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Markets remain lacklustre; RIL gains 3%, ITC drops 3%

Growth in India's services firms rose at its fastest pace in 10 months in December as demand picked up

Markets remain lacklustre; RIL gains 3%; ITC drops 3%

SI Reporter Mumbai
Benchmark indices remain directionless with Sensex and Nifty oscillating between negative and positive territory. However, gains in Reliance Industries have arrested the downfall.

At 1:10 pm, the S&P BSE Sensex was down 25 points to quote at 25,554 and the Nifty50 shed 5 points to trade at 7,781

Meanwhile, growth in India's services firms rose at its fastest pace in 10 months in December as demand picked up, a business survey showed today.

The Nikkei/Markit Services Purchasing Managers' Index (PMI) surged to 53.6 in December from November's 50.1, marking a sixth month above the 50-level that separates growth from contraction.
 
World stocks surrendered their gains today after their worst first-day performance in years, extending losses as relief at intervention by China to steady its markets quickly evaporated in the face of mounting concerns about the global economy.

Meanwhile, the Foreign Institutional Investors (FIIs) were the net sellers to the tune of Rs 352 crore as per the provisional stock exchange data.

BUZZING STOCKS

Among notable stocks on the Sensex Cipla, TCS, HDFC Bank, RIL, Coal India have all gained strength between 1-3% each

According to Karvy Stock Broking report, RIL is expected to maintain profitability in its core business with a capex that increases the operational efficiency across the refining & petrochemicals business, while the new businesses like the Reliance Jio are likely to trigger the next level of growth and boost revenues. The stock has soared 3%

Telecom stocks like Bharti Airtel, RCom and Idea Cellular are trading higher by 1% higher each as the Delhi High Court is likely to pronounce its order on compensation for call drops later today. The Telecom Regulatory Authority of India (Trai) has asked operators to pay a compensation of Re one for every call drop, maximum three calls per day per mobile user, starting January 1.

On the flip side, Tata Motors has lost 1% after Jaguar Land Rover (JLR)- its luxury arm said its US sales rose 30% to 9,638 units in December 2015 over December 2014. Land Rover sales rose 47% to 8,441 units in December 2015 over December 2014. Jaguar sales fell 29% to 1,197 units in December 2015 over December 2014.

Tata Steel has witnessed some profit booking after the scrip surged nearly 7% in yesterday’s trade. The stock has lost over 1% today.

After the Supreme Court of India upheld the decision to ban the registration of diesel vehicles in Delhi, M&M got affected the most. The stock has skid over 1%

Other important losers on the Sensex are Sun Pharma, ICICI bank, ITC all down between 1-3%

Among other shares, shares of Glenmark Pharmaceuticals have marginally dropped on account of profit taking. The company said its US arm Glenmark Pharmaceuticals Inc., has received tentative approval from the USFDA for Dronedarone tablets, 400 mg.

Shares of Sanghvi Forging and Engineering jumped over 8% after the company said it has received fresh orders from the oil & gas and power sectors.

 

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First Published: Jan 06 2016 | 1:17 PM IST

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