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Sensex Edges Lower, Banks, IT Stocks Drag

Global brokerage CLSA expects Sensex to touch 29,000 by December 2016, implying a 12 per cent upside from current levels.
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Sensex Edges Lower, Banks, IT Stocks Drag

3.35 p.m.: Indian markets ended lower on Tuesday led by selling in banking and IT stocks. The BSE benchmark Sensex closed 43 points lower at 25,580 and the 50-shares Nifty shed 6.65 points or 0.09 per cent to close at 7,784.65. 

Punjab National Bank was the top loser in Nifty down 1.95 per cent while Bank of Baroda and SBI shed 1.92 per cent and 1.34 per cent respectively. IT heavy weights such as Infosys and TCS closed 0.55 and 0.83 per cent lower respectively. Other stocks like HUL, Power Grid, Cola India Tata Motors, Hero MotoCorp also ended 0.8-1.5 per cent lower. 

Meanwhile, metal and oil & gas stocks witnessed buying today. Tata Steel was the top gainer in the Nifty, up 6.15 per cent while Vedanta and Hindalco closed 3.65 per cent and 2.29 per cent higher respectively. GAIL, ONGC, BPCL gained between 1.3-3.1 per cent. 



3.20 p.m.: Sensex down 45 points at 25,578 and the Nifty off 7 points at 7,785. Market breadth continue to be positive as 2043 stocks trade in green and 852 stocks fall. 93 stocks are unchanged. 

3.10 p.m.: Upendra Kulkarni, executive director, Fortress Fin Services, told NDTV that investors looking to buy stocks for long term should wait for some more time as he expects the Nifty to fall to 7,400-7,500 level in the near term. 

2.40 p.m.: Sensex, Nifty continue to trade flat. Gains in metal stocks were offset by PSU banks, which are under pressure. Bank of Baroda down 2.3 per cent, top loser in the Nifty. PNB and SBI were down 1.9 per cent and 1.2 per cent respectively. 

Market expert Nipun Mehta, says there is no visibility in corporate earnings for at least next two quarters. In the absence of earnings visibility markets will continue to remain range-bound, he added.

2.05 p.m. Buzzing stock: IFCI up over 8 per cent at Rs 29.45. Its board yesterday approved partial divestment of its equity holding in Stock Holding Corporation and Asset Care and Reconstruction Enterprise. 

1.30 p.m.: Markets continue to trade flat. However, metal stocks witness strong buying. Tata Steel up over 7 per cent at Rs 276. Vedanta, Hindalco Industries gain between 2.5-3.8 per cent. 

1.00 p.m.: Mahindra & Mahindra at day's low, after the Supreme Court said that the ban on registration of diesel vehicles with engine capacity of over 2000cc to continue in Delhi.

12.35 p.m.: Sensex, Nifty turn flat. However, midcap and smallcap shares witness buying. The BSE Midcap index is up 0.27 per cent and the BSE Smallcap index adds 0.57 per cent. 

TS Harihar, Chief Executive and Founder of HRBV Client Solutions, expects midcaps to extend their outperformance this year.

12.10 p.m.: Indian markets witness partial recovery tracking the Chinese markets, which turned positive. The Sensex is down 27 points at 25,596 while the Nifty is off 4 points at 7,787. Infosys off day's lows, down 0.4 per cent. 

11.50 a.m.: Sensex falls over 100 points to 25,513.75 and the 50-share Nifty down 28 points at 7,763. Banking, IT stocks weigh. ICICI Bank, Axis Bank, PNB, Bank of Baroda, Infosys, TCS, HUL fall between 0.6 -1.5 per cent each. 

11.45 a.m.: Bajaj Auto trades 0.7 per cent higher at Rs 2,500. Ashwin Patil, auto analyst at LKP Securities, told NDTV that the stock will move in a range of 10 per cent from current level (5 per cent on the upside and 5 per cent in the down side) as exports will take time to pick up and domestic sales will depend on three-wheelers. 

11.30 a.m.: Sensex down 52 points at 25,571, Nifty falls 0.18 per cent to 7,777. Infosys, HUL, Bharti Airtel, ICICI Bank fall over 1 per cent each. Out of the 50 shares in Nifty 26 are in green and 24 are in red. 

11.00 a.m.: Sensex falls 35 points to 25,588 and the Nifty again slips below the 7,800 mark. Nifty heavyweights like Infosys, HUL, ICICI Bank fall over 1 per cent each to drag the Nifty lower. 

Bank of Baroda, which fell 5 per cent on Monday, continued its downward journey on Tuesday as well. It is down 2.58 per cent at Rs 147.30, currently the top loser in the Nifty-50 pack. PNB, Power Grid, Coal India and Bosche also fell between 1.2-2 per cent each. 

10.50 a.m.:Suven Life Sciences shares surged over 3 per cent to Rs 269.40 on the BSE after the company said that it has secured three product patents in Canada, ARIPO and South Korea corresponding to the new chemical entities for the treatment of disorder associated with neurodegenerative diseases. These patents will be valid till 2030. 

10.35 a.m.: Global brokerage CLSA expects Sensex to touch 29,000 by December 2016, implying a 12 per cent upside from current levels. Its top picks include Reliance Industries, HDFC Bank, ICICI Bank, Maruti Suzuki, Infosys and Power Grid. (Read story here)

10.28 a.m.: Welspun shares fall over 3 per cent after the company said that it has received a tax demand notice of Rs 100.46 crore for its manufacturing unit at Anjar, Gujarat. (Read full story here

10.20 a.m.: Sensex recovers nearly 100 points from the day's low, now up 61 points at 25,684 and the Nifty regains 7,800 mark, up 21 points at 7,812. Buying was visible in auto, metal and oil & gas shares. Among Nifty companies Tata Steel gains 2.3 per cent, Vedanta up 1.9 per cent, M&M gains 2 per cent and Gail adds 2.2 per cent.

9.52 a.m.: Sensex turns choppy, down 17 points at 25,606.50. Banking, IT, FMCG and state-owned companies witness selling pressure. 

9.45 a.m.: Petronet LNG shares gain nearly 3 per cent to Rs 257. The company is likely to renegotiate Australia gas price. Goldman Sachs has downgraded the stock to neutral from buy. (Read brokerage report)

9:35 a.m.: Stock update: SITI Cable Network surges 8% to 39.90, RBI allows foreign investors to buy up to 49% stake in the company

9:28 a.m.: Sensex gives up some early gains, trades nearly 50 points higher. Some selling pressure seen in IT, banking and consumer durable stocks. 

9:24 a.m.: Major Nifty gainers: Tata Steel, Idea Cellular, GAIL India, NTPC, Cairn India, Tata Motors rise 1 per cent to 1.5 per cent. 

9:18 am.: Sensex rises over 100 points amid broad-based gains while Nifty advances to 7,831 at day's high. 

9.00 a.m.: Rupee opens higher at 66.51 per dollar against Monday's close of 66.61. 

8.15 a.m.: The Sensex and Nifty are set to open with marginal gains on Tuesday as indicated by Nifty futures trading on Singapore Stock Exchange (SGX Nifty), which was up 20 points at 7,822. 

Meanwhile, Asian markets were trading lackluster. The Shanghai Composite, which plunged 7 per cent leading to a trading halt on Monday, opened with 3 per cent cuts on Tuesday. However, it recovered later on and was down only 0.1 per cent. Japan's Nikkei, Hong Kong's Hang Seng and Korea's Kospi index traded with 0.1-0.8 per cent gains. 

Overnight, the S&P 500 and Nasdaq posted their worst start to a year since 2001, while it was the worst for the Dow since 2008.The Dow Jones industrial average closed down 276.09 points, or 1.58 per cent. The S&P 500 fell 31.28 points, or 1.53 per cent, and the Nasdaq Composite lost 104.32 points, or 2.08 percent. 

8.00 a.m. Fund Action: Foreign investors sold cash shares worth Rs 667 crore on Monday, domestic investors were net sellers to the tune of Rs 223 crore. 

7.50 a.m.: Indian market ended lower on Monday spooked by massive selloff in China shares, which resulted in a trading halt for the rest of the day. The Sensex closed 537 points lower while the 50-share Nifty ended 2.16 per cent lower, below the 7,800 mark.



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