Market gives away early gains, Nifty ends below 9,110-mark
Indian markets gave away all their intraday gains and ended negatively on Tuesday's trading session with Nifty which earmaked 9,210-mark slipped below 9,105-level.
Sensex closed at 29,319.10 down 94 points or 0.32%, while Nifty ended at 9,105.15 lower by 34 points or 0.37%.
This came right after when Indian Meteorological Department (IMD) on Tuesday released its prediction for this year's monsoon and said that it is set to be normal. It said that monsoon rainfall may be 96% of the normal with an error margin of 5% on either side.
IMD further said that there are more than 50% chance of El-Nino developing from August.
Gruh Finance stock price surged on BSE after reporting a whopping 22% rise in its fourth quarter ended March 31, 2017 result.
At 1417 hours, shares of Gruh Finance climbed over Rs 20 or 5.39% trading at Rs 389.75 per piece. However, in early trade the stock price saw nearly 7% rise.
The company reported net profit of Rs 296.65 crore in Q4FY17, rising by 21.79% compared to Rs 243.58 crore in the corresponding period of previous year.
While operating profit recorded growth of 24% to Rs 477.36 crore in Q4, against Rs 386.22 crore of FY16.
Shares of ABB India gained nearly 2% after when the company said that it has won an order worth around Rs 178 crore, from Power Grid Company of Bangladesh Ltd (PGCB)
At 1410 hours, stock price of the company was trading at Rs 1,456 up Rs 4 or 0.28%.
As part of the project, ABB India will build two new substations and upgrade two existing substations, all located in the south-eastern parts of Bangladesh. The order was booked in the first quarter of 2017. The substations will add around 535 megawatts (MW) of transmission capacity – enough to power more than 250,000
households – and contribute to the government’s target of providing access to electricity for its population of around 165 million, by 2021.
Shares of Orchid Pharma touched a seven-month high on Tuesday after receiving successful inspection report from US Drug regulator.
At 1308 hours, stock price of Orchid Pharma was trading at Rs 37.55 per share on BSE, soaring above 8.21%.
However, after the announcement, shares of Orchid Pharma reached at Rs 39.20 per share - a level last recorded on October 07, 2016.
In a BSE filing Orchid said, "We are pleased to announce that Orchid has received the establishment inspection report (EIR) from USFDA based on the successful inspection of the formulation manufacturing facility located in Tamil Nadu."
The facility was inspected by USFDA in the month of December 2016.
Auto, banking, capital goods, metal and oil and gas index on BSE were highly boosed by investors.
S&P Bankex took the lead by trading at 25,024.90 above 316 points or 1.28%.
All stocks on Bankex index were in green with ICICI Bank trading at Rs 291.20 per share up 3.37%, followed by Bank of Baroda at Rs 180.75 per share (2.76%), State Bank of India at Rs 295.55 per share (2.04%), Punjab National Bank at Rs 161.50 per share (1.67%) and Axis Bank at Rs 507.20 per share (0.95%).
Meanwhile, S&P Auto index was trading at 22,162.37 higher by 171 points or 0.78% and S&P BSE Capital Goods was trading at 17472.76 up by 143 points or 0.83%.
S&P BSE Metal jumped over 121 points or 1.08% trading at 11,363.62-level, while S&P BSE Oil & Gas increased over 119 points or 0.83% trading at 14,452.87-mark.
There has been very little movement in TCS shares till now ahead of Q4FY17 result.
At 1012 am, shares of TCS was trading flat at Rs 2,320 per piece on BSE. However, few minutes ago, the stock did surged to Rs 2,326.30 per piece.
Motilal Oswal said, "TCS announces results today. Expectations remain muted but markets would be looking for growth commentary. Overall trade is seen ranged."
Top gainers on BSE were - Gail India trading at Rs 400.45 per share up by 1.87%, followed by Tata Steel at Rs 469.20 per share (1.55%), NTPC at Rs 161.50 per share (1.48%), Adani Ports at Rs 324.35 per share (1.36%), Reliance Industries at Rs 1,404 per share (0.93%) and Power Grid at Rs 203.45 per share (0.87%).