 "Sensex plunges around 200 points; Nifty slips below 8,300")
Markets have extended losses and are trading near day’s low weighed down by financials and pharma shares.
At 12:55pm, the Sensex was at 27,390, lower by 175 points and the Nifty was at 8,274, down 60 points.
The top losers on the Sensex are Cipla, M&M, Tata Power, HDFC and Dr Reddy’s Labs, all plunging between 2-3%.
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Updated at 11:30
Markets remain choppy with a negative bias as caution prevailed on D-Street ahead of today’s derivatives expiry for the May series.
At 11:30 AM, the 30 share Sensex was trading at 27,516, lower by 48 points or 0.2%, while the 50 share Nifty was trading below its crucial technical level of 8,350 at 8,314 levels, down by 20 points or 0.25%.
The broader markets are trading marginally lower with BSE Midcap and Smallcap indices down by 0.4% and 0.1% respectively. Out of 2108 shares traded on the BSE, 1069 shares have advanced while 987 shares declined.
Further, the announcement of gross domestic product (GDP) data that is due tomorrow and Reserve Bank of India (RBI) bi-monthly policy review, due on June 2 also added to the weariness.
Rupee:
On the currency front, the rupee has gained ground after breaking a 3 day downward spiral. At the Interbank Foreign Exchange, the rupee is trading at 63.88, up by 13 paise against the greenback on the back of fresh selling of the dollar by the exporters.
Sectors and Stocks
Barring Healthcare, Metals, and financials, all other sectors have gained on the BSE.
Tata Motors is the leading gainer on the BSE. The stock has rallied over 2% after a sharp decline in yesterday’s trading session.
The company has reported lower-than-expected consolidated net profit at Rs 1,717 crore for the fourth quarter ended March 31, 2015 (Q4) on account of lower-than-expected operating performance at Jaguar Land Rover (JLR) and mark-to-market (MTM) loss provisioning at JLR (on commodity hedges and revaluation of foreign currency debt), which led to the selling in the stock yesterday. Vedanta is the second highest gainer on the BSE. The stock has added more than 1.5%. Also, Vedanta will buy up to a 5.33% stake in subsidiary Cairn India at Rs 220.40 per share, the latter said in a filing to the exchange on Wednesday. The purchase will take place on June 3.
Other notable gainers on the Sensex are Infosys, Hero motocorp, and ITC, adding 0.5-1% each.
On the flip side, M&M has fallen nearly 2% on the BSE. The utility vehicles maker is planning to launch nine vehicles, including refreshes and all-new models, in both the personal and commercial segments during this financial year, according to Ashish Malik, vice-president (marketing, automotive division).
ONGC, Coal India and Hindalco are trading in the red zone ahead of their quarterly results due today. The shares of these companies have declined 0.5-1.5 % each.
State Bank of India (SBI) turns ex-dividend today, for a dividend of Rs 3.50 per share for the year ended 31 March 2015. The stock is down 1%.
HDFC, Cipla, and Tata Power are the other losers on the Sensex.
Smart Movers:
Shares of Adani Enterprises have dipped nearly 8% to Rs 730 on the National Stock Exchange (NSE) on profit booking. The stock had hit a lifetime high of Rs 804 on May 26, 2015 in intra-day trades and has rallied 63% so far in current calendar year 2015, compared to nil gain in the CNX Nifty till Wednesday. The stock gained 17% in the month of May against a 2% rise in the benchmark index.
Godrej Industries has rallied 6% to Rs 385 on the NSE in early morning trades after the company reported a 22% year-on-year (YoY) jump in its consolidated net profit at Rs 139 crore for the fourth quarter ended March 31, 2015 (Q4). The company had posted a net profit of Rs 114 crore in the same quarter of the last fiscal.
Shares of Jindal Steel & Power (JSPL) dipped 2% to Rs 126, their lowest level since January 2009 on the BSE, after the company reported a consolidated net loss of Rs 519 crore for the fourth quarter ended March 31, 2015 (Q4) against a net profit of Rs 403 crore in the year-ago quarter. The company had reported a loss of Rs 1,619 crore in the December quarter.
At 12:55pm, the Sensex was at 27,390, lower by 175 points and the Nifty was at 8,274, down 60 points.
The top losers on the Sensex are Cipla, M&M, Tata Power, HDFC and Dr Reddy’s Labs, all plunging between 2-3%.
Also Read
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Updated at 11:30
Markets remain choppy with a negative bias as caution prevailed on D-Street ahead of today’s derivatives expiry for the May series.
At 11:30 AM, the 30 share Sensex was trading at 27,516, lower by 48 points or 0.2%, while the 50 share Nifty was trading below its crucial technical level of 8,350 at 8,314 levels, down by 20 points or 0.25%.
The broader markets are trading marginally lower with BSE Midcap and Smallcap indices down by 0.4% and 0.1% respectively. Out of 2108 shares traded on the BSE, 1069 shares have advanced while 987 shares declined.
Further, the announcement of gross domestic product (GDP) data that is due tomorrow and Reserve Bank of India (RBI) bi-monthly policy review, due on June 2 also added to the weariness.
Rupee:
On the currency front, the rupee has gained ground after breaking a 3 day downward spiral. At the Interbank Foreign Exchange, the rupee is trading at 63.88, up by 13 paise against the greenback on the back of fresh selling of the dollar by the exporters.
Sectors and Stocks
Barring Healthcare, Metals, and financials, all other sectors have gained on the BSE.
Tata Motors is the leading gainer on the BSE. The stock has rallied over 2% after a sharp decline in yesterday’s trading session.
The company has reported lower-than-expected consolidated net profit at Rs 1,717 crore for the fourth quarter ended March 31, 2015 (Q4) on account of lower-than-expected operating performance at Jaguar Land Rover (JLR) and mark-to-market (MTM) loss provisioning at JLR (on commodity hedges and revaluation of foreign currency debt), which led to the selling in the stock yesterday. Vedanta is the second highest gainer on the BSE. The stock has added more than 1.5%. Also, Vedanta will buy up to a 5.33% stake in subsidiary Cairn India at Rs 220.40 per share, the latter said in a filing to the exchange on Wednesday. The purchase will take place on June 3.
Other notable gainers on the Sensex are Infosys, Hero motocorp, and ITC, adding 0.5-1% each.
On the flip side, M&M has fallen nearly 2% on the BSE. The utility vehicles maker is planning to launch nine vehicles, including refreshes and all-new models, in both the personal and commercial segments during this financial year, according to Ashish Malik, vice-president (marketing, automotive division).
ONGC, Coal India and Hindalco are trading in the red zone ahead of their quarterly results due today. The shares of these companies have declined 0.5-1.5 % each.
State Bank of India (SBI) turns ex-dividend today, for a dividend of Rs 3.50 per share for the year ended 31 March 2015. The stock is down 1%.
HDFC, Cipla, and Tata Power are the other losers on the Sensex.
Smart Movers:
Shares of Adani Enterprises have dipped nearly 8% to Rs 730 on the National Stock Exchange (NSE) on profit booking. The stock had hit a lifetime high of Rs 804 on May 26, 2015 in intra-day trades and has rallied 63% so far in current calendar year 2015, compared to nil gain in the CNX Nifty till Wednesday. The stock gained 17% in the month of May against a 2% rise in the benchmark index.
Godrej Industries has rallied 6% to Rs 385 on the NSE in early morning trades after the company reported a 22% year-on-year (YoY) jump in its consolidated net profit at Rs 139 crore for the fourth quarter ended March 31, 2015 (Q4). The company had posted a net profit of Rs 114 crore in the same quarter of the last fiscal.
Shares of Jindal Steel & Power (JSPL) dipped 2% to Rs 126, their lowest level since January 2009 on the BSE, after the company reported a consolidated net loss of Rs 519 crore for the fourth quarter ended March 31, 2015 (Q4) against a net profit of Rs 403 crore in the year-ago quarter. The company had reported a loss of Rs 1,619 crore in the December quarter.