Markets gain momentum; Nifty over 7,950

Markets have climbed in the late afternoon trades on renewed buying interest seen in banking, auto, and capital goods shares.

By 2:30 pm, the S&P BSE Sensex was higher by 70 points at 26,187 and Nifty50 has gained 22 points at 7,968.

However, the broader markets continue to outperform their larger peers with BSE Midcap and Smallcap indices up by 0.9% each.

The top gainers on the Sensex are Tata Motors, SBI, Adani Ports, BHEL, and Coal India, up between 1-2% each.

The biggest losers on the Sensex are NTPC, TCS, Wipro, Gail (India) and Tata Steel, all down between 0.7-1% each.

--------------------------------------------------------
(updated 1:20 pm)

Markets continue to trade with marginal losses with Nifty defending the 7,900 mark with most of the Asian peers closed on account of New Year holiday and a fall in the US equities. However, sustained buying interest is seen in the midcap and smallcap space with BSE Midcap and Smallcap indices suriging 0.6%. 

 

By 1.20 pm, the S&P BSE Sensex was lower by 60 points at 26,057 and Nifty50 has slipped 19 points at 7,927. 

For the year 2015, the S&P BSE Sensex ended 5% lower at 26,117.54 levels, while the Nifty50 closed 4% lower at 7,946.35 compared to their respective closing figures as on December 31, 2014.

Among macro data, the combined index of eight core industries comprising nearly 38% of the weight of items included in the index of industrial production (IIP) fell 1.3% in November 2015 over November 2014. This further dampened the sentiments at the D-Street.

The rupee has fallen by five paise to trade at 66.20 against the US dollar on the first trading day of the calendar year 2016 on account of fresh fresh buying of the American greenback by banks and importers amid weakness in the local equities.

STOCK TRENDS

Shares of aviation companies like Jet Airways, InterGlobe Aviation and SpiceJet are hogging limelight in today’s trade after reports suggest that oil marketing companies slashed aviation turbine fuel (ATF) by 10 per cent. Jet Airways, Spicejet and InterGlobe Aviation have jumped between 9%-12%.

Additionally, petrol price was cut by 63 paise per litre and diesel by Rs 1.06 a litre, the reduction was due to softening in global oil rates. OMCs such as IOC, BPCL and HPCL gained between 0.5%-1.5%.

Car maker Maruti Suzuki is making the news today after it posted a 8.5 per cent growth YoY at 1,19,149 units in Dec 2015. Its exports were down 33 per cent. The stock is trading with marginal gains.

Among its peers, Tata Motors has climbed 2% and emerged as the top gainer. Tata group Chairman Cyrus Mistry has requested firms of the conglomerate Tata group to be agile both at a strategic and an organisational level and identify opportunities with a sense of urgency to enhance and secure leadership.

Cadila Healthcare after slumping 15% on receiving a warning letter from the US Food and Drug Administration (US FDA) for its two facilities in Gujarat has climbed up 2% as investors bought the stock at attractive valuations,

On the flip side, Mortgage lender and Index heavyweight HDFC is trading 0.5% down after it recorded 50 per cent decline in profit on sale of investment to Rs 57 crore for the quarter ended December. 

Metal stocks took a beating in today with Tata Steel and Hindalco trading lower between 0.2%-1.3%.China’s activity in the manufacturing sector contracted for a fifth straight month in December, suggesting the government may have to step up policy support to avert a sharper slowdown.

Another pack which is seeing a sharp downfall is the technology pack. Infosys, TCS and Wipro have lost nearly 1% each as US initial jobless claims climbed to 287,000, an increase of 20,000 from the previous week's unrevised level of 267,000. Meanwhile, economists had expected jobless claims to edge up to 270,000.