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Sensex flat ahead of August derivative expiry; Banking stocks fall

Livemint logo Livemint 23-08-2016 Livemint

Indian shares ended flat on Tuesday as investors awaited cues on whether the Federal Reserve would raise US interest rates this year.

As the earnings season draws to a close, investors’ focus will shift to Federal Reserve chair Janet Yellen’s speech on Friday at the annual central bankers’ meeting in Jackson Hole, Wyoming, to assess the odds of an interest rate hike in the coming months.

Broader sentiment remained edgy with Asian shares inching higher, while oil prices fell for a second straight session on supply concerns.

Sentiment was muted ahead of the expiry of the derivative contracts on Thursday.

Here are the updates:

3:30pm: The benchmark BSE Sensex ended down 0.02%, or 4.67 points, to 27,990.21.

2:20pm: BSE Sensex is trading lower by 84.22 points, or 0.30%, to 27,901.32, while the Nifty falls 27.40 points, or 0.32%, to 8,601.75.

2:10pm: Tata Steel Ltd falls 2.2%, JSW Steel Ltd falls 1.5%, Vedanta Ltd falls 2.6% after the government announced hike in freight rates by upto 19%.

2:00pm: Tata Power Co Ltd falls 3% to `75.20. The company reported a 76.1% decline in its June quarter net profit to `72.49 crore against `303.14 crore a year ago. Net sales fell 5.05% to `6,874.99 crore.

1:50pm: India Cement Ltd hit over seven year high. The stock rose 7% to `139.65—a level last seen on 17 June 2009. The stock gained over 21% in last three weeks and so far this year it gained 41%.

1:40pm: Aditya Birla group stocks are trading higher on the back of higher volumes. Aditya Birla Money Ltd rises 13%, Aditya Birla Fashion and Retail Ltd rises 5.3%, Aditya Birla Nuvo Ltd rises 2%, Grasim Industries Ltd rises 1.5%,

1:30pm: Anil Ambani group stocks are trading higher. Reliance Infrastructure Ltd rises 3%, Reliance Communications Ltd 2.3%, Reliance Power Ltd rises 1.3%, Reliance Capital Ltd rises 1%.

1:20pm: Pfizer Ltd rises 3% to `1,965.15. Pfizer Inc. has entered into an agreement to acquire Medivation Inc., a biopharmaceutical company focused on developing and commercialising small molecules for oncology, for a total enterprise value of approximately $ 14 billion.

1:10pm: Indo Count Industries Ltd falls 14% to `805.10 ahead of its June quarter earnings. According to 3 Bloomberg report, the company may post net profit of `69.97 crore while net sales will be at `546.30 crore.

1:00pm: Banking stocks are trading lower. Canara Bank falls 1.5%, Allahabad Bank 1.2%, Punjab National Bank 1.1%, City Union Bank 1.1%, State Bank of India 1%, ICICI Bank 1%, Karnataka Bank 1%, Syndicate Bank 0.9%, Bank of Baroda 0.8%, Oriental Bank of Commerce 0.8%, Indian Overseas Bank 0.8%, Bank of India 0.7%.

12:50pm: Oil marketing companies are trading lower. HPCL falls 3.8%, BPCL falls 1.6%, Indian Oil Corp 2.3%.

12:40pm: Fortis Malar Hospitals Ltd hit 20% upper circuit for the second consecutive day. The stock was trading at `82.20 a share. Fortis Healthcare Ltd, a Gurgaon-based healthcare company, on Friday said its board of directors had approved the demerger of its diagnostics arm, including the business unit at subsidiary SRL Ltd, into a fully-owned unit Fortis Malar Hospitals Ltd. The move will separate the company’s diagnostic and healthcare businesses and unlock value for shareholders, said Malvinder Singh, executive chairman, Fortis Healthcare.

12:30pm: Taj GVK Hotels & Resorts Ltd rises 17% to `158. The stock gained 31% in last five trading sessions.

12:20pm: Prabhat Dairy Ltd rises 13% to `89.70. The broking firm Edelweiss Securities has rated the company with new buy and kept its target price at `144 a share.

12:10pm: Aurobindo Pharma Ltd falls 0.5% to `746.25 ahead of its June quarter earnings. According to 14 Bloomberg analyst estimates, the company may post net profit of `581.90 crore while net sales will be at `3,855.60 crore.

12:00pm: Engineers India Ltd rises 1.8% to `236.30 ahead of its June quarter earnings. According to 9 Bloomberg analyst estimates, the company may post net profit of `65.12 crore while net sales will be at `341.40 crore.

11:50am: Hindustan Copper Ltd falls 4.3% to `67.10 after the company posted a net loss of `2.88 crore in June quarter against net profit of `20 crore a year ago. Total income fell 10.4% to `221.16 crore.

11:40am: Reliance Infrastructure Ltd rises 3.1% to `608.40. Birla Corporation on Monday said it has completed the acquisition of the cement business of Anil Ambani-owned Reliance Infrastructure Ltd (RIL) in a stake sell agreement it concluded with RIL in February, this year.

11:30am: IT stocks trading higher on short-covering. HCL Technologies Ltd rises 2%, Infosys Ltd 1.7%, Tata Consultancies Ltd 1.6%, Wipro Ltd 0.4%, Tech Mahindra Ltd rises 0.7%.

11:20am: BSE Sensex is trading lower by 33.65 points, or 0.12%, to 27,951.89, while the Nifty falls 9.55 points, or 0.11%, to 8,619.60.

11:10am: Indraprastha Gas Ltd rises 7% to `778.15 after the company has reported a 44% increase in its net profit in June quarter to `148.01 crore against `102.51 crore a year ago. Net revenue fell marginally to `899.66 crore against `901.76 crore a year ago.

11:00am: Himachal Futuristic Communications Ltd falls 4% to `16.30 after the company said its net profit for the June quarter fell 58% to `46.18 crore against `109.40 crore a year ago. Net sales fell 20% to `503.99 crore.

10:50am: Tata Power Co Ltd rises 0.6% to `77.70 ahead of its June quarter earnings. According to 11 Bloomberg analyst estimates, the company may post net profit of `336.50 crore while net sales will be at `9,270.90 crore.

10:40am: Hotel Leelaventure Ltd rises 5% to `18.70 after the company said in a notice to BSE that it has sought shareholder approval to sell its properties The Leela Palace Delhi and The Leela Palace Chennai to pare debt.

10:30am: Hindustan Petroleum Corp Ltd falls 2.5% to `1184.65. The company said profit in June quarter jumped 30% to `2,098.4 crore. Revenue declined 5.8% year-on-year to `51,661 crore

10:20am: NTPC Ltd falls 1% to `161.85. NTPC Ltd on Monday said net profit in the April-June (Q1) quarter rose 4.5% from a year ago to `2,370 crore, due to higher generation and better capacity utilization. Gross sales during the period jumped 11% to `18,940 crore. It produced 64.5 billion units of electricity during the quarter, nearly 10% more than a year ago.

10:10am: Allcargo Logistics Ltd falls 5.2% to `185.25. The company reported 11.8% decline in its net profit to `28.30 crore in June quarter against `32.07 crore a year ago. Total income rose 0.5% to `306.15 crore.

10:00am: MEP Infrastructure Developers Ltd rises 5.3% to `44.60. The company has received the Letter of Acceptance (LOA) dated 22 August 2016 from National Highways Authority of India (NHAI) informing that MEP has been engaged as the Contractor for the Project of “Collection of user fee through Fee Collection Agency on the basis of competitive bidding through (e-tender) for Ghangari at 346.100km (Gorhar to Barwa Adda) from 320km-398.750km of National Highway No. 2 in the State of Jharkhand

9:50am: Shriram EPC Ltd rises 17% to `25.80 after the company said its arm Shriram EPC FZE, Sharjah Chennai awarded order worth $230 million (`1,530 Cr) from Moon Iron & Steel Co (MISCO), Oman.

9:40am: The 30-share S&P BSE Sensex is currently trading lower by 37.93 points, or 0.14%, to 27,947.61, while the Nifty 50 of the National Stock Exchange (NSE) falls 9.05 points, or 0.10%, to 8,620.10.

9:35am: Welspun group stocks trading lower for the second consecutive sessions after Bloomberg report said Target Corp is ending all business with Welspun India Ltd, one of the world’s biggest textile manufacturers, after saying the supplier was sending it phony Egyptian cotton sheets. Welspun India Ltd hit 20% lower circuit for the second day to `65.85, Welspun Corp Ltd falls 3.7% to `81.25, Welspun Enterprises Ltd falls 4.6% to `54.60.

9:30am: The rupee on Tuesday strengthens against the US dollar at 67.11 a dollar, up 0.1% from its previous close of 67.19, tracking gains in the Asian currencies markets.

9:25am: The 10-year bond yield is trading at 7.153%, compared with its Monday’s close of 7.161%.

9:20am: The dollar rises to ¥100.33 from ¥100.29 in late trading. The euro strengthens to $1.1332 from $1.1319.

9:15am: Oil prices extended losses. US benchmark crude drops 63 cents to $46.78 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude drops 56 cents to $48.60 a barrel.

9:10am: The benchmark Nikkei 225 index in Japan slips 0.2% to 16,566.76 while South Korea’s Kospi rises 0.2% to 2,045.36. Hong Kong’s Hang Seng sheds 0.4% to 22,914.10 and the Shanghai Composite Index in mainland China edges up 0.3% to 3,093.81. Australia’s S&P/ASX 200 advances 0.9% to 5,565.20. Benchmarks in Taiwan and New Zealand rise. Those in Singapore and Indonesia fall.

9:00am: Most stock markets in Asia moved sideways on Tuesday as the summer doldrums and a lack of economic data ahead of a widely anticipated speech by the Fed chief kept investors on the sidelines.

8:50am: Major US benchmarks ended slightly lower in quiet trading. The Dow Jones industrial average lost 0.1% to 18,529.42. The Standard & Poor’s 500 index lost 1% to 2,182.64 and the Nasdaq composite rose 0.1% to 5,244.60.

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