 "Sensex falls 150 points; Nifty below 7,850")
Markets continue to trade lower with Nifty hovering around the 7,850 levels amid slips in crude oil prices and depreciating rupee. Participants await policy decisions this week from the Federal Reserve and the Bank of Japan (BOJ).
At 11:45 am, the S&P BSE Sensex is down 188 points at 25,650 and the Nifty is down 56 points to trade at 7,844.
Top 5 losers in the Sensex pack include NTPC, Hindalco, Tata Steel, BHEL and RIL are down 1.5%-3.5%.
Some of the bluechips including Axis Bank, Maruti Suzuki, Bharti Airtel, Idea Cellular and ICICI Bank are due to slate the quarter numbers this week.
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(updated at 10:15 am)
Markets have turned weaker with Nifty trading below the 7,900 mark weighed down Index heavyweight RIL and losses in select metal shares.
Meanwhile, decline in the Asian stocks on caution ahead of the he central bank meetings in the US and Japan has dented sentiments.
At 10:15 am, the S&P BSE Sensex is down 132 points at 25,707 and the Nifty is down 39 points to trade at 7,861.
At 10:15 am, the S&P BSE Sensex is down 132 points at 25,707 and the Nifty is down 39 points to trade at 7,861.
The rupee was trading lower by 22 paise at 66.70 against the dollar in early trade on sustained demand for the US currency from importers.
Top 5 losers in the Sensex pack include NTPC, Hindalco, Tata Steel, HDFC and RIL are down 1.5%-3%.
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(updated at 9:30am)
Markets have opened the first session of the week on a cautious note mirroring losses in the Asian peers as participants patiently wait for the central bank meetings in the US and Japan. (updated at 9:30am)
Also, key earnings to be posted some of the bluechips including Axis Bank, Maruti Suzuki, Bharti Airtel, Idea Cellular and ICICI Bank, FII trend, rupee and crude oil movement along with global cues will dictate the trend on the bourses for the week.
At 9:30 am, the S&P BSE Sensex is down 5 points up at 25,833 and the Nifty is down 3 points to trade at 7,896. However, buying is seen across the broader markets with BSE Midcap and Smallcap indices trading higher by 0.3%.
“Friday’s bearish bias is expected to linger on today, but volatility to emerge as the dominant theme, if prices were to push Nifty50 above 7,924. Direct fall below 7,885 could, on the other hand, give momentum to bearish swings, but may not lead to major falls,” said Geojit BNP Paribas in a technical note.
The second half of the Budget session of Parliament, starting today, is all set to be a stormy affair with opposition parties closing ranks over the imposition of Presidents' rule in Uttarakhand.
GLOBAL MARKET
Asian shares and the dollar are trading lower today as participants wait for the central bank meetings in the US and Japan this week for future policy moves.
Japan's Nikkei stock index shed about 0.6% as the yen strengthened against the dollar. Meanwhile, the Bank of Japan will consider another easing step at its two-day policy review that ends on Wednesday. Among other indices, China’s Shanghai Composite down nearly 0.8% and Hong Kong’s Hang Seng slipped 0.6%.
The two-day US FOMC meeting is scheduled on Tuesday and Wednesday.
RESULT IMPACT
Cairn India cracked 3.5% after it reported its biggest quarterly loss of Rs 10,948 crore in the quarter ended March 31 mainly because of impairment loss on goodwill and non-producing oil and gas assets due to drop in oil prices.
Sasken Communications reported a consolidated net profit of Rs 174.63 crore for the March quarter on the back of exceptional income of Rs 298.12 crore. The stock is down 5%.
Mahindra & Mahindra Financial Services: M&M Financial Services reported a 12% rise in consolidated net profit at Rs 411.33 crore for the quarter ended March 31. The stock jumped 5%.
Zensar Technologies reported a marginal dip in consolidated net profit at Rs 70.67 crore for the March quarter, weighed down by lower revenue from its maintenance services business. The stock slumped 7%.
Persistent Systems on Sunday posted a 6.24% rise in consolidated net profit to Rs.80.80 crore for the quarter ended 31 March. The stock is down 3%.
STOCKS IN FOCUS
Reliance Industries has slipped 1% on account of profit booking as the stock gained in the past few sessions ahead of the results. It reported its highest quarterly net profit in over eight years as fall in oil prices boosted refining and petrochem margins, helping the company post a 16 per cent jump in earnings for the three-month period ended March 31.
STOCKS IN FOCUS
Reliance Industries has slipped 1% on account of profit booking as the stock gained in the past few sessions ahead of the results. It reported its highest quarterly net profit in over eight years as fall in oil prices boosted refining and petrochem margins, helping the company post a 16 per cent jump in earnings for the three-month period ended March 31.
Bharti Airtel is up 2% as the company is likely to consider a buy back of equity shares in its board meeting on April 27. The board will also consider a final dividend for 2015-16. The telecom major is due to slte its numbers this week.
Tata Motors is down 0.5% as it plans to issue non-convertible debentures (NCDs) to raise Rs 300 crore, and a meeting of senior executives and directors will be held on Wednesday.
Indian Overseas Bank and UCO Bank will be in focus as both the stocks will be excluded from the F&O segment from July 1. IOB is down 0.65 and UCO Bank is trading with marginal gains.
GVK Power gained 0.75 after the company said it has handed over its Phase I power plant to AP Transco for a consideration of Rs 261.27 crore.