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Sensex pares losses, rises over 120 points; IT stocks fall

Livemint logo Livemint 29-08-2016 Livemint
Live: Sensex falls 28 points as investors eye GDP data; Tata Motors rises 3%: Photo: Hemant Mishra/Mint© LiveMint Photo: Hemant Mishra/Mint

Weakening for the third straight session, the benchmark BSE Sensex fell in early trade on Monday on sustained selling by investors, who seem to be edgy amid rising prospects of US interest rate hike this year.

The BSE 30-share barometer declined by 60.39 points, or 0.21%, to 27,721.86 with teck, realty, IT, healthare, capital goods and power were trading in negative zone, falling up to 0.90%. It had lost 274.69 points in the previous two sessions. Also, the NSE Nifty was trading down by 11.10 points, or 0.13%, at 8,561.45.

Brokers said that apart from continuous selling by investors, a mixed trend at other Asian markets with US Fed chief Janet Yellen suggesting that interest rates could be raised this year also added to the weakening sentiment.

Here are the live updates:

3:35pm: BSE Sensex ended higher by 120.41 points, or 0.43%, to 27,902.66.

2:35pm: BSE Sensex is trading higher by 116.75 points, or 0.37%, to 27,899, while the Nifty gains 28 points, or 0.33%, to 8,600.55.

1:40pm: BSE Sensex is trading lower by 15.33 points, or 0.06%, to 27,766.92, while the Nifty falls 5.15 points, or 0.06%, to 8,567.40.

1:30pm: Tyre companies are trading higher on the back of higher volumes. Balkrishna Industries Ltd rises 5.6%, JK Tyre & Industries ltd rises 5%, Apollo Tyres Ltd rises 4%, MRF rises 1.4%, Ceat Ltd rises 4%

1:20pm: Media companies are trading higher. NDTV up 15%, Network18 Media & Investments Ltd rises 1.5%, Zee Entertainment Enterprises Ltd rises 1.4%, Sun TV Network Ltd 1%.

12:45pm: IT stocks are trading lower. HCL Technologies Ltd fell 3.1%, Tech Mahindra 1.5%, Wipro Ltd 1.5%, Mindtree Ltd 1.5%, Tata Consultancies Services Ltd 1.8%, Sasken Communications 2%, Mphasis 1.4%, Geometric 2.6%, Sasken communications Ltd 2%.

12:20pm: Adani Group companies are trading lower. Adani Ports falls 3%, Adani Enterprises Ltd 2%, Adani Power Ltd 1%.

11:50am: JP Group companies are trading lower. Jaypee Infratech Ltd falls 2.3%, Jaiprakash Associates Ltd 2%, Jaiprakash Power Ventures 2%.

11:30am: Power companies are trading lower. Torrent Power falls 1.6%, Siemens 1.4%, Adani Power 1.1%, BHEL 1.1%, Reliance Infrastructure 1%, CESC 1%, JSW Energ

11:10am: BSE Sensex is trading lower by 7.59 points, or 0.03%, to 27,774.66, while the Nifty falls 2.90 points, or 0.03%, to 8,569.65.

10:55am: Trident Ltd rises 5% to `58.85. The stock gained over 27% in last four sessions. Target Corp. is considering shifting its bedsheets orders to Trident Ltd, a supplier among those that stand to win some of the $90 million in business that rival Welspun India Ltd lost after it was caught passing off cheaper sheets as premium Egyptian cotton, according to Bloomberg report.

10:45am: New Delhi Television Ltd rises 15% to `92.40 after huge block deal. Around 6.3 million shares or 9.8% stake of the company changed hands in a block deal. However, buyers and sellers were not known, according to Bloomberg data.

10:35am: Shree Renuka Sugars Ltd rises 6% to `16.90. Assembly of creditors of unit Renuka do Brasil S/A approved plan; proposal obliges banks, most lenders to settle debts on receiving 30% of notified loan value.

10:25am: GMR Infrastructure Ltd rises 4.3% to `13.65. GMR Infrastructure Ltd on Friday won the bid to build Goa’s second airport, expected to cost `3,000 crore, gaining an opportunity to tap tourist traffic to the north of the state. The company, which operates the Delhi and Hyderabad airports, beat Subhash Chandra’s Essel Infraprojects Ltd and state-run Airports Authority of India (AAI) to the contract by offering the highest revenue share to the state government.

10:15am: Vakrangee Ltd rises 2.5% to `199.80 after the company said its consolidated net profit rose 40% in June quarter to `121.49 crore against `86.80 crore a year ago. Total income rose 30% to `918.27 crore.

10:05am: Pratibha Industries Ltd falls 5% to `21.45 after the company said its net loss widened in June quarter to `30.10 crore against `16.40 crore a year ago.

9:55am: Ricoh India Ltd rises 5% to `278. A month after admitting that its accounts appear to have been “falsified”, Ricoh India said the National Company Law Tribunal (NCLT) has allowed promoters to recapitalize the company.

9:45am: The 30-share S&P BSE Sensex is currently trading lower by 28.58 points, or 0.10%, to 27,753.67, while the Nifty 50 of the National Stock Exchange (NSE) falls 7.50 points, or 0.09%, to 8,565.05.

9:40am: Tata Motors Ltd rises 3% to `518.40. Tata Motors consolidated net profit in the quarter fell to `2,260.40 crore from `5,254.23 crore a year ago. Net sales rose 10% to `66,101.27 crore from `60,093.79 crore in the same period. Total costs rose 18% to `63,993.99 crore. But investors ignored these as one-off impacts and focus on the strong growth in JLR sales and the reception some of its new models have received in the markets.

9:35am: Traders are also cautious ahead of the gross domestic product (GDP) data for the June quarter and fiscal deficit data for July on 31 August. According to Bloomberg analyst estimates GDP may be at 7.5% from 7.9% in March quarter.

9:30am: The Indian rupee on Monday weakens to one-week low against the US dollar at 67.18 per dollar, down 0.18% from its previous close of 67.06, tracking the losses in its Asian peers after comments by Fed speakers last Friday raised the possibility of a September rate hike.

9:25am: The 10-year bond yield is trading at 7.146%, compared with its Friday’s close of 7.129%.

9:20am: The dollar rises to ¥102.10 from ¥100.51 late last week in Asia. The euro falls to $1.1196 from $1.1289.

9:15am: Benchmark US crude oil falls 61 cents to $47.03. It had risen 31 cents to close at $47.64 a barrel on Friday. Brent crude loses 53 cents to $49.62.

9:10am: Most Asian stocks slipped Monday on remarks from the U.S. Federal Reserve late last week that the case has strengthened for raising interest rates, but the Tokyo market was an exception and gained on prospects for a strong dollar.

9:00am: Japan’s benchmark Nikkei 225 adds 2.2% to 16,719.31 in early trading. Japanese stocks generally gain on a weak yen because the earnings of the nation’s giant exporters are boosted. South Korea’s Kospi falls 0.3% to 2,031.36 in morning trading. Hong Kong’s Hang Seng slips 0.5% to 22,788.02, while the Shanghai Composite loses nearly 0.3% to 3,062.52.

8:50am: The S&P 500 slipped 3.43 points, or 0.2%, to 2,169.04. The Dow Jones industrial average fell 53.01 points, or 0.3%, to 18,395.40. The Nasdaq composite rose 6.71 points, or 0.1%, to 5,218.92.

AP, PTI contributed to this story

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