Sensex ends flat after a rangebound session, Nifty tad below 11,600; Vedanta top loser
11 April 2019
Benchmark indices ended flat after a rangebound session on April 11 as traders remained cautious ahead of TCS & Infosys earnings scheduled to be announced tomorrow.
The 30-share BSE Sensex rose 21.66 points to 38,607.01 and the Nifty50 gained 12.40 points at 11,596.70. The market breadth remained in favour of bears as about 1,325 shares declined against 1,153 advancing shares on the BSE.
Indiabulls Housing Finance, Bajaj Finserv, Bharti Airtel, Bajaj Auto and Dr Reddy's Labs were gainers while Infosys, TCS, Vedanta, Sun Pharma, Power Grid, Tech Mahindra were losers among Nifty50 stocks.
Manappuram Finance, HDFC Life, ICICI Prudential, Rain Industries, CG Power, Tata Global, Adani Power and Tata Power were midcap gainers while Reliance Naval, Edelweiss Financial, Jubilant Foodworks and DLF lost 2-7 percent.
Essel Group in Focus
Essel Group said the repayment along with interest will be made to each & every lender as per the agreed timeline of September 2019, reports CNBC-TV18.
"We cannot comment on arrangement between Kotak Mahindra AMC & its investors, but remain committed to achieve the resolution," the group said.
Essel Group issued statement on repayment to lenders. Kotak Mahindra AMC is one of the lenders of the group.
Vedanta-led Cairn India CEO, CFO quit firm
Cairn India chief executive Sudhir Mathur has resigned from the company, the fourth CEO to quit the firm since it was taken over by mining billionaire Anil Agarwal-led Vedanta Group seven years back.
Along with Mathur, Pankaj Kalra, the chief financial officer of Cairn India, which is now a part of Vedanta Ltd after its merger with the parent, has also resigned, sources privy to the development said. (Source: PTI)
Market Update: Benchmark indices are trading lower in the afternoon session with Nifty below 11,600 level.
At 14:11 hrs IST, the Sensex is down 73.64 points at 38511.71, while the Nifty down 22.50 points at 11561.80. About 1017 shares have advanced, 1295 shares declined, and 156 shares are unchanged.
Setco Automotive to acquire entire stake in subsidiary: Setco Automotive has approved purchase of entire stake (1,34,60,000 equity shares of Rs 10 each) from Lingotes Especiales, S.A. in company's subsidiary Lava Cast at a total consideration of Euro 950,000 (Rs 7.70 crore).
Market Update: The benchmark indices are volatile on Thursday as the first phase of polling begins spanning across 20 states and Union Territories.
In the first phase, 91 out of 543 Lok Sabha constituencies are going to polls. The counting of all votes will take place on May 23.
At 10:18 hrs IST, the Sensex is up 20.86 points or 0.05% at 38606.21, while Nifty is up 5.40 points or 0.05% at 11589.70. About 854 shares have advanced, 844 shares declined, and 94 shares are unchanged.
Rail Vikas Nigam listing today: The shares have seen a flat opening on April 11, the first day of trade on exchanges.
The stock listed at Rs 19, the final issue price or upper end of price band, but immediately drifted marginally lower at Rs 18.80 on the BSE, down 1.05 percent from issue price.
Welspun Corp bags order: Shares of Welspun Corp rose more than 3 percent after the Mumbai-based company received additional pipe orders of 180 KMT on a global basis.
Buzzing: Share price of Wockhardt added 3.5 percent in the early trade on Thursday after it received USFDA approval for cancer drug.
Sharekhan on El Nino:
Officials in the India Meteorological Department indicated that EL Nino conditions have weakened considerably and the assessment is that this unlikely to post any threat to the Southwest monsoon this year - sentimentally positive for the consumer goods (HUL, Dabur India and Britannia Industries), auto companies (M&M, Escorts and Hero Motocorp) and agri commodity (Insecticides India, PI Industries and UPL)
Market Opens: It is a flat start for the Indian indices on Thursday.
At 09:17 hrs IST, the Sensex is down 8.36 points or 0.02% at 38576.99, and the Nifty down 1.40 points or 0.01% at 11582.90. About 419 shares have advanced, 296 shares declined, and 42 shares are unchanged.
IOC, Wipro, BPCL, HPCL, Tata Motors, HUL, Indiabulls Housing, Asian Paints, Yes Bank, Hero Motocorp are among major gainers on the indices, while losers are Sun Pharma, Vedanta, Zee Ent, Infosys, Adani Ports, Cipla, Hindalco and Axis Bank.
Among the sectors, bank, IT, metal and pharma are trading lower, while some buying seen in the energy, infra and FMCG sectors.
Market at pre-open: Benchmark indices are trading higher in the pre-opening with Nifty around 11,600 level.
At 09:04 hrs IST, the Sensex is up 89.11 points or 0.23% at 38674.46, and the Nifty up 25.60 points or 0.22% at 11609.90.
Sun Pharma, Zee entertainment, Vedanta, Tata Steel, Hindalco, Maruti Suzuki are trading lower, while Indiabulls Real Estate, Bajaj Finance, HDFC Bank, Dish TV are trading higher.
Crude Update: Oil prices fell on Thursday after US crude stockpiles surged to their highest levels in almost 17 months amid record production.
Wall Street ends with marginal gains?: Technology stocks led Wall Street slightly higher on Wednesday, as US inflation data proved to be benign and the minutes from the Federal Reserve's March meeting were unsurprising.
Asian market trade mixed: Asian stocks held near eight-month highs on Thursday and the dollar slipped again on expectations global interest rates will stay lower for longer after a dovish turn by the European Central Bank and milder than expected US inflation.
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader indices in India, a gain of 11 points or 0.09 percent. Nifty futures were trading around 11,662.50-level on the Singaporean Exchange.