Sensex ends 45 points up in a volatile trade, Nifty settles at 7,715; Kesoram hits upper circuit

Buying in the last half hour of trade in realty, power, auto, metal, consumer durables and capital goods supported benchmark indices on Tuesday amid volatility. The BSE Sensex closed 45.12 points up at 25330.49, while NSE Nifty closed 10.65 points up at 7,714.90.

In the 50-share index, Tata Power, BHEL, Bosch, Vedanta and Tata Steel gained between 2.71 per cent and 4.41 per cent. On the other hand, Dr Reddy’s Labs, ITC, Tech Mahindra, Adani Ports and HUL slipped between 1.48 per cent and 4.16 per cent.

Barring the BSE FMCG index (down 1.18 per cent) and BSE Bankex (down 0.01 per cent), rest all other sectoral indices ended in green. The BSE Realty index, BSE Consumer Durables and BSE Power index gained 2.68 per cent, 1.60 per cent and 1.23 per cent, respectively.

Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “This is a truncated week with two market holidays ahead, which may drive the market into consolidation. Today the market was volatile but in the end, it did retain the gains it had covered post FOMC meet. Now the market is expecting a rate cut by RBI. The government’s new defence policy and the interest rate cut on small savings plan has been a welcome note to the market.”

Domestic equity markets remained volatile for most part of the Tuesday’s trade, as traders remained concerned with slow growth of the manufacturing activity, as the yearly SBI Composite Index for March has declined below 50 and is at 49.5, compared with last month index of 51.3. Depreciation in Indian rupee too dampened sentiments. The rupee depreciated 18 paise to 66.71 against dollar at the time of equity markets closing due to higher demand for the dollar from importers.

Traders got some encouragement with rating agency ICRA projecting Indian economic growth to improve to 7.7 per cent in next the next financial year, led by domestic consumption demand on the back of implementation of 7th Pay Commission and OROP recommendations. In other positive news India’s current account deficit (CAD) narrowed to 1.3 per cent of GDP in third quarter of the fiscal as against 1.5 per cent in the same period last year, mainly on account of lower trade deficit.

Among day’s major market moving events, stocks linked to defence sector remained in action after the Defence Minister Manohar Parrikar cleared the new defence procurement procedure (DPP) in the Parliament which expected to give a boost to Indian defence sector and would facilitate acquisitions. Shares of Reliance Defence and Engineering closed 3.94 per cent up at Rs 68.65, while Walchandnagar Industries settled 6.61 per cent up at Rs 151.70.

Shares of realty firm Godrej Properties Ltd (GPL) gained 1.46 per cent on NSE after the firm announced setting up a real estate fund which has raised $275 million with Dutch pension fund APG being the mainline investor.

Overall market breadth for the day remained mildly negative and advances to declines ratio for Nifty stood at 24:25 for the day.

Global cues remained weak with European counters making weak start following a terror attack in Brussels, Belgium. Twin explosions rocked the main hall of Brussels Airport on Tuesday killing at least one person and wounding several others. Asian markets ended mostly in red terrain. China stocks fell around one third of a per cent as the market weighed new guidelines on pension products and recent comments by the central bank governor that some short-term speculative funds may be leaving the country.

Markets through the day

3.30 pm: The BSE Sensex closed 45.12 points up at 25,330.49, while NSE Nifty 50 index settled 10.65 points up at 7,714.90.

3.21 pm: The BSE Sensex was trading 80.72 points up at 25,366. Nifty was up 14.75 points at 7,721.

3.00 pm: Meanwhile, Kesoram Industries shares hit upper circuit on Tuesday. The share price of the company soared 9.96 per cent to Rs 101.55. Sensex was up 54 points at 25,231.29. Sensex was trading 35.16 points down at 25,250. Nifty was down 14.20 points at 7,690.

2.52 pm: SREI Infrastructure Finance has informed that the company has fixed April 04 as the record date for the purpose of payment of interest for NCD. Shares of SREI Infra were trading 0.81 per cent down at Rs 55.45. Sensex was down 70 points at 25,215.

2.30 pm: Dwarikesh Sugar Indusries shares were trading 0.36 per cent up at Rs 195. According to KR Choksey Shares and Securities, Dwarikesh is planning to be debt free in next three years. The brokerage house believes the company is likely to repay long term debt of Rs 55-60 crore in this financial years and will do interest cost saving of Rs 7.5 crore for this financial year. Sensex was down 109 points at 25,194.

2.25 pm: Religare Enterprises has received approval from investment and borrowing committee of board of directors of the company to raise funds for an amount upto Rs 500 crore through issue of unsecured unlisted Non-Convertible Debentures (NCDs) on private placement basis. Shares of Reigare Enterprises were trading 1.21 per cent up at Rs 293.15. Sensex was trading 95.80 points down at 25,189.57. Nifty was down 31 points at 7,673.25.

2.00 pm: European shares fell in early trading on Tuesday, with travel and leisure stocks leading the market lower after explosions hit the airport in Brussels. The STOXX Europe 600 Travel and Leisure index fell 2.2 percent, the top decliner, with shares in easyJet, Ryanair, Accor, InterContinental Hotels  and IHG down by 2.4-4.6 percent. The pan-European FTSEurofirst 300 index was down 0.7 percent, while Belgium’s benchmark share index was down 0.5 percent. Sensex was trading 194.07 points down while Nifty fell 54.25 points.

1.45 pm: Puravankara Projects has forayed into the Western Region with a proposed development of 30 acres in Mundhwa, Pune. Purva Silversands, the first phase of development across 20 acres is being launched as a unique Integrated Lifestyle District with a design theme that the city of Pune has hitherto not seen before. Purva Silversands is an iconic residential development with the best in class facilities, providing a resort type lifestyle to homebuyers in Pune. Shares of Puravankara Projects were trading 2.95 per cent up at Rs 48.85. Sensex was down 149 points at 25,136.

1.24 pm: Wonderla Holidays shares surged as much as 10 per cent on Tuesday after the amusement park operator announced the inauguration date of its most hi-tech amusement park in Hyderabad. In a BSE filing, Wonderla Holidays said, “We are looking to officially inaugurate the park in the 3rd week of April.” Shares of the company were trading 5.26 per cent up at Rs 374.95 (at 1.23 pm). Sensex was trading 130 points down at 25,154.

1.04 pm: Sensex was trading 104 points down at 25181. Nifty was down 29.15 points at 7675. On the global front, Asian equity indices were in red at this point of time. China stocks fell around one third of a per cent as the market weighed new guidelines on pension products and recent comments by the central bank governor that some short-term speculative funds may be leaving the country. Closer home, depreciation in rupee too dampened sentiments.

12.29 pm: The Foreign Investment Promotion Board (FIPB) has approved the proposal of YES Bank to increase its foreign investment limit to 74 per cent from present 41 per cent, making it the first bank to get approval for hiking FDI limit after the new regulations were announced in the last year. In November 2015, the government had removed sub-limit restrictions for foreign investments in private sector banks within the overall sectoral limit of 74 per cent. YES Bank shares were trading 0.16 per cent up at Rs 832.85. Sensex was down 69 points at 25215. Nifty was trading 24 points down at 7,680.

11.52 am: Bharat Forge and Mahindra and Mahindra (M&M) shares were trading higher on Tuesday on reports that Airbus is in initial talks with companies to have some of its aircraft parts forged in India. M&M shares were trading 2.25 per cent up at Rs 1255.10, while Bharat Forge shares were trading 0.94 per cent up at Rs 883. Sensex was down 19 points at 25,265.

11.34 am: Rolta India shares were trading 1.48 per cent up at Rs 78.75. Standard and Poor’s (S&P) on Monday downgraded the long-term corporate credit rating on Rolta India to ‘B+’ from ‘BB-’ over expectations of an increase in its leverage and concerns that free operating cash flows will move into the negative zone in the next 12 months.

11.30 am: Eros International Media shares gained as much as 5.63 per cent in the morning trade on Tuesday after the company on Monday post market hours announced completion of an internal review that showed confidence in the company’s accounting policy, practices and disclosures. The scrip was trading 4.15 per cent higher at Rs 172.

Sensex was down 19.67 points at 25,265.

11.15 am: Equitas Holdings, which has got a license for small finance bank, is expected to hit the capital markets in the first half of April to raise an estimated Rs 2,000 crore through an initial public offering (IPO).

10.57 am: Rajesh Exports (REL) has bagged an export order worth Rs 1,045 crore of designer range of gold and diamond studded jewellery and medallions from Singapore. The order is to be completed by May 31, 2016. Shares of Rajesh Exports were trading 0.66 per cent up at Rs 614.20. Sensex was up 10 points at 25,296.

10.38 am: After falling over 80 points, the 30-share index turned flat. Sensex was up 9.49 points at 25294. Nifty was down 11 points at 7,693. Brokers said that apart from profit-booking in recent gainers, mixed trend in other Asian bourses influenced sentiment.

10.24 am: JMC Projects (India) shares were trading 6.44 per cent up at Rs 215. The company has recently secured new orders worth over Rs 930 crore. It has bagged road EPC project in Ethiopia worth approx Rs 465 crore. Further, the company has bagged a Retail mall project in Bangalore of Mantri developers worth Rs 235 crore and Building project in Bangalore worth approx Rs 62 crore. The company has also bagged area infrastructure development project by Naya Raipur Development Authority worth Rs 169 crore. Sensex was trading 70.25 points down at 25,215.

9.52 am: Godrej Properties shares were trading higher on raising $275 million from APG Asset Management. Shares of the company were trading 0.82 per cent up at Rs 290. Sensex was trading 87.52 points down at 25,197.

9.37 am: The rupee depreciated 11 paise to 66.64 against dollar in early trade due to higher demand for the dollar from importers amid a lower opening in the domestic equity market. Sensex was trading 83.44 points down at 25201. Nifty was trading 25.05 points down at 7,679.

9.30 am: Sensex was trading 55.20 points down at 25,237.07. Nifty was trading 20.55 points down at 7683.70. Defence related stocks were also trading higher after the new Defence Procurement Procedure (DPP), focusing on India-made products and fast-tracked acquisition process, was Monday cleared by the top committee of the Defence Ministry. Walchandnagar Industries were trading 5.97 per cent up at Rs 150.80. BEML was up 2.39 per cent at Rs 1,093.80.

9.26 am: Tea stocks were trading firm in the early trade. Shares of Goodricke Group and Tata Global Beverages were trading 4.38 per cent and 2.63 per cent up at Rs 174 and Rs 122.80, respectively.

9.18 am: Sensex was trading 41.98 points down at 25243, Nifty was trading 16.20 points down at 7,688.05. Indoco Remedies shares were trading up by nearly 10 per cent in the early trade. Indoco Remedies said it has received an approval from the US Food and Drug Administration (USFDA) for its solid dosages manufacturing facility at Goa.

9.15 am: The BSE Sensex opened 45.64 points up at 25,331, while the Nifty 50 index opened 8.70 points down at 7,695.

9.11 am: Crude oil futures rebounded on Monday after data showed crude inventories at the Cushing, Oklahoma delivery hub for US futures fell for the first time since January. Crude stockpiles in Cushing fell 570,574 barrels to 69.05 million in the week to March 18. Traders also got some support with Organization of the Petroleum Exporting Countries (OPEC’s) secretary general stating that Iran may join other oil producers planning to freeze production to support prices at a later date.

Benchmark crude oil futures for April delivery gained $0.47 or 1.20 percent to $39.91 a barrel after trading in a range of $38.96 and $39.98 a barrel on the New York Mercantile Exchange. In London, Brent crude for May delivery closed at $41.54, up $0.34 or 0.80 percent on the ICE.

8.41 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open on a flat note with positive bias on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.

At 8.23 am (IST), SGX Nifty was trading 7 points, or 0.09 per cent, at 7,718.

Asian stocks slipped on Tuesday as hawkish comments from US Federal Reserve officials clouded the monetary policy outlook less than a week after Fed Chair Janet Yellen had set out a more cautious path to interest rate increases this year.

Hang Seng and Shanghai were trading down by 0.36 per cent and 0.59 per cent, respectively. However, Japan’s Nikkei stock index added 2.1 per cent, reopening after a public holiday on Monday and getting a tailwind from a weaker yen.

Wall Street ended little changed on Monday as declines in cyclical sectors, which have led the recent rebound, were offset by gains in defensive stocks like those in telecoms and healthcare. The Dow Jones industrial average rose 21.57 points, or 0.12 per cent, to 17,623.87, the S&P 500 gained 2.02 points, or 0.1 per cent, to 2,051.6 and the Nasdaq Composite added 13.23 points, or 0.28 per cent, to 4,808.87.

Back home, heightened chances of RBI to reduce policy rate and positive Asian shares gave markets a high as the Sensex gained for the second straight session by soaring 333 points to close at 25,285 — a nearly 11-week high.

The 50-share Nifty recaptured the 7,700-mark and ended at 7,704.25, up 99.90 points, or 1.31 per cent.

Defense related stocks such as BEL, Walchandnagar Industries, BEML and L&T will remain in focus on Tuesday. After a delay of several months, the new Defense Procurement Procedure (DPP), focusing on India-made products and fast-tracked acquisition process, was Monday cleared by the top committee of the Defense Ministry.

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