 "Markets turn flat; Nifty below 7,750")
After registering losses for four straight sessions, markets are trading positive in today’s trade as investors accumulate quality stocks at valuable and attractive levels. Strength in European equities further uplifted the mood at D- Street.
However, fears of an interest rate hike by the US Federal Reserve in June along with decline in crude oil prices and weakness in rupee capped the upside gains
By 14:30 pm, the S&P BSE Sensex rose 21 points at 25,252 and the Nifty50 gained 1 points at 7,731.
The rupee slid for the ninth day as it depreciated 18 paise more to trade at over 2-1/2 month low of 67.67 against the dollar today, hit by sustained foreign fund outflows
STOCK TRENDS
BHEL cracked 1.5% after the Bombay Stock Exchange (BSE) announced changes in the constituents of its indices as part a semi-annual reconstitution of the indices. Power Grid Corporation of India will replace BHEL in Sensex with effect from June 20, 2016. Meanwhile, Power Grid is down 0.5%.
Also Read
ITC has extended yesterday's gain and is up nearly 1% after reporting a better-than-expected performance for the quarter ended March 31, 2016 (Q4FY16). ITC had declared a bonus issue of one share for every two shares held and has declared a final dividend of Rs 8.5 per share (including a special dividend of Rs 2 per share) for the current fiscal.
Cipla and Tech Mahindra are scheduled to post the quarterly results today. Cipla is up approximately 1% while, Tech Mahindra is trading with mild losses.
Maruti Suzuki India maintained its leadership position in the domestic passenger vehicle (PV) market in April with seven of its models featuring in the top 10 selling brands last month. The stock has inched up in today’s trade.
India's Tata Motors is in talks with a local manufacturer in Iran to set up a joint venture for assembling its petrol cars here, as it looks to tap the fast growing market that has just emerged from sanctions. The stock is up around 2%.
Mahindra & Mahindra (M&M) has incorporated its agricultural equipment rental services arm Trringo.Com as a wholly-owned subsidiary. The stock is up 0.8%.
Tata Power's net rose sharply by 126% to Rs 360.25 crore for the quarter ended March 31, 2016, due to strong operational performance, against Rs 159.14 crore of the corresponding quarter last year. The stock has climbed over 1%.
Oil and Natural Gas Corporation (ONGC) is facing a repeat of the Krishna Godavari (KG) basin fiasco in Iran, as lengthy negotiations on terms may drive it to a point where its discovered gas reserves in Farzad-B field in the Persian Gulf may be drawn out by neighbouring Saudi Arabia. The stock is down over 1%.
Drug maker Lupin’s stock has extended yesterday's losses by 0.5% due to concerns over the US Food and Drug Administration (FDA)’s observations on its Goa plant and the likely impact on its earnings owing to a rise in expenses in FY17.
Among other shares, VRL Logistics is locked in lower circuit of 20% at Rs 315 on the BSE, after the company reported 32% year-on-year (YoY) decline in net profit at Rs 13.21 crore for the quarter ended March 2016 (Q4FY16).
Novartis India has surged 16% after the pharmaceutical company announced that its board will meet on Thursday, May 26, 2016, to consider a proposal for buyback of the company's equity shares.
Tara Jewels has tumbled 10% after the company reported consolidated net loss of Rs 5.88 crore in Q4 March 2016 compared with net profit of Rs 9.87 crore in Q4 March 2015.
Britannia Industries and Jubilant FoodWorks shares have cracked 2% and 6% respectively after nearly 84% of 38 commonly available brands of pre-packaged breads including pav and buns, tested positive for potassium bromate and potassium iodate, banned in many countries as they are listed as “hazardous” for public health.