Domestic benchmark indices BSE Sensex and NSE Nifty edged lower on Friday on account of weak global cues. Investors also remained cautious ahead of a US payrolls report for April that could influence bets on future US rate hikes. Sensex closed 33.71 points down at 25,228.50, while Nifty 50 index ended 2.05 points down at 7,733.45.
In the 50-share index, GAIL, BHEL, Eicher Motors, Tata Power and ACC gained between 2.80 per cent and 4.89 per cent. On the other hand, Dr Reddy’s Labs, Adani Ports, Wipro, HCL Tech and Tech Mahindra slid 1.44 per cent and 2.32 per cent.
Inox Wind shares plunged 16.92 per cent on BSE despite the company reported 77 per cent year-on-year growth in net profits for the quarter ended March 2016.
Adani Port and Special Economic Zone fell 1.86 per cent, taking the week’s decline to 18 per cent, the biggest weekly loss since October 2008 after its March-quarter results failed to cheer investors.
On the other hand, Bharti Airtel rose 1 per cent after the telecom company divested 950 telecom towers in the Democratic Republic of Congo to Helios Towers Africa to reduce debt.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services, said, “The market continued to be lackluster as the recent gloomy manufacturing data from the global market dampened the interest of equity investors. The European market is in negative terrain ahead of US Jobs data today. FIIs turned to net sellers in the market due to the pessimism over the coming US data.”
Sectorwise, the BSE Healthcare index, the BSE IT index and BSE TECk index lost 0.86 per cent, 0.75 per cent and 0.56 per cent, respectively. On the other hand, the BSE Consumer Durables and BSE Oil & Gas index gained 0.70 per cent and 0.69 per cent, respectively.
Global cues remained sluggish with European counters making weak start, as investors are awaiting the US April payrolls report for more clues about the interest rate outlook in the world’s largest economy. The non-farm payrolls report is expected to show an increase of about 200,000 jobs in April, fewer than the 215,000 created in March. At the same time, the unemployment rate is expected to edge down to 4.9 per cent from 5.0 per cent. Moreover, recent global economic data and some corporate earnings from major Western firms have been lacklustre, leading to risk-off trading in Asian markets.
3.30 pm: Sensex closed 33.71 points down at 25,228.50, while Nifty 50 index ended 2.05 points down at 7,733.45.
2.51 pm: ABG Shipyard shares tumbled 20 per cent on reports that the promoters of the debt-laden ship-maker may have to give up control of the company after they failed to bring in an investor, yet again. Vietnam-based Masan Group was earlier in talks with ABG Shipyard for a stake sale, but it is now understood that Masan has withdrawn interests in acquiring strategic stake in the company. Read more
2.00 pm: European shares fell in early trading on Friday, hit by a drop in ArcelorMittal, as investors await the US April payrolls report for more clues about the interest rate outlook in the world’s largest economy. Sensex was down 71.80 points at 25,190.
1.49 pm: Emami share price rallied as much as 13 per cent on Friday despite the company reported 45.17 per cent fall in its consolidated net profit for the quarter ended March 2016. Should you buy?
Sensex was trading 53.81 points down at 25,208. Nifty was down 12.80 points at 7,722.
12.59 pm: Diamond Power Infrastructure shares locked in upper circuit of 9.93 per cent on the BSE after the company said, the board will meet on Monday, May 16, 2016, to evaluate various debt re-alignment options including stake sale to strategic investor and re-organisation of company’s various businesses.
12.33 pm: Sensex was down 119 points at 25,143. Traders also remained cautious with the report that external advisers of Reserve Bank of India governor Raghuram Rajan are worried about the monetary policy implications of slowing remittances by overseas Indians for the first time since 2009, even though India does not rely significantly on such funds to meet foreign exchange requirements. However, downslide was limited with buying in some banking stock. Some support also come in with the Finance Minister Arun Jaitley’s statement that India can grow at an even faster pace this year if predictions of good monsoon hold up.
11.52 am: Shares of leading commodity exchange MCX was trading 4 per cent per cent lower at Rs 879 after the company on Thursday reported a 45 per cent fall in standalone net profit to Rs 27.10 crore during the fourth quarter of the 2015-16 fiscal. Read more
11.44 am: Talwalkars Better Value Fitness shares surged as much as 8 per cent in the morning trade on Friday after the company reported 13 per cent year-on-year rise in its consolidated net profit at Rs 20.20 crore for the quarter ended March 2016. Read more
11.16 am: ICICI Prudential Life Insurance is set to hire Bank of America Merrill Lynch and ICICI Securities for its planned $600 million to $700 million initial public offering. Read more
Sensex was down 145 points at 25,116.
10.41 am: Eicher Motors shares were trading 0.67 per cent up at Rs 19820.00 after as it has posted 70.85 per cent rise in standalone net profit at Rs 814.16 crore for the fourth quarter ended March 31, riding on the back of its best ever quarterly sales. The company had posted a net profit of Rs 476.53 crore during the same period of the previous fiscal. Sensex was trading 125.68 points down at 25,136.53, while NSE Nifty was trading 35.30 points down at 7,700.20.
10.12 am: Sensex was down 151.87 points at 25,110. The rupee depreciated by 7 paise to 66.62 against the US dollar in early trade today due to sustained foreign fund outflows amid appreciation in the American currency overseas.
9.55 am: In the 50-share index, Bharti Airtel, Bank of Baroda, ACC, Ambuja Cements and Idea Cellular were up between 0.60 per cent and 2.38 per cent. On the other hand, Adani Ports, Dr Reddy’s Labs, ONGC, ITC and Power Grid were down between 1.28 per cent and 1.78 per cent, respectively. Nifty was down 43.30 points at 7,692.
9.16 am: The 30-share index was quoting 156 points down at 25,106 on weak global cues. The 50-share index was down 32 points at 7,703. Diversified group ITC on Thursday said its cigarette factories have been shut since yesterday and will remain so till the time it is able to comply with “interim requirements” of 85 per cent pictorial warnings. ITC shares dropped over 2 per cent in early deals.
9.15 am: The BSE Sensex opened 38.54 points down at 25,223.67, while Nifty opened 17.85 points down at 7,717.65.
9.12 am: Wipro on Thursday said it has bagged a multi-year deal from the UK-based utility firm Thames Water to transform the company’s customer service and retail billing capabilities. No financial details were disclosed.
9.08 am: Emami’s wholly owned subsidiary based in Dubai – Emami International FZE has further acquired 18.33 per cent of the share capital of its subsidiary Fravin, Australia. Consequent to the above acquisition of shares, aggregate shareholding of Emami International FZE in its subsidiary company ‘Fravin’ has been increased from 66.67 per cent to 85 per cent share capital of Fravin.
8.44 am: The BSE Sensex and NSE Nifty are likely to open in red on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and weak global cues.
At 8.26 am (IST), SGX Nifty was down 40.50 points, or 0.52 per cent, at 7,722.50.
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Asian shares wallowed near three-week lows as investors braced for the US payrolls report after other jobs-related data raised some doubts about the seemingly rosy picture on employment conditions in US.
The Dow Jones industrial average rose 9.45 points, or less than 0.1 per cent, to 17,660.71 on Thursday. The Standard & Poor’s 500 index fell 0.49 of a point, less than 0.1 per cent, to 2,050.63 and the Nasdaq composite lost 8.55 points, or 0.2 per cent, to 4,717.09.
Domestic equity indices on Thursday rose for the first time in four days as market benchmark Sensex rebounded from over three-week lows by rising 160.48 points to 25,262.21 on value-buying in recently beaten-down stocks and firm global cues.
Shares of Hero MotoCorp and Eicher Motors will remain in focus today. Eicher Motors on Thursday reported a 71.29 per cent increase in consolidated net profit at Rs 334.5 crore for March quarter on account of robust sales. The company had posted a net profit of Rs 195.28 crore during the same period last fiscal.
Country’s largest two-wheeler maker Hero MotoCorp posted 70.85 per cent rise in standalone net profit at Rs 814.16 crore for the fourth quarter ended March 31, riding on the back of its best ever quarterly sales. The company had posted a net profit of Rs 476.53 crore during the same period of the previous fiscal.
(With agency inputs)
