Mumbai: BSE Sensex edged lower after hitting fresh highs earlier on Wednesday, as political turmoil in Washington spooked global investors, sending Asian markets lower. US share futures and the dollar tumbled on reports that President Donald Trump had asked then-FBI Director James Comey to end a probe into Trump’s former national security adviser, raising questions over whether obstruction of justice charges could be laid against the US President.
Analysts also warned about near-term corrections in Indian markets after a remarkable run. Since crossing the 9,000-mark on 14 March, the broader NSE Nifty has risen around 5.7% in just over two months and is the biggest percentage gaining Asian index so far this year as of Tuesday’s close. “Since the markets are trading at record high levels, there could be some nervousness creeping in and that’s why volumes are low,” said Siddhartha Khemka, head of research at Centrum Wealth.
“I see an upside to the market this week but over the next month there could be some correction and that will depend on quarterly corporate results.” Among individual gainers, Tata Steel Ltd rose as much as 9% after the company’s quarterly loss narrowed and after agreeing the main terms of a deal for a pension scheme for its British workers. Meanwhile, Dhanlaxmi Bank Ltd soared to its highest since December 2014 after posting a profit in its March quarter from a loss a year ago. Among the decliners, Andhra Bank Ltd fell as much as 4.9% after reporting a 32% drop in profit for March quarter.
Also Read: Tata Steel shares gain over 5% as UK arm close to resolving pension issues
1.15pm: BSE Sensex trades higher by 54 points, or 0.18%, to 30,636, while the Nifty 50 rises 2 points, or 0.02%, to 9,514.
12.45pm: Electric utilities stocks trade higher after news report said that the government approved coal linkage policy. Tata Power Co Ltd rose 2%, Adani Power Ltd rose 2%, JSW Energy rose 1.5%, KSK Energy Ventures Ltd 5%.
12.20pm: Yes Bank shares fall 1.7% to Rs 1,458, its 10-week low. The stock fell 8 out of 10 sessions and down 11% during this period.
12.15pm: BSE Sensex trades lower by 4 points, or 0.01%, to 30,586, while the Nifty 50 falls 7 points, or 0.07%, to 9,505.
12.10pm: Edelweiss Financial Services Ltd fell 5% to Rs 180.95. The company reported a net profit of Rs 143.83 crore, up 61.2% from Rs 89.23 crore a year ago. Total revenue rose 27% to Rs1,929.30 crore.
11.45am: Quess Corp Ltd fell 3% to Rs 820. The company reported a net profit of Rs 27.98 crore in March quarter, up 1.3% from Rs 27.63 crore a year ago.
11.25am: BSE Sensex trades lower by 14 points, or 0.04%, to 30,569, while the Nifty 50 falls 11 points, or 0.12%, to 9,501.
11.10am: Shree Cement Ltd fell 5% to Rs 18,979 after the company said it posted a net profit of Rs 304.51 crore in March quarter, down 54.07% from Rs 663.03 crore a year ago.
11.00am: Capital First Ltd fell 4% to Rs 731.95 after huge block deal. Around 20.1 million shares or 20.6% stake of the company changed hands in a single block deal, according to Bloomberg reports. However, details of buyers and sellers were not known.
10.50am: Sobha Ltd rose 7.8% to Rs 444.05 after the company reported 70.3% increase in its net profit in March quarter to Rs 47 crore against Rs 27.60 crore a year ago.
10.45am: JSW Steel Ltd rose 2.8% to Rs 207.30 ahead of its March quarter earnings. According to 14 Bloomberg analyst estimates, the company may post a net profit of Rs 749.40 crore while net sales will be at Rs 16,297 crore.
10.26am: BSE Sensex trades higher by 46 points, or 0.15%, to 30,629, while the Nifty 50 rises 2 points, or 0.02%, to 9,515.
9.30am: BSE Sensex trades lower by 26 points, or 0.09%, to 30,557, while the Nifty 50 falls 11 points, or 0.12%, to 9,501. Here are the latest updates
9.25am: Tata Steel Ltd rose 2.4% to Rs468 after the company posted better then expected earnings. The company reported a surprise March quarter consolidated loss of Rs1,168 crore as it took a one-time charge related to the closure of its British pension scheme. The steelmaker said its UK arm was close to resolving pension issues, which brings the unit a step closer to a potential merger with ThyssenKrupp AG .
9.23am: Sobha Ltd rose 7.8% to Rs444.05 after the company reported 70.3% increase in its net profit in March quarter to Rs47 crore against Rs27.60 crore a year ago.
9.20am: Banking stocks trade lower. Andhra Bank fell 4.5%, PNB 3.2%, J&K Bank 1.4%, Karnataka Bank 1.2%, Bank of Baroda 1.1%, Canara Bank 1%, Uco Bank 1%, Kotak Mahindra Bank 1%, Allahabad Bank 0.8%, Dena Bank 0.8%, Central Bank of India 0.8%.
9.15am: The rupee opened at 64.02 a dollar and touched a high of 63.99, a level last seen on 27 April. At 9.15am, the rupee was trading at 64.05 a dollar, up 0.04% from its Tuesday’s close of 64.08.
9.10am: The 10-year bond yield was trading at 6.668% compared to its previous close of 6.669%. Bond yields and prices move in opposite directions.
9.05am: Asian currencies were trading mixed. Japanese yen was up 0.58%, Malaysian ringgit 0.13% and Singapore dollar 0.08%. However, South Korean won was down 0.22%, Taiwan dollar 0.07% and Indonesian rupiah 0.04%.
9.00am: US stock markets closed slightly lower after subdued trading. S&P 500 at 2,400 is down 0.07%. Asian markets opened mixed. According to Bloomberg, growing concerns about the US President Donald Trump’s administration is weighing on the risk appetite.
With inputs from Reuters