 "Sensex slumps nearly 400 points, Nifty breaks 8,850")
Benchmark indices have extended losses and are trading near day’s low weighed down by index heavyweights like ITC, HDFC and select bank and metal shares.
At 12:00 PM, the 30-share Sensex was down over 391 points at 29,291 and the 50-share Nifty was down 115 points at 8,837. In early trades, the Sensex hit an all-time high of 29,844.16 and Nifty touched the life-time high of 8,996.60.
However, the broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up over 0.5%. Market breadth in BSE is positive with 1,339 advances against 878 declines.
The partially convertible rupee is stronger at 61.75 versus Thursday's close of 61.86/87 per dollar, as most of the Asian currencies rise against dollar. Month-end dollar demand from importers to keep the rise limited, traders
On the global front, Asian shares edged up on Friday, talking heart from a late earnings-led surge on Wall Street even as continuing concerns about global growth tempered gains.
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1% on the day, but up more than 1% for the month.
US jobless claims figures also helped sentiment, with the number of Americans filing new claims for unemployment benefits last week marking its biggest weekly decline since November 2012, falling to its lowest since April 2000.
Japan's Nikkei stock average added about 0.8%, clawing back some of the 1.1% lost the previous session, its biggest one-day drop in two weeks.
Back home, BSE Consumer Durables and FMCG indices are down nearly 1% each. However, BSE Realty index has surged by over 3% followed by counters like Capital Goods, IT and Power, all gaining between 0.3-1%.
Coal India is the top Sensex loser, down over 3% after the government’s offer for sale (OFS) opened for subscription on Friday. The floor price — the base price at which it intends to sell its 10 per cent stake in Coal India — has been set at Rs 358 a share, translating into a 4.5% discount to Thursday’s closing price.
Dr Reddys Lab has declined around 3% after reporting a 7.1% decline in consolidated net profit to Rs 574.5 crore for the quarter ended December on the back of higher operational costs and subdued revenue growth particularly in the most profitable US market.
Bharti Airtel has declined over 1%. Airtel M Commerce Services Ltd (AMSL), a wholly owned subsidiary of the country’s largest telecom service provider Bharti Airtel, said on Thursday that it would apply to the Reserve Bank of India (RBI) for a licence and Kotak Mahindra Bank will acquire 19.90 per cent stake in it. Currently, AMSL offers mobile money services under the brand name Airtel Money.
HDFC has slipped by over 2%. India's top mortgage lender, Housing Development Finance Corporation (HDFC), posted a 12 per cent rise in net profit for the third quarter of FY15 at Rs 1,425 crore on the back of higher loan growth. As on December 31, 2014, the loan book stood at Rs 2.2 lakh-crore, against Rs 1.9 lakh-crore a year ago, a growth of 14 per cent.
Other notable losers are HDFC Bank, Tata Motors, TCS, Hindalco, ITC and M&M.
On the gaining side, NTPC, BHEL, Tata Power, Hero Moto and Maruti Suzuki have risen between 1-3%.
NTPC is the top Sensex gainer, up over 3%. The company has restricted the building of three new solar power projects to domestic manufacturers, even as India pushes for overseas companies to lead fresh investments into a renewable energy drive
BHEL has gained around 2%. The company has announced commissioning of 600 MW thermal power project in Odisha.
Shares of real estate companies are in demand and trading higher by up to 10% on the bourses in otherwise subdued market.
Housing Development and Infrastructure Limited (HDIL), DB Realty, Indiabulls Real Estate, Kolte-Patil Developers, Unitech, DLF, Anant Raj, Parsvnath Developers and Mahindra Lifespace Developers have rallied between 4-10% on BSE.
Hindustan Construction Company (HCC) has rallied 14% to Rs 33.15 on BSE after reporting a five-fold jump in standalone net profit at Rs 27.1 crore for the quarter ended December 31, 2014 (Q3), on the back of a higher turnover.
At 12:00 PM, the 30-share Sensex was down over 391 points at 29,291 and the 50-share Nifty was down 115 points at 8,837. In early trades, the Sensex hit an all-time high of 29,844.16 and Nifty touched the life-time high of 8,996.60.
However, the broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up over 0.5%. Market breadth in BSE is positive with 1,339 advances against 878 declines.
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Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 1,723.77 crore on Thursday, as per provisional stock exchange data.
The partially convertible rupee is stronger at 61.75 versus Thursday's close of 61.86/87 per dollar, as most of the Asian currencies rise against dollar. Month-end dollar demand from importers to keep the rise limited, traders
On the global front, Asian shares edged up on Friday, talking heart from a late earnings-led surge on Wall Street even as continuing concerns about global growth tempered gains.
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1% on the day, but up more than 1% for the month.
US jobless claims figures also helped sentiment, with the number of Americans filing new claims for unemployment benefits last week marking its biggest weekly decline since November 2012, falling to its lowest since April 2000.
Japan's Nikkei stock average added about 0.8%, clawing back some of the 1.1% lost the previous session, its biggest one-day drop in two weeks.
Back home, BSE Consumer Durables and FMCG indices are down nearly 1% each. However, BSE Realty index has surged by over 3% followed by counters like Capital Goods, IT and Power, all gaining between 0.3-1%.
Coal India is the top Sensex loser, down over 3% after the government’s offer for sale (OFS) opened for subscription on Friday. The floor price — the base price at which it intends to sell its 10 per cent stake in Coal India — has been set at Rs 358 a share, translating into a 4.5% discount to Thursday’s closing price.
Dr Reddys Lab has declined around 3% after reporting a 7.1% decline in consolidated net profit to Rs 574.5 crore for the quarter ended December on the back of higher operational costs and subdued revenue growth particularly in the most profitable US market.
Bharti Airtel has declined over 1%. Airtel M Commerce Services Ltd (AMSL), a wholly owned subsidiary of the country’s largest telecom service provider Bharti Airtel, said on Thursday that it would apply to the Reserve Bank of India (RBI) for a licence and Kotak Mahindra Bank will acquire 19.90 per cent stake in it. Currently, AMSL offers mobile money services under the brand name Airtel Money.
HDFC has slipped by over 2%. India's top mortgage lender, Housing Development Finance Corporation (HDFC), posted a 12 per cent rise in net profit for the third quarter of FY15 at Rs 1,425 crore on the back of higher loan growth. As on December 31, 2014, the loan book stood at Rs 2.2 lakh-crore, against Rs 1.9 lakh-crore a year ago, a growth of 14 per cent.
Other notable losers are HDFC Bank, Tata Motors, TCS, Hindalco, ITC and M&M.
On the gaining side, NTPC, BHEL, Tata Power, Hero Moto and Maruti Suzuki have risen between 1-3%.
NTPC is the top Sensex gainer, up over 3%. The company has restricted the building of three new solar power projects to domestic manufacturers, even as India pushes for overseas companies to lead fresh investments into a renewable energy drive
BHEL has gained around 2%. The company has announced commissioning of 600 MW thermal power project in Odisha.
Shares of real estate companies are in demand and trading higher by up to 10% on the bourses in otherwise subdued market.
Housing Development and Infrastructure Limited (HDIL), DB Realty, Indiabulls Real Estate, Kolte-Patil Developers, Unitech, DLF, Anant Raj, Parsvnath Developers and Mahindra Lifespace Developers have rallied between 4-10% on BSE.
Hindustan Construction Company (HCC) has rallied 14% to Rs 33.15 on BSE after reporting a five-fold jump in standalone net profit at Rs 27.1 crore for the quarter ended December 31, 2014 (Q3), on the back of a higher turnover.