Nifty ends down 105 points; Wipro, TCS, Infosys best performers
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The Dalal Street may open between flat and positive amid weak global cues over U.S. President Donald Trump`s future following reports that he tried to interfere with a federal investigation.
On Wednesday, Sensex closed at 30,658.77 above 76 points or 0.25%, while Nifty ended at 9,525.75 up 13 points or 0.14%.
In the broader market, the S&P BSE Midcap index ended little changed, while the S&P BSE Small cap index lost 0.2%. The market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,538 shares fell and 1,257 shares rose. A total of 177 shares were unchanged. NSE cash turnover was at Rs. 25, 746 crore.
HDFC Securities said, "Markets opens on a positive note but immediately corrected and moved sideways for 3/4 th session Nifty finally cover towards the end and closed marginally up by 0.14% at 9525.75 level. If Nifty sustains above 9520 level then traders could expect positive move in the Nifty towards 9540 followed by 9580 level. If Nifty trades below 9520 level for first hour of trade then traders may see down move, which could take Nifty towards 9480 level followed by 9440 level."
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Indian markets on Thursday closed on a negative note with Nifty ending below 9,500 for second consecutive day.
Sensex finished at 30,434.79 down 224 points or 0.73%, while Nifty settled at 9,420.90 below 105 points or 1.10%.
Top gainers on BSE were - Wipro at Rs 523.75 a piece (3.50%), TCS at Rs 2525 a piece (3%), Infosys at Rs 961 a piece (0.92%), Sun Pharma at Rs 655 a piece (0.68%), Cipla at Rs 562.60 a piece (0.63%) and Lupin at Rs 1303.50 a piece (0.50%).
Losers involved Tata Motors at Rs 437 a piece (2.81%), Bajaj Auto at Rs 2955.50 a piece (2.54%), M&M at Rs 1345.05 a piece (2.37%), Axis Bank at Rs 492 a piece (2.12%) and Hindustan Unilever at Rs 986.10 a piece (2.01%).
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Share price of Bajaj Auto tumbled over Rs 48 or 1.60% after when the company reported 16% decline in standalone net profit for its fourth quarter ended March 2017.
The company posted standalone net profit of Rs 801.82 crore, recording decline of 15.53% compared to Rs 949.33 crore in the corresponding period of the previous year.
A Bloomberg poll estimated Bajaj Auto to report net profit of Rs 842 crore.
Volume in this period, also declined by 9.72% with sales of 787,627 units compared to 872,458 units sold in the similar quarter of the previous year.
Nifty slipped down from the levels of 9475.
DB Corp on Thursday reported consolidated net profit of Rs 64.18 crore in Q4FY17, compared to net profit of Rs 60.43 crore a year ago same period.
Consolidated total income was at Rs 517.11 crore, which was up by 1.47% year-on-year but down by 17.55% quarter-on-quarter.
Share price of the company was trading at Rs 368.90 a piece on BSE, up 0.56%.
Experts suggesting to not panic from downfall of market.
Kotak Mahindra Bank on Thursday said that its board has approved to increase the ceiling limit on foreign investors.
In a BSE filing, KMB said, "The board of directors has approved, subject to statutory or regulatory approvals as may be necessary, increase in ceiling limit on the total shareholding og Foreign Institutional Investors (FII)/ Foreign Portfolio Investors (FPIs) from the current limit of 42% to 43%."
Share price of KMB tumbled over Rs 11 or 1.20% on BSE, trading at Rs 939.80 a piece.
Downfall of 372 points in Dow Jones.
Share price of TCS soared by nearly 4% as the company's share buy back plan begins from today onwards.
On May 15, TCS said the buy back programme which received shareholders approval last month will open on May 18, 2017 and will be active till May 31, 2017.
The company will buyback 2.85% equity at Rs 2850 per share. The total spend for this activity will be around Rs 16,000 crore thereby making it the largest share buyback in the history of India Inc.
At 1131 hours, TCS was trading at Rs 2551 per piece above Rs 99.65 or 4.07% on BSE.
Other IT-giants like Wipro and Infosys too surged and were among top gainers on BSE.
Wipro was trading at Rs 522.90 a piece above Rs 16 or 3.33%, while Infosys jumped over Rs 11 or 1.19% trading at Rs 963.50 a piece.
PSP Project made a slow start on its first day of initial public offering (IPO).
On Wednesday, PSP Projects IPO received demand of 11% from investors with cumulative bids of 6,12,150 equity shares compared to 55,44,000 equity shares reserved.
The company has fixed a price band of Rs205-210 per share.
Top gainers on BSE involved - Wipro at Rs 513.50 per piece up 1.57%, followed by TCS (Rs 2473 per piece), Coal India (Rs 277.60 per piece), Sun Pharma (Rs 652.35 per piece) and HDFC at Rs 1555.50 per piece trading positive in the range of 0.05% - 1%.
Losers involved - Axis Bank at Rs 495.20 per piece down 1.48%, Tata Motors at Rs 443.25 per piece (1.42%), ITC at Rs 278 per piece (1.37%), Adani Ports at Rs 344.85 per piece (1.26%) and Asian Paints at Rs 1141.15 per piece (1.10%).
Indian markets open in red with Nifty trading below 9,500-level amid weak global cues.
At 9.22 am, Sensex was trading at 30,520.75 below 138 points or 0.45%, while Nifty slumped 43 points or 0.51% trading at 9,477.15.
Motilal Oswal said, "While global cues will lead to a weak opening, encouraging results, macro data remains supportive and this should help restrict downsides in the market as well as bring buying interest on declines."
Stocks that will be in focus are:
Pharma stocks: The National Pharmaceutical Pricing Authority (NPPA) on Wednesday issued a notice to pharmaceutical companies that have launched combination drugs without taking its prior approval, in violation of the Drug Price Control Order (DPCO).
Hindustan Unilever: The company on Wednesday announced its financial results for the quarter ended March 31, 2017. The company reported a net profit after tax (PAT) of Rs 1,183 crore, a rise of 8% as against Rs 1039 crore in the previous quarter.
Allahabad Bank: The bank posted a net profit of Rs 111.15 crore in the fourth quarter (Q) of the last financial year (FY) compared to the net loss of Rs 581.13 crore in Q4 of FY16.
Mangalore Refinery and Petrochemicals Ltd: The company registered net profit of Rs 1,942 crore iin Q4, versus net profit of Rs 1,362 crore in the corresponding period of the previous year. MRPL also told in media reports that it plans to shut a 96,000 barrels per day (bpd) crude unit in September-October for 25 days.
United Breweries Ltd (UBL): In its Q4FY17, the company witnessed standalone net profit of Rs 6.73 crore compared to Rs 52.37 crore a year ago same period due to higher expenses.
Indian Overseas Bank: Net loss of this bank narrowed to Rs 646.66 crore in Q4 as against net loss of Rs 936.19 crore in the same quarter of previous fiscal due to reduction in provisions for bad loans.
The Dalal Street may open between flat and positive amid weak global cues over U.S. President Donald Trump`s future following reports that he tried to interfere with a federal investigation.
On Wednesday, Sensex closed at 30,658.77 above 76 points or 0.25%, while Nifty ended at 9,525.75 up 13 points or 0.14%.
In the broader market, the S&P BSE Midcap index ended little changed, while the S&P BSE Small cap index lost 0.2%. The market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,538 shares fell and 1,257 shares rose. A total of 177 shares were unchanged. NSE cash turnover was at Rs. 25, 746 crore.
HDFC Securities said, "Markets opens on a positive note but immediately corrected and moved sideways for 3/4 th session Nifty finally cover towards the end and closed marginally up by 0.14% at 9525.75 level. If Nifty sustains above 9520 level then traders could expect positive move in the Nifty towards 9540 followed by 9580 level. If Nifty trades below 9520 level for first hour of trade then traders may see down move, which could take Nifty towards 9480 level followed by 9440 level."
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