Mumbai: The BSE benchmark cracked below the 30,000 level by dropping 133 points in early trade on Friday on emergence of profit-booking after Thursday’s strong rally. Besides, a weak trend in global markets as investors await the US non-farm payrolls data and drop in commodity prices overnight also influenced sentiment. The 30-share barometer tripped by 133.04 points, or 0.44%, to 29,993.17 in early trade. The index had risen by 231.41 points in the previous session, buoyed by reform steps in the banking and infra space.
Sectoral indices led by metal, capital goods, FMCG, IT, tech, auto, power and realty were trading in the negative zone, falling by up to 1.45%. Also, the NSE Nifty was trading 32.35 points or 0.35% lower at 9,327.55.
Banking stocks were seen carrying forward the positive sentiment arising out of the government’s decision to bring an ordinance to give greater powers to the Reserve Bank of India to tackle mounting bad loans. In the banking segment, shares of SBI, ICICI Bank, Bank of Baroda, Punjab National Bank, Federal Bank and Kotak Bank were trading higher by up to 3.76%. Brokers said apart from weak global cues, investors booked profit after recent gains, pushing the indices down.
Among Asian markets, Hong Kong’s Hang Seng was down 0.87%, while Shanghai’s Composite Index down 0.73% in their early deals. Financial markets in Japan and South Korea are shut on Friday for a public holiday. The Dow Jones Industrial Average ended 0.03% lower in Thursday’s trade amid mixed earnings. Here are the latest updates.
10.35am: Banking stocks trade higher. Federal Bank shares rose 5.3%, Dena Bank rose 3.6%, Canara Bank 3.5%, Central Bank of India 3%, Union Bank of India 1.7%, DCB Bank 1.4%, Indian Overseas Bank 1.3%, Karnataka Bank 1.2%, Punjab National Bank 1.2% and State Bank of India 0.8%.
10.30am: Eicher Motors Ltd rose 1.3% to Rs26,095.45 ahead of its March quarter earnings due later on Friday. According to estimates of 17 Bloomberg analysts, the company may post a net profit of Rs464.70 crore, while net sales will be at Rs1,911.30 crore.
10.27am: Metal stocks trade lower. Vedanta Ltd fell 5%, Hindalco Industries Ltd 3.7%, Jindal Steel & Power 3.6%, Hindustan Zinc 2.1% and Hindustan Copper 1%.
10.25am: BSE Sensex trades lower by 135 points, or 0.45%, to 29,992, while the Nifty 50 falls 40 points, or 0.42%, to 9,320.
10.20am: Paint companies trade higher. Asian Paints Ltd shares rise 2.4% to Rs1,156, Berger Paints India Ltd 3.5% and Shalimar Paints Ltd 2%.
10.10am: Bank of Maharashtra fell 2.7% to Rs36.50 after the bank reported net loss for the fifth consecutive quarter. In the March quarter, the bank net loss widened to Rs455.45 crore against Rs119.84 crore a year ago.
10.00am: Tata Motors Ltd fell 0.8% to Rs433.15. The stock fell for the fourth consecutive session and declined 5.4% in this period. So far this year, it fell 8.2%.
9.55am: Vedanta Ltd fell 4.2% to Rs222.60. The stock fell for the fourth consecutive session and was down 8.9% in this period. So far this year, it is up 3%.
9.50am: Tata Communications Ltd fell 2.3% to Rs688.70 after the company said it reported a net loss for the March quarter to Rs986.36 crore against a net profit of Rs75.19 crore.
9.45am: Hindustan Construction Ltd fell 4.2% to Rs44.50 after the company said it reported a net loss for the March quarter to Rs39.56 crore against a net profit of Rs232.85 crore a year ago.
9.40am: Multi Commodity Exchange Of India fell 3% to Rs1,118.10 after the company reported 51% decline in its net profit to Rs21.88 crore in the March quarter against Rs44.45 crore a year ago.
9.35am: Oberoi Realty Ltd rose 4% to Rs411.35 after the company reported 50.33% increase in its net profit to Rs101.85 crore against Rs67.75 crore a year ago.
9.30am: BSE Sensex trades lower by 104.95 points, or 0.35%, to 30,021.27, while the Nifty 50 down 27.55 points, or 0.29%, to 9,332.35.
9.25am: Aviation and oil marketing companies were trading higher after international crude oil prices fell below $45 a barrel. SpiceJet Ltd rose 3.6%, Jet Airways India Ltd 5%, InterGlobe Aviation Ltd 3%. Bharat Petroleum Corp. Ltd rose 1.3%, Hindustan Petroleum Corp. Ltd 1% and Indian Oil Corp. Ltd 1.6%.
9.20am: Sadbhav Infrastructure Projects Ltd rises 15% to Rs116.65 after huge block deal. Around 3.7% stake or 13.20 million shares of the company changed hands in a block deal, according to Bloomberg. However, details of buyers and sellers were not known.
9.15am: The rupee opened at 64.23 a dollar. At 9.15am, the rupee was trading at 64.25 a dollar, down 0.10% from its Thursday’s close of 64.17.
9.12am: The 10-year bond yield was trading at 6.949% compared to its previous close of 6.968%. Bond yields and prices move in opposite directions.
9.10am: Asian currencies were trading lower. South Korean won was down 0.38%, Malaysian ringgit 0.19%, Japanese yen 0.09%, Indonesian rupiah 0.07%, China offshore 0.06% and Taiwan dollar 0.03%. However, Thai baht was up 0.07%.
9.05am: Wockhardt Ltd falls 3.6% to Rs689.50 after the company posted a net loss of Rs5.91 crore in the March quarter against a net profit of Rs79 lakh a year ago.
9.00am: Asian markets opened mixed on Friday morning. According to Reuters, retreat in crude oil and other commodities prices are weighing on sentiments. Overnight, the US stock markets closed little changed. S&P 500 at 2,389 points is slightly up 0.06%.
With inputs from PTI