BSE Sensex was little changed on Thursday after two consecutive sessions of declines, as sentiment remained subdued ahead of the results of state elections, including that of UP. Exit polls are due out around 5.30pm, and have often been wrong in the past, but any clear trend showing Bharatiya Janata Party in front could trigger buying by investors.
Actual results will be announced on Saturday, and will help to shape the next two years of Modi’s government as it heads for the 2019 general election. “Markets are trading very cautiously ahead of the exit poll results this evening,” said Neeraj Dewan, director at Quantum Securities. “A BJP win could take the market very close to the new high.”
Among the losers, Dr. Reddy’s Laboratories Ltd fell as much as 4.65% to its lowest since August 2014 after the US drug regulator issued form 483 with 13 observations for a manufacturing facility at Visakhapatnam in the southern state of Andhra Pradesh. GAIL (India) Ltd shares declined as much as 5.13% to its lowest since 15 February, as shares of the integrated energy company started trading ex-bonus.
2.20pm: BSE Sensex trades higher by 24 points, or 0.08%, to 28,926, while the Nifty 50 rises 6 points, or 0.06%, to 8,930.
1.37pm: BSE Sensex trades lower by 45 points, or 0.15%, to 28,857, while the Nifty 50 falls 17 points, or 0.19%, to 8,907.
12.12pm: BSE Sensex trades lower by 25 points, or 0.09%, to 28,877, while the Nifty 50 falls 11 points, or 0.12%, to 8,914. The shares of Dr Reddy’s Laboratories fall 4.26% to trade at Rs 2,730.
11.30am: Eros International Media Ltd shares fall 2.3% to Rs 216.30 after its overseas arm Eros International withdraws bond issue.
10.38am: BSE Sensex trades lower by 2 points, or 0.01%, to 28,900, while the Nifty 50 falls 3 points, or 0.03%, to 8,921. The shares of Dr. Reddy’s Laboratories Ltd on Thursday fell 4.4% to hit a 31-month low after the company’s oncology formulation plant at Duvvada in Visakhapatnam received 13 observations relating to violation of norms from the US Food and Drug Administration (FDA).
9.33am: BSE Sensex trades higher by 45 points, or 0.15%, to 28,857, while the Nifty 50 rises 13 points, or 0.14%, to 8,912.
9.30am: Tata Teleservices Maharashtra Ltd shares fall 5.4% to Rs8.17. The Reserve Bank of India (RBI) opposed the terms of settlement between Tata Sons Ltd and NTT Docomo Inc. on the enforcement of a $1.17 billion arbitration award to the Japanese telco.
9.25am: Gail India Ltd shares fall 4.7% to Rs370 as the stock starts to trade ex-bonus. The company has announced one bonus share for every three held.
9.20am: Reliance Industries Ltd shares fall 0.2% to Rs1,289.35 after huge block deal. Around 396.10 million shares or 12.2% stake of the company changed hands.
9.15am: The rupee opened at 66.82 a dollar. At 9.15am, the rupee was trading at 66.84, down 0.2% from its Wednesday’s close of 66.70.
9.12am: Dr Reddy’s Laboratories Ltd shares fall 2.5% to Rs2,779 after the company said it received 13 observations from USFDA for Duvvada oncology formulation facility.
9.10am: The 10-year bond yield was at 6.866% compared to its Wednesday ’s close of 6.859%. Bond yields and prices move in opposite directions.
9.00am: Asian currencies were trading lower. South Korean won was down 0.81%, Taiwan dollar 0.24%, Indonesian rupiah 0.15%, China offshore 0.14%, Malaysian ringgit 0.11%, Japanese yen 0.09%, China renminbi 0.08%.
With inputs from Reuters
