Mumbai: The BSE Sensex closed up 64 points at 29,974 points on Wednesday, paring gains while the NSE Nifty hit a record high, as investors took a breather ahead of the central bank policy meet due this week
The monetary policy committee of the Reserve Bank of India (RBI) is likely to leave the repo rate at 6.25%, where it has been since October, a Reuters poll found.
However, investors are expecting the RBI to announce measures to drain the 4 trillion rupees that has accumulated in the banking system in March, double as compared with January. “The market is moving slightly ahead of time, so it is taking a small breather. One might see some profit-booking as well,” said Deven Choksey, managing director, K R Choksey Investment Managers.
The benchmark BSE Sensex was 0.12% higher at 29,946.83. It went as high as 30,007.48, just 17.26 points shy of its record peak of 30,024.74 touched on 4 March 2015. Housing Development Finance Corp dropped as much as 2.25%.
Among gainers, Shankara Building Products Ltd surged as much as 37% on its market debut, with its up to 3.45 billion rupees ($52.96 million) IPO oversubscribed more than 41 times.
Shares of Titan Company Ltd hit a record high after it said consumer sentiment has recovered in January-March quarter and sales were good for all divisions. TVS Motor Company rose as much as 2.72% to a record high after posting a 10% increase in total vehicle sales for March 2017. Indian stock, bonds and currency markets were closed on Tuesday for a market holiday.
3.30pm: BSE Sensex closed higher by 64 points, or 0.21%, to 29,974, while the Nifty 50 rose 27 points, or 0.30%, to 9,265.
2.27pm: BSE Sensex trades higher by 37 points, or 0.12%, to 29,948, while the Nifty 50 rises 17 points, or 0.19%, to 9,255.
1.30pm: BSE Sensex trades higher by 34 points, or 0.11%, to 29,944, while the Nifty 50 rises 13 points, or 0.14%, to 9,251.
12.30pm: BSE Sensex trades higher by 47 points, or 0.16%, to 29,957, while the Nifty 50 rises 21 points, or 0.23%, to 9,259.
12.15pm: Shares of Reliance Industries Ltd hit Rs1,400 mark. Last time, the stock saw this level was on 18 January 2008. The scrip rose for five consecutive sessions. So far this year it gained 29.3%. The stock was trading at Rs1401, up 2.2% from previous close
11.25am: BSE Sensex trades higher by 12 points, or 0.04%, to 29,922, while the Nifty 50 rises 8 points, or 0.08%, to 9,245.
11.20am: Cyient Ltd rose 6% to Rs 494.45 after broking firm Morgan Stanley has raised its outlook on the company to Overweight and raised its target price to Rs 565 a share.
11.15am: Adani group stocks trade higher. Adani Ports rose 3.3%, Adani Transmission Ltd rose 5%, Adani Enterprises Ltd 3.1%, Adani Power Ltd rose 3%.
11.13am: Realty stocks trade higher. Indiabulls Real Estate Ltd rose 6.6%, Unitech Ltd 6.3%, Sobha Ltd 5.8%, Prestige Estate Ltd 3.8%, The Phoenix Mills Ltd 6%, HDIL 2.2%, DLF 2%, Godrej Properties Ltd 1.6%.
11.10am: Reliance Industries Ltd shares rise 1.7% to Rs 1,395. According to Moody’s enrolment of about 72 million monthly subscription paying customers reduces cash flow uncertainty of telecom business. Even if Jio generates about 200b revenue, it will not be sufficient to generate free cash flows as co.’s spending on capex, which we expect to be at least 150b/year, will be significantly higher than its EBITDA, Moody’s said.
11.00am: Housing Development Finance Co. Ltd shares fall 1.6% to Rs1,508.45 after the company said its profit for fourth quarter from investment sale seen at Rs 49 crore against Rs15.20 crore a year ago.
10.50am: Eros International Media Ltd shares fall 1.4% to Rs272.50 after the company said its founder Eros Worldwide FZ LLC pledged 4.7% stake via four transactions to three lenders.
10.42am: BSE Sensex trades lower by 21 points, or 0.07%, to 29,889, while the Nifty 50 falls 1 point, or 0.01%, to 9,237.
9.30am: BSE Sensex trades lower by 38 points, or 0.13%, to 29,873, while the Nifty 50 falls 0.70 point, or 0.01%, to 9,237.
9.27am: Dr Reddy’s Laboratories Ltd shares fall 1.7% to Rs 2,700.95 after the company said the audit of its API manufacturing plant at Srikakulam, Andhra Pradesh, by the US Food and Drug Administration (USFDA), was completed and was issued a Form 483 with two observations.
9.25am: Aditya Birla Money shares rise 17% to Rs38.70. Aditya Birla Idea Payments Bank Ltd becomes the seventh entity to receive a final licence from RBI to set up a payments bank, according to a stock exchange notification.
9.22am: Titan Co. shares rise 5% to Rs483.10 after the company said business in the second half of fiscal year 2016-17 exceeded its expectations despite demonetisation, after the maker of watches and accessories struggled in the first half due to a jewellery industry strike against excise duty and a new rule requiring customers to disclose their permanent account numbers for purchases above Rs2 lakh.
9.20am: KEC International Ltd shares rise 3.8% to Rs219.50 after the company said it has won an order worth Rs1,781 crore.
9.15am: The rupee opened at 65.08 a dollar. At 9.15am, the home currency was trading at 65.10, down 0.10% from its Monday’s close of 65.03.
9.10am: The 10-year bond yield was trading at 6.649%, compared to its previous close of 6.651%. Bond yields and prices move in opposite directions.
9.00am: Asian currencies were trading higher. Taiwan dollar was up 0.35%, Japanese yen 0.06%, Singapore dollar 0.06%, Japanese yen 0.05% and Indonesian rupiah 0.04%. However, Thai baht was down 0.21% and South Korean won 0.11%.
With inputs from Reuters
