Sensex ends flat, Nifty settles below 10,100; Wipro top loser, down 4%

All that happened in Thursday's trade

4:04 PM

Anand James, Chief Market Strategist, Geojit Financial Services 

 

Unsteady movements in the oil marketing company stocks, with uncertainties prevailing over the fuel prices kept markets volatile early in the day, but strength in midcaps kept market sentiments buoyant. The late surge in PSUs is suggestive that investors are expectant of the speeding process of NPA resolution and anticipating news on the consolidation of PSU banks, sooner than later.

3:47 PM

Sectoral trend 

Source: NSE

3:46 PM

Nikhil Kamath, Co-Founder and Head of Trading, Zerodha

 

The indices continued to scale up, now within touching distance of the all time highs yet again. An overall bull trend has been firmly established and is definitely in play, in the short term there could be fluctuations based on the inherent froth that has crept into the system. Everybody seems to be calling for higher levels and the overall sentiment is definitely bullish. In the near term we expect some volatility taking the markets lower by 3-5%, post which the bull trend could resume again.

3:44 PM

Sensex heatmap at close 

Source: BSE

3:41 PM

Market breadth 

The breadth, indicating the overall health of the market, remained neutral. On BSE, 1,311 shares rose and 1,304 shares declined. A total of 152 shares were unchanged. 

3:39 PM

Broader markets outperform 

Broader markets outperformed with the BSE Midcap and the BSE Smallcap indices adding 0.6% each. 

3:37 PM

Markets at close

The Sensex ended at 32,241, up 55 points, while the broader Nifty50 closed at 10,086, up 7 points.

3:24 PM

Centrum on Orient Refractories 

 

We maintain Buy on Orient Refractories (ORL), with an unchanged target price of Rs 170 as the growth story remains on track with i) steady revenue growth led by improving domestic demand, and ii) strong traction in exports sales with approval of increased transaction limits with parent, RHI. Q1 performance was a mixed bag with revenue growth above expectations but provisioning for steel accounts keeping EBITDA/PAT supressed. 

 

We remain structurally positive on ORL and believe that the tremendous scope for brownfield expansion, as well as low capital and operational costs, MNC parentage and strong return ratios make it a compelling long term bet.

3:20 PM

Oil prices

Oil prices steadied, holding on to most of their recent gains after forecasts for stronger oil demand by the International Energy Agency (IEA).

 

Benchmark Brent crude was down 10 cents at $55.06 a barrel after rising 89 cents or 1.6% on Wednesday. US light crude was unchanged at $49.30 after gaining 2.2% in the previous session.

3:17 PM

European markets

 

European stock markets inched lower on Thursday, weighed down by weaker miners, while shares in German reinsurer Munich shrugged off a profit warning.

 

The pan-European STOXX 600 index was down 0.2% with the basic resources sector taking most points off as investors digested a decline in industrial metals and disappointing data from top consumer China.

 

Among other regional benchmarks, Britain's FTSE fell 0.1% ahead of the results of Bank of England policy meeting later in the day, while Germany's DAX was down 0.3%.

3:12 PM

Volatility index

 

India VIX declined for the sixth straight session.

Source: NSE

3:07 PM

Sebi orders forensic audit of 3 firms

 

Markets regulator Sebi has ordered forensic audit of three firms -- Trinity Tradelink, Info-Drive Software and Edynamics Solutions -- which figure among 331 suspected shell companies that are under its scanner. 

 

These are in addition to Sebi ordering forensic of four other such firms -- IRIS Mediaworks, Hit Kit Global Solutions, Kavit Industries and GV Films. READ DETAILS HERE

3:01 PM

Markets check

At 3:00 pm, the Sensex was trading at 32,248, up 62 points, while the broader Nifty50 was ruling at 10,089, up 10 points. 

2:46 PM

Buzzing stock

Private lender Axis Bank rose over 4% to Rs 520, and was the top percentage gainer on the Sensex and Nifty, after brokerage firm Deutsche Bank upgraded the stock to “buy” and raised its target price to Rs 600.

 

2:29 PM

Recapitalisation a major issue: UCO bank chief

 

Recapitalisation is a major issue for state-run banks owing to the massive non-performing assets (NPAs), or bad loans, accumulated by them and they are now exploring various sources of raising capital, according to a leading public sector bank (PSB). READ FULL STORY