 "Sensex ends 41 points higher led by RIL")
After being rangebound for most part of the trading session benchmark share indices ended marginally higher amid a rally in late trades led by index heavyweight Reliance Industries.
The S&P BSE Sensex ended up 41 points at 28,413 and the Nifty50 settled 16 points higher at 8,743. In the broader market, the BSE Midcap and Smallcap ended mixed. Market breadth ended positive with 1471 gainers and 1258 losers on the BSE.
Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services adds, "The market was volatile, but under a consolidation mode and settled with a minor gain. The investors have adopted a wait-and-watch approach to the global sentiment which is playing between cautious and optimism over the FOMC meet early next week. Currently, FII's are sellers in the market which also signal of a pause in the liquidity driven market."
Foreign institutional investors were net sellers in equities worth Rs 477 crore on Wednesday, as per provisional stock exchange data.
Among the index heavyweights, Reliance Industries witnessed renewed buying interest to end 1.7% higher followed by ITC and HDFC which gained 1.2%-1.3% each.
Sun Pharma gained nearly 1%. The pharma major has now announced a buy-back of its share at a price of Rs 900 apiece on a proportionate basis through the tender process, using the stock exchange mechanism.
Other gainers include, HDFC Bank, Maruti Suzuki, Lupin and Asian Paints among others.
ICICI Bank which had gained ahead of the initial public offering (IPO) of its life insurance arm ICICI Prudential Life Insurance next week eased 0.6%.
Reliance Communications pared gains to end 3% lower. The company announced a merger with Aircel to emerge as the fourth largest telecom operator in the country with the second largest spectrum holding amongst all operators.
Bayer Cropscience rose 0.8% while Monsanto India ended 2% lower. Their respective parent companies (German chemical and pharma giant Bayer AG and global biotech major Monsanto) on Wednesday announced that they signed a definitive merger agreement in an all-cash transaction.
Ashok Leyland eased over 3% and Hinduja Foundries slumped 20% after the board of both these companies approved the proposal of amalgamating Hinduja Foundries with Ashok Leyland Limited, subject to various regulatory approvals and approval of shareholders.
Among others, shares of tyre manufacturers have outperformed the market on expectation that falling natural-rubber prices will help boost margins. Goodyear India, Ceat, MRF and Apollo Tyres gained 1%-3% each.
Shares of Rane Group companies – Rane Engine Valve, Rane Brake Lining, Rane Holdings and Rane (Madras) gained over 10%. Rane Group of Companies is the preferred supplier of auto components to major OEMs (Original Equipment Manufacturer), both in India and abroad.
BEML slumped 12% after the company's net loss increased to Rs 107 crore for the quarter ended June 30, 2016 (Q1FY17), due to lower operational income. The state-owned commercial vehicles maker had registered a net loss of Rs 68 crore in the same quarter last year.
The S&P BSE Sensex ended up 41 points at 28,413 and the Nifty50 settled 16 points higher at 8,743. In the broader market, the BSE Midcap and Smallcap ended mixed. Market breadth ended positive with 1471 gainers and 1258 losers on the BSE.
Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services adds, "The market was volatile, but under a consolidation mode and settled with a minor gain. The investors have adopted a wait-and-watch approach to the global sentiment which is playing between cautious and optimism over the FOMC meet early next week. Currently, FII's are sellers in the market which also signal of a pause in the liquidity driven market."
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Rupee depreciated against the dollar to 67.07 following a television news report which suggested that the Finance Ministry and Commerce Ministry would discuss calibrated devaluation of the rupee on September 20 to boost exports. However, the reports were later denied by both the ministries followed which the rupee staged a recovery from its intra-day lows.
Foreign institutional investors were net sellers in equities worth Rs 477 crore on Wednesday, as per provisional stock exchange data.
Among the index heavyweights, Reliance Industries witnessed renewed buying interest to end 1.7% higher followed by ITC and HDFC which gained 1.2%-1.3% each.
Sun Pharma gained nearly 1%. The pharma major has now announced a buy-back of its share at a price of Rs 900 apiece on a proportionate basis through the tender process, using the stock exchange mechanism.
Other gainers include, HDFC Bank, Maruti Suzuki, Lupin and Asian Paints among others.
ICICI Bank which had gained ahead of the initial public offering (IPO) of its life insurance arm ICICI Prudential Life Insurance next week eased 0.6%.
Reliance Communications pared gains to end 3% lower. The company announced a merger with Aircel to emerge as the fourth largest telecom operator in the country with the second largest spectrum holding amongst all operators.
Bayer Cropscience rose 0.8% while Monsanto India ended 2% lower. Their respective parent companies (German chemical and pharma giant Bayer AG and global biotech major Monsanto) on Wednesday announced that they signed a definitive merger agreement in an all-cash transaction.
Ashok Leyland eased over 3% and Hinduja Foundries slumped 20% after the board of both these companies approved the proposal of amalgamating Hinduja Foundries with Ashok Leyland Limited, subject to various regulatory approvals and approval of shareholders.
Among others, shares of tyre manufacturers have outperformed the market on expectation that falling natural-rubber prices will help boost margins. Goodyear India, Ceat, MRF and Apollo Tyres gained 1%-3% each.
Shares of Rane Group companies – Rane Engine Valve, Rane Brake Lining, Rane Holdings and Rane (Madras) gained over 10%. Rane Group of Companies is the preferred supplier of auto components to major OEMs (Original Equipment Manufacturer), both in India and abroad.
BEML slumped 12% after the company's net loss increased to Rs 107 crore for the quarter ended June 30, 2016 (Q1FY17), due to lower operational income. The state-owned commercial vehicles maker had registered a net loss of Rs 68 crore in the same quarter last year.