Mumbai: The benchmark BSE Sensex recovered and the Nifty regained the 9,400 mark in early trade on Wednesday on fresh buying by investors amid better-than-expected earnings. Speculators covering up their short positions ahead of the May derivatives contract expiry on Thursday added to the upward move. The BSE Sensex had lost 205.72 points in the previous session after investors booked profits amid volatile global cues in the aftermath of a terror attack in the UK. Sectoral indices led by auto, capital goods, power, realty and metal were in the green on Wednesday, adding up to 0.99%.
The NSE Nifty was also higher. Traders said a fresh spell of buying by retail investors and domestic institutions coupled with covering-up of outstanding short positions ahead of the May derivatives expiry helped recover the market. Shares of Tata Motors surged 3.22% to Rs464.60 even as the company on Tuesday posted a fall in its earnings for the quarter ending 31 March.
10.16am: BSE Sensex trades higher by 109 points, or 0.36%, to 30,475, while the Nifty 50 rises 26 points, or 0.27%, to 9,412.
9.50am: Max Financial Services Ltd shares fall 4.2% to Rs595.65. According to news reports, attorney general Mukul Rohatgi has returned the HDFC-Max Life merger proposal back to the Insurance Regulatory and Development Authority of India (IRDAI) without giving any opinion. The insurance regulator had sought the AG’s opinion for legal validity of the proposal.
9.45am: NCC Ltd shares fall 7% to Rs84.70 after the company said its net profit for the quarter fell 26.11% in the March quarter to Rs63.71 crore against Rs86.22 crore a year ago.
9.40am: Banking stocks trade lower. IDBI Bank shares fall 3.6%, Union Bank of India 3%, Syndicate Bank 2.4%, Bank of India 2.1%, Allahabad Bank 2%, Bank of Baroda 1.6%, Andhra Bank 1.2%, Oriental Bank of Commerce 1.2%, Canara Bank 1.1% and State Bank of India shares were down 0.8%.
9.35am: Jindal Steel & Power Ltd rose 2% to Rs110.05.
9.30am: BSE Sensex trades higher by 94 points, or 0.31%, to 30,459, while the Nifty 50 rises 22 points, or 0.24%, to 9,408.
9.28am: IDBI Bank Ltd shares fall 3.1% to Rs63.35 after the rating company Icra downgraded the lender’s outstanding debt worth Rs25,924 crore, including the so-called additional tier-1 (AT-1) bonds, citing its weak capital position.
9.25am: Tata Motors Ltd shares rise 4.2% to Rs469. Tata Motors reported a 125% sequential jump in earnings before interest, tax, depreciation and amortisation (Ebitda) to Rs10,846 crore. The bulk of the rise in profits came from Jaguar Land Rover (JLR). Earnings before interest and tax (Ebit) of the UK subsidiary rose 156% sequentially to Rs5,930.3 crore.
9.22am: Voltas Ltd shares rise 7% to Rs436.65 after the company said its net profit for the March quarter rose 22% from a year ago to Rs200 crore.
9.20am: Videocon Industries hits lower circuit for the third straight session on the concerns that the company is unlikely to pay its debt after Dena Bank and Punjab National Bank turned its loan in to the non performing assets (NPAs). The stock fell 10% to Rs58.35.
9.17 am: The 10-year bond yield was trading at 6.676% compared to its previous close of 6.675%. Bond yields and prices move in opposite directions.
9.15am: The rupee opened at 64.91 a dollar. At 9.15am, the rupee was trading at 64.87, up 0.01% from its previous close of 64.89.
9.10am: Asian currencies were trading lower. Philippines peso was down 0.24%, Malaysian ringgit 0.19%, South Korean won 0.16%, Indonesian rupiah 0.12%, China renminbi 0.12%, Taiwan dollar 0.1%, Japanese yen 0.1%, Thai baht 0.09% and China offshore 0.07%.
9.00am: Major indices in Asia opened higher on Wednesday as investors looked ahead to US Federal Reserve views on interest rate hike prospects and await an upcoming OPEC meeting widely expected to extend production cuts for nine months to March 2018.