BSE, NSE end the day in red
Markets have no dipped in red.
BSE is trading down 0.12% and NSE is down 3.25 points.
24 declines on the NSE as against 27 advances.
S&P BSE100 is down 0.07% and BSE200 is down 0.04%.
Biggest losers on the BSE include Cox & Kings (-12.72%), Monsanto (-8.46%), Britannia (-6.26%).
PTI reports, Shares of Britannia Industries slumped nearly 8 per cent in early trade today despite the company reporting a 13.7 per cent increase in its consolidated net profit at Rs 190.2 crore for the March quarter.
Opening on a weak note, the stock further went down 7.84 per cent to Rs 2,703.40 on BSE.
On NSE, it declined 7.70 per cent to Rs 2,705.
Rupee has opened strong against the dollar. It is up 19 paise and is trading at 67.25. PTI said that the reason for the same is the increased selling of the US currency by exporters and banks amid a higher opening in the domestic stock market.
Rupee didn't have a strong last week as it had fell for 7th-straight session on Friday and had closed on a 2.5 month's low at 67.44.
ITC announced its results on Friday and that is why the stock is performing strong today.
It is up 5% on the BSE and over 6% on NSE.
The company on Friday said that its gross revenues crossed Rs 5000 crore during the year and pre-tax profit was up by 14.4%.
ITC further announced a dividend of Rs 8.50 per share including a special dividend of Rs 2 per share for FY16. It further said that it will issue one bonus share for every two ordinary shares held by members on record date.
Markets are getting choppy now.
BSE has given up some gains and is now trading at 25,399, or 97 points up.
NSE is up by 0.28%, or 21.50 points.
This was expected. The global markets have opened strong on Monday helped by Wall Street.
Japan, although, is weak and fell by nearly half a percent.
The probability for a June rate hike rose from around 4 percent at the start of the week to 30 percent on Friday, according to CME Group`s FedWatch site. Futures markets are predicting two rate increases this year as opposed to just one as recently as last week, Reuters said.
Experts feel that the markets will be volatile this week because of derivative expiry.
"Updates on monsoon progress, sentiment in global markets, macroeconomic data and the next batch of Q4 FY16 earnings will dictate sentiment in the stock market in the near term," said Vijay Singhania, founder Director, Trade Smart Online told PTI.
Choppiness in markets is expected to remain high as traders roll over positions in the derivative segment, he added. The May derivatives contracts expire on Thursday.
Key corporates, including BPCL, Tata Power, Cipla, Tech Mahindra, Bajaj Auto, GAIL, Tata Steel, Larsen & Toubro, Bharat Heavy Electricals, SBI and Coal India will come out with their March quarterly numbers this week.
"We believe that investors should increase allocations to equity keeping an eye on rains, which are the next big trigger," said Motilal Oswal, Chairman and MD, Motilal Oswal Financial Services (MOFSL) to PTI.