 "Stock market: A roller coaster ride for Indian equities")
Markets continue to trade lower weighed down by IT shares along with consistent selling by foreign investors leading the decline. However, buying among bank shares has limited the downslide.
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At 11:50 am, the S&P BSE Sensex lost 114 points to trade at 25,146 and the Nifty50 shed 32 points to quote at 7,703. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.02%-0.3%.
Top losers from the Sensex pack are Adani Ports, Dr Reddy’s Labs, Wipro, ONGC and Hero Moto, all dipping between 1%-2%.
On the gaining side, SBI, ICICI Bank, Bharti Airtel, Asian Paints and GAIL are up 0.3%-1.5%.
Among other shares, Diamond Power Infrastructure is locked in upper circuit of 10% at Rs 44.85 on the National Stock Exchange (NSE) after the company announced that the board will meet on Monday, May 16, 2016, to evaluate various debt re-alignment options including stake sale to strategic investor and re-organization of company’s various businesses.
ABG Shipyard has tanked 18% to Rs 31.40, also its lifetime low on the BSE, after ECL Finance sold more than one million shares of the company in the open market.
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Updated at 10:40 am
Markets continue to remain weak with IT majors dragging the key indices lower amid rupee depreciation and sustained FII outflows. However, the focus for today lies with banks and NBFCs after the Reserve Bank of India proposed granting on-tap universal banking licences to individuals, groups or entities and companies.
Going ahead, stock specific action amid the ongoing earning season coupled with FII stance and crude oil movements are likely to set the tone for the day.
At 10:40 am, the S&P BSE Sensex lost 126 points to trade at 25,136 and the Nifty50 shed 32 points to quote at 7,703.
Top five losers in the Sensex pack include Adani Ports, Dr Reddy’s Lab, Tata Steel, BHEL and TCS down between 1%-3%.
However, in the banking space, Bank of Baroda, SBI, Punjab National Bank, ICICI Bank, Axis Bank and YES Bank are trading higher up to 2%.
However, in the banking space, Bank of Baroda, SBI, Punjab National Bank, ICICI Bank, Axis Bank and YES Bank are trading higher up to 2%.
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(updated at 9:15 am)
Going ahead, stock specific action amid the ongoing earning season coupled with FII stance, rupee and crude oil movements are likely to set the tone for the day.
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At 9:16 am, the S&P BSE Sensex lost 156 points to trade at 25,106 and the Nifty50 shed 39 points to quote at 7,696. In the meanwhile, BSE Midcap and Smallcap indices are outperforming the larger peers and are trading almost flat with negative bias.
Geojit BNP Paribas in a technical note says “While early moves remained north bound on anticipated lines, push above the 7,790 region for the Nifty failed to attract further buying, attracting long liquidation tendencies as feared. A flat close resulted, but the pattern of moves hint at bigger volatility is in store.”
GLOBAL MARKET
Asian markets were trading with losses with stocks in Hong Kong and Singapore declining the most. Meanwhile, Japanese markets resumed trading on Friday and the benchmark Nikkei was down 0.7%. Hang Seng and Straits Times were down over 1% each while China's Shanghai Composite was trading flat with negative bias.
Stocks on Wall Street pared intra-day gains to end flat in overnight trades as investors turned cautious ahead of the April jobs data due later today. The Dow Jones industrial average ended up 9 point at 17,660.71, the broader S&P 500 lost ground for the third straight day to end down 0.49 point down at 2,050.63 and the Nasdaq eased 8.55 points to settle at 4,717.09.
STOCKS
ITC is leading the decline and is down 1.5% after the company plans to shut its cigarette factories from May 04, 2016 until the Company is in a position to comply with the mandatory pictorial warnings on packages of tobacco products.
Banks and non-banking finance companies are trading mixed. The Reserve Bank of India (RBI) on Thursday proposed granting on-tap universal banking licences to individuals, groups or entities and companies. In the NBFC pocket, HDFC, Srei Infrastructure Finance, Shriram Transport, Cholamandalam Investment are trading higher up to 1%. However, in the banking space, SBI and Bank of Baroda are trading higher by 0.3% each.
Hero MotoCorp posted 71% growth in net profit for the March quarter at Rs 814 crore against Rs 477 crore in the year-ago period. However, the stock is down 1% on account of profit booking after the recent run-up.
Bharti Airtel has emerged as the top gainer and is up 1% after the company said it has entered into an agreement with Helios Towers Africa (HTA) for divestment of about 950 towers in the Democratic Republic of Congo (DRC).
Sun Pharma said its psoriasis molecule met two key targets in advanced clinical studies, taking the drug closer to filing for approval from the US health regulators. The stock gained 0.3%.
Emami has climbed 0.5% after cash profit, however, rose by over 11% at Rs. 166 crore in the March quarter as against Rs. 149 crore in the year-ago period. However, net profit fell by nearly 45% at Rs 76 crore as compared to Rs 138 crore in the same months of 2015 mainly on account of the sharp rise in amortisation of the Kesh King brand.
NDTV has surged 5% in a falling market after the media company returned to profit after posting Rs 7.5 crore net profit in the March quarter, 2016 after posting Rs 10.7 crore net loss in the same quarter last year.
M&M has overtaken Tata Motors and has emerged as not only the largest small commercial vehicle maker, but also extended the lead to 15% in the load or cargo carrying truck segment. Tata Motors is down 0.4% while M&M is trading flat.
