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Sensex Ends Higher Led By Gains In FMCG Shares

The Sensex and Nifty moved higher in opening trades on Wednesday despite weak global cues, giving thumbs up to fourth quarter economic growth figures reported by the government post the market hours on Tuesday.
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Sensex Ends Higher Led By Gains In FMCG Shares
3:50 p.m.: The Sensex ended 46 points higher at 26,714 and Nifty jumped 20 points to close at 8,180 led by gains in FMCG and IT shares.

3:16 p.m.: Shares of multiplex operator PVR jumped over 3 per cent, while realty developer DLF shares gained over 2 per cent on Wednesday. On Tuesday, PVR and DLF ended 4.7 per cent and 1.15 per cent higher, following the closure of DT Cinema deal. 

According to an amended agreement, DLF will sell 32 screens of DT Cinema to PVR for a revised consideration of Rs 433 crore.(Read)

2:57 p.m.:
Investors should watch out for important technical level of 8,243 on Nifty, says Anil Manghnani of Modern Shares and Stock Brokers.

2:24 p.m.: Reliance Communications shares jumped over 7 per cent on Wednesday, recovering from near 52-week lows hit in the previous session. 

Traders said buying by foreign fund has lifted the sentiments in RCom shares. According to bulk deal data on National Stock Exchange, Singapore-based Integrated Core Strategies (Asia) Pte bought 1.85 crore shares of RCom yesterday. The shares, representing nearly 1 per cent stake in RCom, were bought at an average price of Rs 46.96.(Read)

2:01 p.m.:
Banking stocks extend losses, Nifty Bank falls 0.74 per cent.

1:40 p.m.: Reliance Communications was the top gainer from the mid-cap space, up 5.6 per cent at Rs 49.70. Mphasis, Blue Dart, Britannia Industries, Divis Labs, Apollo Hospitals, Indian Hotels and Page Industries were also up 2-3.4 per cent each.

1:24 p.m.: The stock markets which briefly came off the intraday high levels was seen rising again in afternoon trades on the back of gains in IT and FMCG shares. The Sensex was up 134 points at 26,802 and Nifty was at 8,197, up 37 points.

1:20 p.m.: Ashok Leyland's vehicle sales rise 13 per cent to 20,057 units in May compared with 17,725 units sold during the same month last year. Shares fall nearly 1 per cent to Rs 108.15.

1:08 p.m.: PVR jumps nearly 3 per cent to hit fresh 52-week high of Rs 909.05. Company on Friday reported that its net loss in March quarter narrowed to Rs 10.25 crore from Rs 35.65 during the same period last year.

12:57 p.m.: Select auto shares face selling pressure. The BSE Auto index was down 0.05 per cent on the back of selling pressure in Tata Motors, Bajaj Auto and Hero MotoCorp.

12:44 p.m.: Market breadth turns marginally positive as 1,351 stocks advance while 1,020 stocks decline on the BSE.

12:21 p.m.: Yes Bank was the top loser in the Nifty, down 1.88 per cent to Rs 1,013.55. Hindalco, Tata Motors, Bank of Baroda, Tata Motors DVR, ICICI Bank, HCL Technologies and HDFC Bank were also among the laggards.

12:12 p.m.: Shares of Tata Steel advanced 1.5 per cent on Wednesday after the company's UK-based subsidiary sold its loss-making long products business to Greybull Capital LLP.(Read)

11:58 a.m.:
Select metal, realty and capital goods shares also face selling pressure. The BSE Metal index slips 0.5 per cent; Hindalco was the top loser from this space, down 1.6 per cent to Rs 103.50. Jindal Steel, Vedanta, SAIL, JSW Steel, Hindustan Zinc and NALCO were also among the prominent decliners from this space.

11:45 a.m.: Reliance Communications shares were among the most actively traded shares on the National Stock Exchange, up 5.86 per cent to Rs 49.70. State Bank of India, Suzlon Energy, Himachal Futuristic Communications, JP Associates and GMR Infra were also among the activelyy traded shares on the NSE.

11:27 a.m.: Select banking shares were witnessing profit-booking. The Nifty Bank was down 0.3 per cent; Canara Bank was the top loser from this space, down 1.16 per cent to Rs 204. Federal Bank, Bank of Baroda, Yes Bank, Kotak Mahindra Bank, HDFC Bank and ICICI Bank were also among the prominent laggards from this space.

10:59 a.m.: IT stocks were also witnessing buying interest. The BSE IT index was up 1.1 per cent or 127 points at 11,703. Kellton Tech Solutions was the top gainer from this space, up 4.6 per cent at Rs 191.30. R.S.Software India, 3I Infotech, Sasken Communication Technologies, Mphasis and Moser Barers were also among the gainers, up 3-4 per cent each.

10:37 a.m.: The Sensex continues to trade firmly higher, advances 164 points to 26,832 and Nifty rises 46 points to 8,206.

10:31 a.m.: Sumeet Bagadia, associate director of Choice Broking, says Nifty is likely to hold levels of 8,050 on the downside. However, if Nifty breaks above 8,300 then it can go up to 8,500 in next 15-20 days' time, he added.(Watch)

10:22 a.m.:
The market breadth was positive as 1,275 stocks were advancing while 618 were declining.

10:11 a.m.: FMCG shares were witnessing buying interest. The BSE FMCG index was up 1.5 per cent; ITC, Britannia Industries, EID Parry, HUL, United Breweries and Colgate were among the gainers from this space.

10:02 a.m.: Axis Bank shares gained nearly 3 per cent on Wednesday as the Reserve Bank of India allowed the private lender to raise foreign shareholding to 62 per cent from 49 per cent currently. 

"Foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest from the existing 49 per cent up to 62 per cent of the paid-up capital of Axis Bank under the portfolio investment scheme," the RBI said in a notification.(Read)

9:49 a.m.:
The broader markets were in-line with the benchmark indices. The BSE Mid-cap and Small-cap indices were up 0.4 and 0.5 per cent each respectively. Britannia Industries was the top gainer from the mid-cap space, up 2.7 per cent to Rs 2,779. Apollo Hospitals, United Breweries, Ashok Leyland, Reliance Capital, 3M India and Mphasis were also among the gainers, up 1.6-2.35 per cent each.

9:25 a.m.: The Sensex and Nifty moved higher in opening trades on Wednesday despite weak global cues, giving thumbs up to fourth quarter economic growth figures reported by the government post the market hours on Tuesday.

India cemented its pole position as the world's fastest-growing major economy, with March quarter GDP (gross domestic factor) growth accelerating to 7.9 per cent versus a revised 7.2 per cent in December 2015.

The latest data is ahead of consensus estimates of 7.5 per cent growth in Q4 and coincides with Prime Minister Narendra Modi's government completing two years in office.

As of 9:23 a.m., the Sensex was up 54 points at 26,722 and Nifty was at 8,178, up 18 points.

Meanwhile, other Asian markets were trading on a weak note. Japan's Nikkei fell 0.7 per cent, China's Shnaghai Composite and Hong Kong's Hang Seng were also down 0.02 per cent as a slip in crude oil prices dampened investors' appetite for riskier assets, while the recently bullish dollar stalled against the euro and yen following a mixed bag of U.S. economic data.

Overnight,  U.S. stock prices fell on Tuesday on weaker-than-expected economic data, while expectations of a possible Federal Reserve interest rate increase lifted the dollar to near a two-month high against a basket of currencies. 

Back home, from the Nifty50 basket of stocks, 33 were advancing while 18 were declining.

Axis Bank was among the top Nifty gainers, up 1.5 per cent to Rs 523 after the Reserve Bank of India raised FII investment limit in the bank to 62 per cent.

Adani Ports & SEZ, Aurobindo Pharma, Mahindra & Mahindra, ITC and Bharti Infratel were also among the gainers, up 1.3-1.7 per cent each.

On the other hand, Tata Motors fell 1.4 per cent to Rs 453 after yesterday's sharp rally post Q4 numbers.

Hindalco, Kotak Mahindra Bank, NTPC, HDFC Bank, Yes Bank and ICICI Bank were also among the laggards.

 

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