The BSE Sensex and NSE Nifty continued their dull trade throughout the day and closed on a flat note on Thursday on account of absence of any major triggers. Sensex settled 11.59 points down at 25,838.71, while Nifty 50 index closed 4.90 points down at 7,861.05.
In the 50-share index, Vedanta, Cairn India, Hindalco, Bharti Airtel and GAIL gained between 1.25 per cent and 3.20 per cent. On the other hand, ZEEL, ICICI Bank, PNB, HCL Tech and Grasim slid between 0.80 per cent and 2 per cent.
Traders were seen piling position in telecom, metals, power and capital goods stocks, while selling was witnessed in consumer durables, banking and real estate sector stocks.
Gaurav Jain, director, Hem Securities, said, “The market ended flat with not much excitement throughout the day ahead of the long festive weekend.”
Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “The Market was in a lackluster mood with a flat closing on the last trading day of the holiday shortened week. The Sensex is nearing the year end with a negative return. The Indian market is expecting a better year ahead with a revival in FII sentiments, on the back of reduced risks over global liquidity, correction in commodity prices to decade lows and expectations over government reforms near the budget.”
Meanwhile, the Reserve Bank of India, in the twelfth issue of the Financial Stability Report (FSR), expressed concerns on the debt servicing capability of large borrowers which, in turn, was affecting the health of the banking sector.
Stocks related to defence sector such as Pipavav Defence and Offshore Engineering, Bharat Electronics, Walchandnagar Industries remained on buyers’ radar on report that the Ministry of Defence has initiated various policy measures to address the concerns of the industry for ease of doing business.
Telecom stocks too edged higher on report that contribution of telecom sector revenue to gross domestic product (GDP) increased marginally to 1.94 per cent in 2014-15. Revenue generated by the telecom sector in 2014-15 increased to Rs 2,42,900 crore, accounting for 1.94 per cent of total GDP, compared to previous fiscal’s figure of Rs 2,19,553 crore or 1.93 per cent of the GDP.
Investors maintained a cautious approach after minister of State for Finance Jayant Sinha’s stated that 2016-17 would be a challenging term with headwinds from low farm sector growth, the global slowdown, and implementation of the Seventh Pay Commission report and the One Rank One Pension.
In the scrip specific development, V-Mart Retail surged nearly 20 per cent after the Reserve Bank allowed foreign institutional investors to increase their stake in the company. The RBI has allowed FIIs to buy up to 49 per cent of the equity capital in the medium-sized retail company.
Pipavav Defence and Offshore Engineering is locked at upper circuit limit on reports that it is likely to sign a Rs 66,000 crore deal with Russia.
Market breadth for the day remained mildly negative and advances to declines ratio for Nifty stood at 28:21 for the day. Volumes for Nifty stocks stood at 963 lakh against Wednesday’s volumes of 1,214 lakh for Nifty stocks.
Domestic equity markets, forex, money and commodity markets will remain closed on Friday on account of Christmas.
Asian equity markets ended mixed on Thursday as regional gains were tempered by losses in mainland China and Japan before the holiday period. Energy and material stocks outperformed amid a rebound in oil prices and a rise on Wall Street overnight for the third day running.
China’s stock market posted its biggest one-day fall in two weeks, as investor interest in blue chips suddenly cooled after China Insurance Regulatory Commission tightened rules for insurers investing in listed firms. Japanese stocks ended lower after giving up earlier gains as the strong yen hurt overall sentiment while trading was subdued ahead of the Christmas holiday. The markets in Malaysia and Indonesia were closed in observance of the birth of Prophet Mohammad.
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Markets through the day
3.30 pm: Sensex settled 11.59 points down at 25,838.71, while Nifty 50 index closed 4.90 points down at 7,861.05.
3.17 pm: Dr Lal Pathlabs and Alkem Labs which listed on bourses on Wednesday were trading 8.32 per cent and 10.39 per cent up at Rs 892.75 and Rs 1,525, respectively, on Thursday.
3.02 pm: Suven Life Sciences were trading nearly 1 per cent up at Rs 268. The company on Wednesday announced that it has secured product patents in ARIPO, Europe, Hong Kong, Japan, Macau and South Korea to its New Chemical Entities (NCE’s) for CNS therapy through mechanism of action – H3 Inverse agonist and these patents are valid until 2031.
2.32 pm: Hindustan Construction Company’s subsidiary and the infrastructure development arm of the HCC Group — HCC Concessions, has completed 74 per cent stake sale of Nirmal BOT, its annuity project in Andhra Pradesh to Highway Concession One, an entity majorly held by IDFC Alternatives managed India Infrastructure Fund. Consequently, Nirmal BOT ceased to be a subsidiary of HCC Concessions and Hindustan Construction Company. The share price of of HCC was trading 2.57 per cent up at Rs 25.90.
2.16 pm: Sensex was down 53.51 points at 25,796. Nifty was down 20 points at 7,845. Steel Strips Wheels shares were trading 10.35 per cent up at Rs 436. The share price of the company jumped after it announced that it has bagged an export order from Siam Kubota Corp for their new project. The order is for supply tractor wheel for their Thailand production facility.
1.48 pm: Trading was marred by low volumes in a holiday-shortened week, and subdued trade was likely until Dec-end, analysts said. Sensex was down 25 points at 25824. Nifty was down 6.85 points at 7,859. V-Mart was trading 16.29 per cent up at Rs 568.10.
1.16 pm: Diamond Power Infrastructure shares strengthened on bagging an order worth Rs 43 crore. The scrip was trading 1.83 per cent up at Rs 44.40. Sensex was marginally down 2.85 points at 25,847.
12.51 pm: Sensex was down 0.08 per cent at 25,828. The BSE Midcap and BSE Smallcap index were up 0.34 per cent and 0.49 per cent, respectively.
12.08 pm: M&M shares gained on plans to launch premium pick-up truck range in early January. The scrip was trading 0.37 per cent up at Rs 1257.50. The BSE Auto index was up 0.37 per cent at 18281.07.
11.53 am: Benchmark indices continued to trade on a flat note. Sensex was marginally down 13.27 points at 25,837. Nifty was down 6.60 points at 7,859.35.
11.14 am: In a bid to ensure speedy coal loadings, the railways on Wednesday joined hands with Coal India for procurement of 2,000 high-capacity wagons. Coal India was trading 0.67 per cent up at Rs 323.95.
10.51 am: V-Mart Retail rallied 17 per cent on the National Stock Exchange (NSE) after the Reserve Bank of India (RBI) approved hike in investment limit by overseas investors by up to 49 per cent.
10.32 am: Sun Pharma shares gained as its arm raises Rs 1,000 crore on private placement basis. The scrip was trading 0.28 per cent up at Rs 793.25. Sun Pharmaceutical Industries’ wholly-owned subsidiary – Sun Pharma Laboratories has raised, on private placement basis, Rs 1,000 crore by allotment of 10,000, ‘AAA / Stable Outlook’ Rated by ICRA, Unsecured Redeemable Non-Convertible Debentures of a face value of Rs 10,00,000 each to be listed on BSE under two series with Series 1 debentures comprising of 5,000 debentures amounting to Rs 500 crore with a tenor of 24 months, and Series 2 debentures comprising of 5,000 debentures amounting to Rs 500 crore with a tenor of 39 months.
10.00 am: Tech Mahindra launched India’s first contactless digital payment ecosystem, branded MoboMoney. MoboMoney is a prepaid wallet issued in the form of an NFC (Near-Field Communication) Contactless Tag. The share price of Tech Mahindra was up 0.13 per cent in the morning trade.
9.35 am: According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 404.14 crore in index futures and options segments, as per Wednesday’s data, December 23, 2015.
FIIs were net buyers of index futures to the tune of Rs 555.97 crore and they sold index options worth Rs 151.83 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 249.87 crore, while they sold stock options worth Rs 34.48 crore.
9.29 am: Biocon shares jumped over 4 per cent after it announced the introduction of an advanced novel therapy CIMIVIR-L for the treatment of Hepatitis C in India. Benchmark indices turned flat. Sensex was marginally up 5 points at 25855. Nifty was down 4 points at 7,861.
9.26 am: Stocks of Tree House slumped 5 per cent at Rs 195.90 after it informed exchanges that the board of directors in a meeting held on Wednesday have approved amalgamation between pre-school chain Tree House Education and Zee Learn. Stocks of Zee Learn were trading 0.73 per cent down at Rs 40.85 in early trade.
9.23 am: Forex and money markets will remain closed today on account of Id-E-Milad. The rupee on Wednesday continued its upward march for the seventh day by surging 12 paise to close at 66.21 against the American currency on sustained selling of dollars by banks and exporters amid foreign capital inflows.
9.22 am: State-owned Oil and Natural Corp (ONGC) said it will invest Rs 3,500 crore in extracting gas lying below coal seams (CBM) in three coal-bed methane blocks in eastern India. ONGC shares were trading 1.38 per cent up at Rs 238.65.
9.17 am: In the 50-share index, Cairn India, Vedanta, Idea Celluar, Coal India and ONGC were up between 1.35 per cent and 2.15 per cent. On the other hand, ZEEL, HCL Tech, TCS, Power Grid and Bharti Airtel were down between 0.28 per cent and 0.95 per cent. Nifty was up 13 points at 7,878. Sensex was trading over 70 points up in the early trade. Brokers said a firming trend in other Asian markets following a strong overnight gains in US markets buoyed the trading sentiment here.
9.16 am: Idea Cellular on Wednesday launched its 4G services across 75 towns in five southern states of Andhra Pradesh, Telangana, Karnataka, Kerala and Tamil Nadu. The share price of Idea Cellular was up 1.68 per cent at Rs 142.05.
9.15 am: The BSE Sensex and NSE Nifty opened in positive on Thursday tracking firm global markets. Sensex opened 43.54 points up at 25,893.84. Nifty opened 22.80 points up at 7,888.75.
Asian shares were higher in early Asian trade on Thursday, heartened by gains on Wall Street and a recovery in crude oil prices in thin trading ahead of this week’s Christmas holiday.
The Dow ended Wednesday up 1.06 per cent, while the S&P 500 gained 1.24 per cent and the Nasdaq 0.90 per cent.
The benchmark Sensex on Wednesday rebounded by about 260 points to close at 25,850.30 — a nearly three-week high – helped by a raft of positive US economic data on growth and consumer spending.
(With agency inputs)