Key equity benchmark indices registered modest gains in a volatile trading session. The barometer index, the S&P BSE Sensex, rose 155.24 points or 0.64% at 24,378.56, as per the provisional closing data. The 50-unit Nifty 50 index rose 42.20 points or 0.57% at 7,404, as per the provisional closing data. Gains in Asian stocks aided the upmove on the domestic bourses as the Sensex and the Nifty snapped 3-day losing streak.
The market breadth indicating the overall health of the market turned negative from positive in late trade. On BSE, 1,574 shares declined and 1,069 shares rose. A total of 133 shares were unchanged. The BSE Mid-Cap index was provisionally off 0.18%. The BSE Small-Cap index was provisionally down 0.75%. Both these indices underperformed the Sensex.
The Sensex and the Nifty witnessed high intraday volatility. After registering decent gains in early trade on the back of higher Asian stocks, the two key benchmark indices trimmed gains in morning trade. The two key benchmark indices recovered from lower level after erasing a lion's portion of intraday gains in mid-morning trade. After extending gains in early afternoon trade, key indices pared gains in afternoon trade. Immense volatility was witnessed in late trade as the Sensex and the Nifty recovered from lower level after erasing almost entire intraday gains.
The Sensex jumped 290.69 points or 1.2% at the day's high of 24,514.01 in afternoon trade, its highest level since 2 February 2016. The barometer index rose 1.42 points at the day's low of 24,224.74 in late trade. The Nifty rose 95.25 points or 1.29% at the day's high of 7,457.05 in afternoon trade, its highest level since 2 February 2016. The index rose 4.15 points or 0.05% at the day's low of 7,365.95 in late trade.
In overseas stock markets, Asian and European stocks edged higher as weaker-than-expected US service-sector data pushed the US dollar to its lowest level against a basket of currencies in three months, sparking gains for commodities. US stocks staged a late-day rally yesterday, 3 February 2016, as sharp rebound in oil prices lifted beaten-down energy shares and financials rebounded from initial sharp slide.
The total turnover on BSE amounted to Rs 2735 crore, higher than turnover of Rs 2708.89 crore registered during the previous trading session.
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Pharma stocks edged lower on media reports that the US government has made it mandatory for active pharmaceutical ingredients (APIs) to be manufactured locally. Wockhardt (down 11.13%), Aurobindo Pharma (down 3.23%), Strides Shasun (down 3.12%), Lupin (down 2.69%), Glenmark Pharmaceuticals (down 2.76%), Cipla (down 1.67%), Alkem Laboratories (down 2.51%), Cadila Healthcare (down 1.07%), Divi's Laboratories (down 2.54%) and Ipca Laboratories (down 1.54%) edged lower. Dr Reddy's Laboratories (up 0.14%), Sun Pharmaceutical Industries (up 0.33%) and GlaxoSmithkline Pharmaceuticals (up 0.28%) edged higher. The United States is a key market for Indian pharma companies.
Tata Power gained 3.85% at Rs 59.30 after the company announced that its equal joint venture with ZESCO, a Zambian power utility company, has commissioned two units of 60 megawatts (MW) each of its 120 MW Itezhi Tezhi hydro power project in Zambia. The synchronization of both the units was completed in January 2016. ZESCO is the sole off-taker of power from the power plant.
Separately, Tata Power announced that its joint venture company Industrial Energy (IEL) has synchronized the 67.5 megawatts (MW) unit 1 of its 202.50 MW IEL Kalinganagar project. These units are designed to cater to the requirement of LP steam, which is supplied to Tata Steel, which got commissioned from December 2015.
Tata Steel edged higher in volatile trade ahead of the announcement of its third quarter results. The stock rose 1.5% to Rs 227.50. The scrip hit high of Rs 228.50 and low of Rs 219.15 in intraday trade.
Tata Motors rose 2.12% at Rs 327.30 after Jaguar Land Rover (JLR) North America yesterday, 3 February 2016, said its US sales rose 7% to 7,007 units in January 2016 over January 2015. JLR is the British luxury car unit of Tata Motors.
Bajaj Auto edged lower in volatile trade after announcing third quarter results. The stock lost 1.58% at Rs 2,311. The stock hit a high of Rs 2,392.75 and a low of Rs 2,292.25 in intraday trade. Bajaj Auto's net profit rose 4.67% to Rs 901.49 crore on 0.21% growth in total income to Rs 5764.58 crore in Q3 December 2015 over Q3 December 2014. Operating earnings before interest, taxation, depreciation and amortization (EBITDA) rose 2.66% to Rs 1234 crore in Q3 December 2015 over Q3 December 2014. Operating EBITDA margin improved to 22% in Q3 December 2015, from 21.1% in Q3 December 2014. The result was announced during market hours today, 4 February 2016.
Maruti Suzuki India (MSIL) was off 1.01% at Rs 3,790. The stock hit a high of Rs 3,880 and a low of Rs 3,777 in intraday trade. MSIL during market hours today, 4 February 2016, said that it has unveiled Concept Ignis and Concept Baleno RS on the second day of Delhi Auto Expo 2016. Concept Ignis is a smart compact urban concept vehicle built on a new-generation platform. Concept Baleno RS is a sporty version of premium hatchback Baleno. Ignis and Baleno RS will be launched in India in the festival season, MSIL said in a statement. The company also unveiled the 1.0 BOOSTERJET direct injection turbo engine. This turbo engine offers an exhilarating drive feel while the external styling is even more edgy and sporty, MSIL said in a statement.
Meanwhile, the government today, 4 February 2016, announced the schedule of the Budget session of parliament. The Budget session will begin on 23 February 2016 and will continue till 13 May 2016 with recess from 17 March 2016 to 24 April 2016. The presentation of Railway Budget will be on 25 February 2016, to be followed by the finance ministry's Economic Survey on 26 February 2016. Finance minister Arun Jaitley will present Union Budget 2016-17 in parliament on 29 February 2016.
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