Mumbai: Indian shares rose on Wednesday in line with broader Asian markets as investors awaited key political and economic events including the monetary policy meeting in India. The Reserve Bank of India (RBI) is likely to strike a less hawkish tone while leaving interest rates unchanged at its policy meeting later in the day, according to analysts, as inflation is running well below forecasts and the economy has slowed more than expected.
With the UK elections, the European Central Bank’s (ECB) policy meeting, and former FBI director James Comey’s Senate testimony all set for Thursday, investors were noticeably risk averse across the globe. “Markets are not reacting negatively to any of the events... Everything seems right in place,” said Jayant Manglik, president, retail distribution, Religare Securities Ltd, adding that the latest monsoon forecast also brought some cheer.
1.33pm: Nifty PSU bank index rises by over 1%. Oriental Bank of Commerce (OBC) shares soar by over 3%, Bank of India rises by over 1%, SBI and PNB shares are higher by over 1%. BSE Sensex trades higher by 22 points, or 0.07%, to 31,213, while the Nifty 50 rises 3 points, or 0.03%, to 9,640.
12.54pm: IT stocks fall after CNBC TV reported that Infosys COO saying that the clients seeking 20-30% price discount from company. Wipro Ltd fell 4.3%, Tata Consultancy Services Ltd 4%, Infosys Ltd 3.2%, HCL Technologies Ltd 2%, Tech Mahindra Ltd 3.3%.
12.30pm: BSE Sensex trades higher by 49 points, or 0.16%, to 31,239, while the Nifty 50 rises 16 points, or 0.17%, to 9,654.
11.55am: BSE Sensex trades higher by 115 points, or 0.37%, to 31,306, while the Nifty 50 rises 31 points, or 0.32%, to 9,668.
11.20am: Fast moving consumer goods stocks jump as the BSE FMCG index soars by over 1% to trade at 10,271.96 points. Pioneer Distilleries shares rise by 16%, Venkys India shares rise by 10.63%, Colgate Palmolive shares rise by over 3% and SH Kelkar shares rise by 3%.
10.28am: BSE Sensex trades higher by 142 points, or 0.46%, to 31,333, while the Nifty 50 rises 34 points, or 0.35%, to 9,671. Healthcare stocks rise with BSE Healthcare index rising by 1.34% to trade at 13988.19 points. Cadila Helathcare shares rise by 8.58%, Vivimed Labs shares are up by 6.90%, Natco pharma shares are higher by 3.4%.
9.30am: BSE Sensex trades higher by 72 points, or 0.23%, to 31,262, while the Nifty 50 rises 13 points, or 0.14%, to 9,651.
9.29am: Reliance Communications (RCom) Ltd shares fall 3.2% to Rs19.45 after Global agencies Moody’s Investors Service and Fitch Ratings on Tuesday downgraded the long-term debt rating of Reliance Communications Ltd (RCom) and its $300 million worth of senior bonds.
9.27am: GMR Infrastructure Ltd shares rise 2.2% to Rs16.60 after the company said in a notice to BSE that GMR Airports won Greenfield Heraklion Airport in Crete Island Greece.
9.25am: IIFL Holdings Ltd shares rise 6.73% to Rs587.65 after broking firm Credit Suisse has initiated coverage with Outperform ratings and kept its target price to Rs650 a share.
9.22am: Edelweiss Financial Services Ltd shares rise 4% to Rs192.75 after broking firm Credit Suisse has initiated coverage with Outperform ratings and kept its target price to Rs220 a share.
9.20am: Adani Enterprises Ltd shares rise 5% to Rs133.65 after the Adani Group gave the final investment approval for its Carmichael coal mine project in Australia.
9.15am: The rupee opened at 64.49 a dollar. At 9.15am, the rupee was trading at 64.47, down 0.06% from its Tuesday’s close of 64.43.
9.10am: The 10-year bond yield was trading at 6.64% compared to its previous close of 6.642%. Bond yields and prices move in opposite directions.
9.00am: Asian currencies were trading lower. South Korean won was down 0.59%, China offshore 0.17%, Thai baht 0.19%, Singapore dollar 0.09%, Indonesian rupiah 0.08%, Japanese yen 0.07% and Philippines peso 0.04%.
With inputs from Reuters