level, made a low of 60.97.
12.43 p.m. Polaris hits upper circuit, up 20% at Rs.183.90 from Tuesday's close.
12.38 p.m. Rupee update: Indian rupee currently trading at day high, 61.04 up by 15 paisa over Tuesday's close of 61.19.
12.34 p.m. Stock Market update: the 30-share Sensex currently trading at 21849.26 (0.08%) and the 50-share Nifty is trading at 6526.35 (0.15%).
12.25 p.m. Tata Steel currently trading at day's high up 4.53% at Rs. 356.15.
12.14 p.m. Jindal Steel & power ltd. trading at a gain of 1.82 per cent at Rs.265.45. Jindal Steel and Power will stop buying coking coal from Australia in three months from now as its own mines to start shipping, a top company official said. (Read full story)
12.04 p.m. CNX FMCG index is currently the major gainer among sectorial indices, currently trading at a gain of 0.70 per cent at 17877.40. Future Retail Ltd. is the leading share in the CNX FMCG index , trading with a gain of 2.51% at Rs. 81.70.
11.53 a.m. CNX PSU Bank index trading flat at 2445.25 (0.01%). Rohit Srivastav of Sharekhan recommends buying PSU banks if Nifty breaks out.
11.40 a.m. Top brokerage calls of the day,
11.31 a.m. Advance decline ratio in Nifty at 35:15. currently 35 stocks in Nifty lead where as 15 stocks in Nifty are stil in red.
11.12 a.m. Polaris currently trading up by 6.39 per cent at Rs. 163.05 after posting 11.58 per cent gain yesterday after announcement of demerger of its product's business. (Read full story)
10.58 a.m. JSW Steel currently trading up by 2.20 per cent at Rs. 969.05 per share. JSW Steel in a press release today communicated that its monthly production of crude steel grew by 43% in February 2014.
10.48 a.m. Rupee update: Indian rupee currently trading at 61.15 up by 4 paisa over Tuesday's close of 61.19.
10.40 a.m. Stock Market update: the 30-share Sensex currently trading flat at 21827.82 (-0.02%) and the 50-share Nifty is trading at 6521.25 (0.07%) after a marginal positive start.
10.27 a.m. Metal stocks lead among the index stocks today after successive fall for few days. Hindalco trading up by Rs.4.60 at 119.45 (4.60%) followed by Tata Steel trading up Rs.10.80 at Rs. 351.50 (3.17%). The BSE metals index trading up 1.91 per cent at 9122.09.
09.50 a.m. Markets have turned choppy amid huge selloff in IT stocks. Infosys, which has a huge weightage on the Nifty, has fallen over 2 per cent. (Here's why IT stocks are under perssure)
09.28 a.m. The BSE IT index is down over 2 per cent. TCS down over 4 per cent, while Infosys has slipped over 2 per cent. However, Rohit Srivastava of Sharekhan says do not sell IT stocks as they are oversold in the short term. A temporary bounce is expected, may be in a week's time, which should be the right time to sell IT stocks. (Track IT stocks)
09.15 a.m. Markets open higher. Sensex gains 55 points, Nifty up 15 points. TCS falls around 4 per cent after management said Q4 will be weaker than that the December quarter. Basudeb Banerjee of Quant Broking told NDTV that TCS revenues may grow at 2.6-2.8 per cent sequentially in the March quarter as against 3 per cent in the December quarter. Seasonality (weak sales due to holidays and furloughs in western markets) and slowdown in Indian government's expenditure in the IT space are likely to weigh on TCS revenues in the fourth quarter, he added. (Track TCS)
09.10 a.m. Market analyst Sarvendra Srivastava says the Nifty managed to hold 6,500, which is a good sign for bulls. He maintained his targets at 6,700-6,800 with reversals pegged at 6,384.
Mr Srivastava's top trading calls for the day are,
1) Bank of India: Buy with a target of 230 and a stop loss of 199.8.
2) Glenmark: Buy with a target of 590 and a stop loss of 542.4.
3) HPCL: Buy with a target of 320 and a stop loss of 282.4.
09.00 a.m. Rupee opens higher at 61.07 as against Tuesday's close of 61.19 per dollar.
8:25 a.m. Both Sensex and Nifty likely to open higher today, tracking gains on wall street yesterday and positive opening in Asian market today.
At 8:25 a.m. Today the SGX Nifty trading up 19.50 points at 6579.
Both Sensex and Nifty closed marginally up yesterday. Sensex closed at 21832.61(0.10%) up 22.61 points and the 50-share Nifty closed at 6516.65 (0.19%) up 12.45 points yesterday.
Asian Markets are currently trading lower after a positive opening amid cautious backdrop of East-West geo political tension involving Ukraine.
US markets closed higher on Tuesday. Dow Jones industrial average rose 88.97 points or 0.55 per cent to end at 16,336.19. The S&P gained 13.42 points or 0.72 per cent to finish at 1,872.25. The Nasdaq Composite added 53.364 points or 1.25 percent, to close at 4,333.313
(With inputs from Reuters)