Stock Market

Sensex rebounds, Nifty reclaims 7500 on positive European cues


Chillicious Team

2:59 pm Market Update:

Equity benchmarks extended upside in late trade with the Sensex rising 116.40 points to 24667.57 and the Nifty climbing 35.15 points to 7495.75.

ITC (1.7 percent), Infosys (1.6 percent), ICICI Bank (1.2 percent) and Lupin (1.2 percent) are the top gainers in Nifty. Among the losers are Tata Steel (-0.1 percent), Coal India (-0.1 percent), NTPC (-0.1 percent) and Adani Ports (-0.1 percent).

In sectoral performance as reflected by the respective indices, IT (0.7 percent), FMCG (0.7 percent) and healthcare (0.1 percent) gained, while consumer durables (-3.5 percent), metals (-0.8 percent), auto (-0.4 percent) and power (-0.1 percent) were under pressure.

European shares were trading firm with Germany’s DAX up 68 points at 10002, France’s CAC up 22 points at 4495, and UK’s FTSE up 19 points at 6159.     

Key Asian markets ended mostly higher. Taiwan’s Taiwan Index led gainers, closing 87 points or 1.0 percent higher at 8699. Korea’s KOSPI gained 4 points to end at 1974, China’s Shanghai rose 6 points to 2870 and Singapore’s Straits Times climbed 2 points to 2841. In laggards Hong Kong’s Hang Seng fell 31 points to 20257, and Japan’s Nikkei 225 shed 142 points to close at 16974.

2:45 pm FDI: Foreign Direct Investment in the country increased by 29 percent for the 15-month period — ended December last year — after the launch of ‘Make in India’ initiative, Parliament was informed today.

Launched on September 25, 2014, the initiative aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation.

“FDI inflow has increased 29 percent during October 2014 to December 2015 (15 months after ‘Make in India’) compared to the 15 months period prior to the launch of this initiative,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.

2:30 pm Market Update:
Equity benchmarks bounced back on support from Infosys (up 1.5 percent), ITC (up 1.5 percent), HDFC (up 0.7 percent), HDFC Bank (up 0.5 percent) and ICICI Bank (up 0.5 percent).

The Sensex rose 61.67 points to 24612.84 and the Nifty climbed 21.45 points to 7482.05 but the market breadth remained negative as about 1493 shares declined against 961 advancing shares on the BSE.

2:15 pm Tata Motors bags order: Tata Motors today said it will supply 25 hybrid electric buses to the Mumbai Metropolitan Region Development Authority (MMRDA).

The contract to supply Tata Starbus Diesel Series Hybrid Electric Bus with full low floor configuration is the single largest order awarded for hybrid electric vehicle technology, Tata Motors said in a statement.

It did not disclose the value of the contract.

With these buses, the MMRDA will connect Bandra Kurla Complex (BKC) to the railways stations of Sion, Bandra and Kurla in the next one year, improving feeder services, to the fastest-growing business hub in Mumbai, it added.

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2:00 pm Market check

Equity benchmarks recouped more than half of losses in afternoon trade, tracking positive European cues. The Sensex fell 68.92 points to 24482.25 and the Nifty declined 15.70 points to 7444.90.

The market breadth remained weak as about two shares declined for every share advancing on the Bombay Stock Exchange.

Hindalco, Bajaj Auto, Sun Pharma, Bharti Airtel, Axis Bank, Vedanta, Asian Paints and PNB dropped 1-4 percent. Infosys, ITC, Lupin, Grasim and BPCL gained 0.5-1 percent.

European equities edged higher today as markets await the latest interest rate decision from the US Federal Reserve’s monetary policy committee. France’s CAC, Germany’s DAX and Britain’s FTSE gained 0.4-0.6 percent.