Mumbai: The Nifty rose on Wednesday, inching up close to a record high, as investors bought shares in under-performing sectors such as drug makers and state-run lenders, while sentiment was also supported on easing North Korea tensions.
The NSE index was on track for its fifth consecutive daily increase, and was steadily recovering from an about 1.6% fall in August. The gains would likely be extended in the near term, analysts said, although advances would be tempered by caution over global risk factors and the domestic economy. Data late on Tuesday showed India’s consumer price inflation rose more than expected to a five-month high of 3.36%, dampening chances of a rate cut by the central bank at its policy review next month.
“The Korea tensions have eased and the markets are near all time high,” said A.K. Prabhakar, head of research at IDBI Capital Markets & Securities Ltd. “Nifty (NSE index) could breach its record high by today or tomorrow.” Here are the latest updates from the markets:
■ 2:53pm: BSE Sensex surges by 74 points, or 0.23%, to 32,233, while the Nifty 50 edges down 6 points, or 0.06%, to 10,087. ITC, Tata Steel and Housing Development Finance Corp. Ltd are top losers on BSE with losses to the tune of 1.93%, 0.89% and 0.84%, respectively.
■ 2.47pm: Oil marketing companies fall. Hindustan Petroleum Corp Ltd drops 6%, Bharat Petroleum Corp Ltd slumps 6.5%, Indian Oil Corp falls 5.6%.
■ 1.55pm: BSE Sensex surges by 132 points, or 0.41%, to 32,290, while the Nifty 50 rises 32 points, or 0.31%, to 10,125.
■ 1.50pm: Bharat Petroleum Corp. Ltd (BPCL) will invest Rs1.08 trillion over the next five years to expand operations across its business segments, chairman and managing director D. Rajkumar told reporters at a post-annual general meeting press conference on Tuesday.BPCL shares were down 1.89% at Rs523.50 apiece on BSE.
■ 1.03pm: BSE Sensex jumps by 127 points, or 0.39%, to 32,285, while the Nifty 50 rises 27 points, or 0.26%, to 10,120. Sun Pharma, Reliance, Tata Motors are top gainers, while ITC, L&T and Power Grid are among the major losers on BSE.
■ 12.27pm: BSE Sensex surges by 105 points, or 0.33%, to 32,263, while the Nifty 50 rises 15 points, or 0.15%, to 10,108.
■ 12.20pm: Wockhardt Ltd rises 8.5% to Rs670.50 after CNBC-TV18 said the company is undertaking remediation measures for US-linked facilities. The company will re-invite the US drug regulator after remediation of plants is completed.
■ 12.15pm: Idea Cellular Ltd is up 4% to Rs82 after a huge block deal. Around 4.23 million shares of the company changed hands in three block deals, according to a Bloomberg report. However, details of the buyers and sellers were not known.
■ 11.30am: BSE Sensex trades higher by 47 points, or 0.15%, to 32,210, while the Nifty 50 gains 9 points, or 0.09%, to 10,102. The BSE S&P energy index gains 1.30% and the healthcare index rises 1.23%, while the fast moving consumer goods index is down 0.65%.
■ 10.38am: BSE Sensex rises by 85 points, or 0.27%, to 32,244, while the Nifty 50 gains 19 points, or 0.19%, to 10,112.
■ 10.35am: Power companies were trading higher ahead of auctions Wednesday to secure coal supply from Coal India. Tata Power Co Ltd rose 6.1%, JSW Energy Ltd 2.1%, Lanco Infratech Ltd 4%, Bharat Heavy Electricals Ltd 1.3%, Torrent Power 1.1%
■ 10.12am: BSE Sensex trades higher by 76 points, or 0.24%, to 32,235, while the Nifty 50 rises 18 points, or 0.18%, to 10,111.
■ 10.05am: Reliance Industries Ltd hits all time high of Rs 844 a share. The stock was trading 2.5% higher. So far this year it gained 56.39%
■ 10.00am: Banking stocks gain. Oriental Bank of Commerce rises 3.7%, Syndicate Bank 3.1%, Dena Bank 2.3%, Andhra Bank 1.7%, Indian Overseas Bank 1.7%, Central Bank of India 1.6%, Allahabad Bank 1.5%, Bank of Baroda 1.4%, Bank of India 1.4%.
■ 9.57am: India’s largest telecom service provider Bharti Airtel Ltd on Wednesday said it has partnered with South Korea’s SK Telecom Co. Ltd to build an advanced telecom network in India. At 9.57am, Bharti Airtel shares were trading 0.65% down at Rs404.25, while BSE Sensex was up 85 points, or 0.27%, at 32,244.
■ 9.35am: BSE Sensex opens higher by 48 points, or 0.15%, to 32,207, while the Nifty 50 rises 12 points, or 0.12%, to 10,105.
■ 9.27am: Tata Motors Ltd rises 1.3% to Rs392.25 after the company said its global wholesales up 9% year-on-year to 94,210 in August.
■ 9.25am: Capital First Ltd is up 3% to Rs831.85 after its overseas investment limit raised by Reserve Bank of India to 50% from 24%.
■ 9.20am: Rane group stocks are trading higher after Rane Holding acquired 10.96 lakh shares in Rane Madras at Rs547 each, increasing its holding to 60.44% post acquisition. Rane Holdings Ltd rose 9.6%, Rane Engine Valve Ltd rose 16.4%, Rane Madras Ltd 16% and Rane Brake Lining Ltd 11%.
■ 9.15am: The rupee strengthened marginally against the US dollar tracking gains in its Asian peers. The rupee opened at 64.02 a dollar. At 9.15am, the rupee was trading at 63.98 a dollar, up 0.09% from its Tuesday’s close of 64.04.
■ 9.13am: The 10-year bond yield was at 6.582% -- a level last seen on 6 Jun, compared to its previous close of 6.554%. Bond yields and prices move in opposite directions.
■ 9.10am: Asian currencies were trading higher amid easing tensions with North Korea. South Korean won was up 0.19%, Singapore dollar 0.17%, Japanese yen was up 0.12%, China offshore 0.11%, Malaysian ringgit, Thai baht were up 0.11% while China renminbi was up 0.08%. However, Philippines peso was down 0.06%, Taiwan dollar 0.05%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.788, down 0.1% from its previous close of 91.882.
With inputs from Reuters