 "Markets open flat on weak Asian cues; Sensex holds 26,000")
Markets continue to bleed further mirroring down slide in the global stocks after Japan’s central bank lowered GDP growth forecast to 1.2% from 1.5% earlier for 2016-17. Besides, the Bank of Japan also failed to enthuse investors by deciding against any fresh market stimulus.
At 15:20 pm, the S&P BSE Sensex was down 464 points at 25,600 and the Nifty50 was down 131 points at 7,848.
Top five losers in the Sensex pack include Hinalco, M&M, HDFC, BHEL and Tata Steel down between 2.3%-4%.
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(updated at 14:20 pm)
Markets have extended losses in noon trades on Thursday tracking weakness in Asia led by Japan after its central bank lowered GDP growth forecast to 1.2% from 1.5% earlier for 2016-17.
Besides, the Bank of Japan also failed to enthuse investors by deciding against any fresh market stimulus
Further, traders continue to remain cautious ahead of the April F&O expiry due today. The Bank of Japan failed to enthuse investors by deciding against any fresh market stimulus
At 14:20 pm, the S&P BSE Sensex was down 338 points at 25,726 and the Nifty50 was down 99 points at 7,881.
Top five losers in the Sensex pack include ITC, BHEL, M&M, GAIL, Tata Motors down between 1.3%-2.8%.
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(updated at 10:33 am)The broader markets outperformed the benchmark share indices after the first hour of trade after focus shifted to mid-cap and small-cap shares. Further, traders are also cautious ahead of the expiry of April derivative contracts today
At 10:33am, the S&P BSE Sensex was down 22 points at 26,042 and the Nifty50 was down 5 points at 7,975. In the broader market, the BSE Midcap and Smallcap indices were up 0.3%-0.5%. Market breadth improved further with 1106 gainers and 745 losers on the BSE.
Yes Bank was up 3% after the private sector lender reported 27% growth in net profit in the March 2016 quarter at Rs 702 crore, compared to Rs 551 crore in the corresponding quarter a year ago. NII, the difference between interest earned and interest expended, grew 27.1 per cent to Rs 1,241.4 crore.
Among other banks, Axis Bank, ICICI Bank, HDFC Bank and SBI were up 0.5%-1% each.
HCL Technologies was down nearly 3% after the company reported lower-than-expected growth in consolidated net profit at Rs 1,926 crore for the quarter ended March 2016 (Q4) on sequential basis. Revenues grew 3.4% at Rs 10,698 crore on quarter on quarter (QoQ) basis.Analysts on an average expected net profit of Rs 1,951 crore on revenues of Rs 10,806 crore.
Oil explorers ONGC and Oil India were up 1.5% each tracking gains in global crude oil prices.
Among other shares, Jubilant FoodWorks has dipped 5% to Rs 1,265 on the National Stock Exchange (NSE) in early morning trade after a huge block deal was executed in the counter.
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(updated at 9:30am)
Markets were trading flat as gains in bank shares helped offset losses in index heavyweights. Meanwhile, rangebound trend is seen ahead of the rollovers to the May series with expiry of April derivative contracts today.
At 9:30am, the S&P BSE Sensex was up 4 points at 26,068 and the Nifty50 was down 1 points at 7,979. In the broader market, the BSE Midcap and Smallcap indices were trading flat with positive bias. Market breadth was strong with 677 gainers and 347 losers on the BSE.
"Having floated above yesterday’s key level of 7957 all day, the anticipated move towards 8022 is likely to mature today, and the potential for achieving the medium term objectives of 8200-8300 would be closely watched today. However, as maintained lately, the oscillators in the longer term periodicities still look reluctant, suggesting that chances of vertical rise towards 8200-8300 is quite low, and that volatility could dominate the next few days. Meanwhile, prospects of sharp falls are also low, and hence the vote for volatility today," Geojit BNP Paribas said in a technical note.
Foreign institutional investors were net buyers in equities to the tune of Rs 411 crore, as per provisional stock exchange data.
STOCKS
Bharti Airtel was the top Sensex up 2.3% after it posted a 2.8% increase in net income at Rs 1,290 crore for the quarter ended March, with high growth in mobile data revenue at Rs 4,434 crore, up 43.7% on a yearly basis.
Bank shares were among the top gainers with ICICI Bank, HDFC Bank, Axis Bank and SBI up 0.5%-1.3% each.
ONGC extended gains and was up nearly 1% tracking an uptick in global crude oil prices.
Index heavyweights Infosys and ITC were trading with marginal losses. Infosys said it has invested an undisclosed amount in Trifacta, which develops productivity platforms for data analysis, management and manipulation.
Maruti Suzuki was down nearly 1% on profit taking. The stock had gained in the previous sessions after strong realisations and volume growth helped Maruti beat expectations in the quarter ended March.
GLOBAL MARKETS
Asian equities came off their early highs and were trading lower with Japanese shares declining the most after the Bank of Japan at its policy meet today lowered the GDP growth forecast to 1.2% compared to 1.5% higher. The central bank kept its monetary policy steady keeping the negative interest rate unchanged. The Nikkei was down 2.5% while Shanghai Composite was down 0.7%. However, Straits Times and Hang Seng were trading flat with positive bias.
US stocks ended higher on Wednesday after the US Fed at its two-day meet kept policy rates unchanged while being open to a potential rate hike in June. Energy shares lead the gains on the back of uptick in crude oil prices in addition to buying interest in telecom shares. The Dow Jones industrial average ended up 0.3% at 18,042, S&P 500 ended flat at 2,095 and Nasdaq ended down 0.5% at 4,863 weighed down by weakness in Apple shares after sales declined 13% in the March quarter.
