Mumbai: Wide fluctuations prevailed in the stock market on Monday before key indices Sensex and Nifty closed with measly gains, with institutional investors lending all- crucial support. The GST Council last week offered relief to exporters and small and medium businesses.
Caution prevailed as earnings season for the September quarter kicks off this week, traders said. Much of the selling was an outcome of a rush to book profit. The gauge had gained 222 points on Friday. Here are the latest updates from the market:
■ 3.33pm: BSE Sensex closed higher by 32.67 points, or 0.10%, to 31,846.89, while the Nifty 50 rose 9.05 points, or 0.09%, to 9,988.75.
■ 3.13pm: BSE Sensex rose 34.42 points, or 0.11%, to 31,848.64, while the Nifty 50 gained 9.60 points, or 0.10%, to close at 9,989.30.
■ 3.05pm: Reliance General Insurance has filed for an initial public offering. The issue comprises fresh issue of up to 16.8 million shares and offer for sale by Reliance Capital of up to 50.3 million, Reuters reported. The proceeds from fresh issue will be used for augmenting solvency margin and to meet future capital needs. Motilal Oswal, Credit Suisse, Edelweiss and UBS are global co-ordinators and book running lead managers for IPO.
■ 2.20pm: BSE Sensex rose 58.46 points, or 0.18%, to 31,872.68, while the Nifty 50 gained 11.25 points, or 0.11%, to 9,990.95.
■ 2.17pm: State-owned Oil and Natural Gas Corp. Ltd (ONGC) is likely to sell some of its stake in Indian Oil Corp. Ltd (IOCL) to institutional investors like Life Insurance Corp. of India (LIC) to part-fund its over Rs34,000-crore acquisition of refiner Hindustan Petroleum Corp. Ltd. ONGC shares traded at Rs171.10, down 1.50%.
■ 2.15pm: Indian Oil Corp is willing to buy state-owned GAIL (India) Ltd or Oil India Ltd, the company’s head of finance A.K.Sharma, said on Monday, reported Reuters. Indian Oil also plans to open offices in Bangladesh and Myanmar in the next 4-6 months, Sharma told reporters at the India Energy Forum by Ceraweek in New Delhi. IOC shares were down 0.36% at Rs413.75.
■ 2.10pm: Tata Sons Ltd executive chairman N. Chandrasekaran has said the group will look at Air India Ltd disinvestment being executed by the government currently. The group, however, needs more details from the government on the process, Chandrasekaran told CNBC-TV18 in an interview, excerpts of which were released on Monday morning.
■ 1.18pm: BSE Sensex rose 30.22 points, or 0.09%, to 31, 844.44, while the Nifty 50 edged up 5.60 points, or 0.06%, to 9,985.30.
■ 1.15pm: The pan-European STOXX 600 rose 0.2%, FTSE was down 0.1%, Germany’s DAX gained 0.3% to a new record of 12,997 points.
■ 1.13pm: Among sectoral indices, the consumer durables index gained most and was up 1.16%. Fast moving consumer goods up 0.48% and the IT index was up 0.37%. Meanwhile, the BSE Power and Utilities fell 0.90%.
■ 12.34pm: BSE Sensex was little changed at 31, 813.99, up 5.69 points, or 0.02%, while the Nifty 50 edged down 5.20 points, or 0.05%, to 9,974.50.
■ 12.20pm: Indian Energy Exchange’s IPO was subscribed 0.03 times so far on the first of the share sale. As of 12pm, the IPO received bids for 162,126 shares against the issue size of 6,065,009 shares, according to data available with NSE.
■ 12.15pm: MAS Financial’s initial public offering (IPO) was subscribed 2.19 times on Monday, the second day of the IPO. As of 12pm, the IPO received bids for 15,605,696 shares against the total issue size of 7,124,910 shares, according to data available with NSE. The Rs460 crore IPO will close on 10 October.
■ 11.17am: BSE Sensex traded higher by 41 points, or 0.13%, at 31,855.24, while the Nifty 50 gained 8.45 points, or 0.08%, to 9,988.15.
■ 11.10am: Jindal Steel & Power Ltd rose 5% to Rs160.20 after the company said it will divest its oxygen plant asset for Rs1,121 crore.
■ 11.07am: Sobha Ltd gained 6.4% to Rs416.45 after the company said after it sold 8,61,084 square feet of real estate valued at Rs675.1 crore at an average realisation price of Rs7,840 per square feet.
■ 11.05am: Tata Teleservices Maharashtra Ltd fell 15% to Rs5.04 after Economic Times reported that it plans to shut its wireless business, bringing an end to its 21-year-old phone services venture
■ 10.50am: BSE Sensex rose 91.90 points, or 0.29%, at 31,906.12, while the Nifty 50 gained 27.90 points, or 0.28%, to 10,007.60.
■ 10.40am: Oriental Bank of Commerce shares lost 3% to Rs119.80 after the RBI initiated a “prompt corrective action” against the state-owned bank for high bad loans.
■ 10.30am: Shares of Adani Enterprises Ltd fell 3.40% to Rs119.05 as several protests were held across Australia against the company’s proposed $16.5 billion Carmichael coal mine project, which has been delayed for years over environmental and financing issues.
■ 10.18am: BSE Sensex rose 95.17 points, or 0.30%, at 31,909.39, while the Nifty 50 gained 23.20 points, or 0.23%, to 10,002.09.
■ 10.15am: Analysts are upbeat about the Rs1,000-crore initial public offer (IPO) of Indian Energy Exchange Ltd (IEX) opening on Monday, with several of them recommending subscription from the medium to long-term perspective.
■ 10.13am: Oriental Bank of Commerce fell 3.2% to Rs119.55 after RBI puts Oriental Bank of Commerce under Prompt Corrective Action in view of high net NPAs.
■ 10.10am: Va Tech Wabag Ltd fell 4% to Rs568.20 after the company said it has filed an appeal with the National Company Law Appellate Tribunal against the order passed by NCLT for initiation of corporate insolvency resolution process.
■ 9.25am: BSE Sensex opened lower by 23.51 points, or 0.07%, at 31,790.71, while the Nifty 50 fell 15.05 points, or 0.05%, to 9,964.65.
■ 9.23am: Gems and jewellery stocks trading higher after the government removed the dealers from purview of the reporting requirement under the Prevention of Money Laundering Act. PC Jeweller Ltd rose 6.4%, Titan Co. Ltd 4.7%, Gitanjali Gems Ltd 6%, Tribhuvandas Bhimji Zaveri Ltd 5.5%, Tara Jewels Ltd 6.3% and Thangamayil Jewellery Ltd was up 4.5%.
■ 9.20am: Sun Pharma Advanced Research Co. Ltd fell 13% after the company said it didn’t reach statistical significance for Baclofen GRS studies.
■ 9.17am: The MSCI Asia-Pacific shares edged up 0.1%, the Shanghai Composite Index rose 1.1%, the Hang Seng fell 0.4%.
■ 9.15am: The rupee was trading at 65.34 against the dollar, up 0.05% from its Friday’s close of 65.37. The rupee opened at 65.40 a dollar.
■ 9.13am: The 10-year bond yield was at 6.753%, compared to its previous close of 6.757%. Bond yields and prices move in opposite directions.
■ 9.10am: Asian currencies were trading higher. China offshore spot was up 0.35%, China renminbi 0.24%, Thai baht 0.18%, Indonesian rupiah 0.14%, Malaysian ringgit 0.13%, Singapore dollar 0.11%, Taiwan dollar 0.08%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.742, down 0.06% from its previous close of 93.80.
With inputs from PTI