Market LIVE: Nifty trades in green, Sensex up 47 points
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S&P has said that profile of Indian banks is unlikely to improve over the next 12 months. Total stressed assets are likely to reach 15% of total loans by end of March 2018, S&P believes.
PSBs are trading higher by 1.5% in afternoon trade.
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Markets continue to trade in green with Sensex up 54 points and Nifty up 7 points.
Top 50 shares:
Sensex and Nifty gained after opening red on Tuesday.
BSE Sensex is trading at 31,156.88 points while Nifty gained 12.70 points.
Top gainers are Aurobindo Pharma, ICIC Bank, Indian Oil, Tech Mahindra, NTPC while losers in the morning trade are BPCL, Coal India, Wipro, TCS.
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BHEL sees its highest fall in six months after its Q4 net profit estimates missed analyst expectations. MMTC too fell to its highest in five months as the company posted a surprise net loss.
L&T gained as the company posted better than expected net profit for Q4 and also announced one free share for every two held.
Coal India is down 1.61%.
9:15 am: BSE Sensex and NSE Nifty opened on Tuesday with a slight negative bias. Tech Mahindra is trading in green after losing 11% on Monday. Other gainers include Sun Pharma, Ultratech Cement.
Coal India, TCS and Bharti Infratel are losers. Jubilant Food is down over 9% after its Q4 results.
Metal and mining shares are seeing selling pressure in opening trade on Tuesday.
9:12 am: Markets open 0.1% lower in pre-open trade.
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8:57 am: SMC Research says that the markets are likely to open lower on Tuesday May 30, 2017.
It said, "The market is likely to open lower in trades today tracking subdued trading of the Nifty on the Singapore Stock Exchange. Asian equities fell in thin trading and the euro slipped after Mario Draghi’s dovish message to the European Parliament and as investors assessed the path for higher U.S. borrowing costs. Stocks in Japan retreated as the yen strengthened. Hong Kong is on holiday Tuesday and markets in China are shut for a second day after the U.K. and U.S. were closed Monday, depressing volumes and limiting price movements."
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 709.97 crores on 29th May 2017. Domestic institutional investors bought shares worth Rs 290.53 crores on that day.
NSE Nifty 50 closed 0.10% up on Monday May 29, 2017, at 9604.90 points and BSE Sensex ended the day at 31,109.28 points, up 0.26%.
Markets are likely to consolidate at the current levels as key event to watch this week is on Wednesday when the government announces India's GDP growth for the fourth quarter ended March 31, 2017.
Biggest gainers on Monday werer Power Grid Corp, Cipla, HDFC, HUL, Bharti Infratel, ITC Ltd and Hero MotoCorp while losers included Tech Mahindra and Sun Pharma that lost over 11%. Adani Ports, Aurobindo Pharma, Yes Bank and Bank of Baroda, among others.
Macquarie Research raised Coal India to neutral.
L&T saw its rating drop to neutral at IDFC Securities.
Sun Pharma too saw its rating cut by many research and brokerage firms.
Tech Mahindra saw its rating cut to sell at UBS.
Stocks to watch:
On Tuesday May 30, 2017, stocks to watch are Aurobindo Pharma, Aban Offshore, BHEL, BPCL, Coal India, Lupin, Power Grid, Tech Mahindra, and others.
Hindalco, M&M, SAIL, Tata Global Beverages are among the major companies that will be announcing their fourth quarter ended March 31, 2017 results on Tuesday.