The BSE Sensex and broader NSE Nifty on Thursday hit their highest in nearly two years before falling towards the end of the session. Nifty moved close to breaching a key psychological level of 9,000 on continued hopes about the domestic economy after auto manufacturers reported higher sales. Sentiment was also boosted as Asian stocks inched to a 19-month high, a day after Wall Street hit record highs as investors were encouraged by US President Donald Trump’s less-combative tone in his first speech to the Congress.
The global rally is coming at a time of growing hopes about India’s own economy. Data on Tuesday showed annual gross domestic product (GDP) in the October-December quarter was much stronger than expected, cheering market sentiment despite widespread scepticism by economists. Auto shares such as Tata Motors Ltd gained after reporting higher monthly sales, further raising hopes about the economy. “There is a positive underlining sentiment in the Indian market,” said Tirthankar Patnaik, India strategist, Mizuho Bank.
The Nifty Auto index was the best performing sector, with Tata Motors rising 3% after posting a 2% jump in February total sales. Shares of Wockhardt Ltd declined as much as 6.5%, after the US Food and Drug Administration (USFDA) issued a warning letter to the company’s Morton Grove plant, which will withhold all FDA approvals until a resolution is made.
3.30pm: BSE Sensex closed lower by 145 points, or 0.50%, to 28,840, while the Nifty 50 rises 46 points, or 0.51%, to 8,900.
2.51pm: BSE Sensex trades higher by 52 points, or 0.18%, to 28,932, while the Nifty 50 rises 28 points, or 0.31%, to 8,918.
1.41pm: BSE Sensex trades higher by 30 points, or 0.10%, to 29,014, while the Nifty 50 rises 5 points, or 0.06%, to 8,951. The Wockhardt shares fall over 4% to trade at Rs718.50.
12.40pm: BSE Sensex trades higher by 53 points, or 0.18%, to 29,038, while the Nifty 50 rises 13 points, or 0.15%, to 8,959. Wockhardt Ltd shares decline 4.21% to trade at Rs719.45.
10.56am: BSE Sensex trades higher by 125 points, or 0.43%, to 29,110, while the Nifty 50 rises 36 points, or 0.40%, to 8,982. BSE auto index rises 1.22% while the BSE metal index rises 0.94%.
10.30am: DLF Ltd shares fall 1.4% to Rs151.45. Singapore sovereign fund GIC Pte. will hold exclusive talks with the promoters of DLF Ltd, India’s largest property developer, to purchase their 40% stake in a rental unit.
9.31am: BSE Sensex trades higher by 100 points, or 0.34%, to 29,084, while the Nifty 50 rises 30 points, or 0.34%, to 8,976.
9.25am: Wockhardt Ltd shares fall 5.5% to Rs710 after its step-down unit in the US, Morton Grove Pharmaceuticals Inc., has received a warning letter from the US Food and Drug Administration (FDA) for violation of norms.
9.20am: The rupee opened at 66.76 a dollar. At 9.15am, the home currency was trading at 66.77, up 0.11% from its previous close of 66.83.
9.15am: The 10-year bond yield rose to 6.912% compared to its Wednesday’s close of 6.925%. Bond yields and prices move in opposite directions.
9.10am: Tata Motors Ltd shares rise 1.3% to Rs454.80 after the company reported a rise of 2% in its total vehicle sales for last month. According to the company, its total passenger and commercial vehicle sales, including exports, in February 2017 rose to 47,573 units from 46,674 units sold in the like month of last year.
9.00am: Japanese yen was down 0.2%, Singapore dollar 0.12%, China offshore 0.07%, Malaysian ringgit 0.06%, Thai baht 0.05% and China renminbi 0.05%. However, South Korean won was up 0.2%.
With inputs from Reuters
