Mumbai: Indian shares traded flat on Thursday, faltering a bit after having touched record highs in the previous session as investors booked profits in recent outperformers such as State Bank of India. Sentiment was further subdued as US and European stocks were knocked lower on Wednesday due to earnings concerns. Asian shares were largely flat on Thursday, with the MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.09%.
Analysts said the outlook for markets would return to earnings, a day after indexes hit all-time highs after the government said it would inject $32.4 billion into state-owned lenders. “In the short term, earnings will dictate the next move of the market and global sentiment,” said Neeraj Dewan, director, Quantum Securities. Here are the latest updates from the markets:
■ 3.33pm: BSE Sensex closed higher by 104.63 points, or 0.32%, to 33,147.13, while the Nifty 50 rose 48.45 points, or 0.47%, to close at 10,343.80.
■ 3.04pm: BSE Sensex rose 28.07 points, or 0.08%, to 33,070.57, while the Nifty 50 gained 42.45 points, or 0.41%, to 10,337.80.
■ 3.00pm: Lupin said it has received final approval from the US FDA to market generic version of Concordia Pharma’s Kapvay extended-release tablets. Shares fell 0.43% to Rs999.45.
■ 2.45pm: Sun Pharmaceutical Industries Ltd. said that one of its wholly owned subsidiaries has received final approval from the US FDA for its abbreviated new drug application for generic version of Coreg CR extended release capsules. The company’s shares rose 1.89% to Rs533.15.
■ 2.30pm: Axis Bank, L&T, Maruti and Sun Pharma are top gainers with gains to the tune of 2.32%, 2.29%, 2.25% and 2.22%, respectively. Meanwhile, ICICI Bank and Power Grid stocks fell 2.39% and 1.97% respectively.
■ 2.25pm: BSE Sensex rose 67.47 points, or 0.20%, to 33,109.97, while the Nifty 50 gained 12.25 points, or 0.12%, to 10,307.60.
■ 1.40pm: Footwear retailer Khadim India expects to raise Rs543 crore through initial public offer next month, with the company fixing a price band of Rs 745-750 per share. The IPO will open for subscription from 2-6 November, the company said in a statement.
■ 12.25pm: BSE Sensex rose 38.10 points, or 0.12%, to 33,080.60, while the Nifty 50 gained 18.40 points, or 0.18%, to 10,313.75.
■ 12.23pm: The European Stoxx 600 fell 0.2%, UK’s FTSE rose 0.10%, Germany’s DAX gained 0.14% and France’s CAC 40 jumped 0.25%.
■ 12.20pm: Reliance Nippon Life Asset Management Ltd’s initial public offering (IPO) was subscribed 4.93 times on the second day of the share sale on Thursday, data from stock exchanges showed. As of 12.30pm, the IPO received bids for 211,399,301 shares against the total issue size of 42,840,000 shares, according to NSE data. The IPO will close on 27 October.
■ 12.17pm: BSE Sensex inched down 19.28 points, or 0.06%, to 33,023.22, while the Nifty 50 rises 8.35 points, or 0.08%, to 10,303.70.
■ 12.15pm: Vijaya Bank said its second quarter profit rose 20%. The bank reported September quarter net profit of Rs185 crore versus net profit of Rs155 crore last year. The bank’s shares rose 1.44% to Rs67 on BSE.
■ 11.45am: Biocon (up 0.27%), Crompton Greaves (down 1.54%), Mphasis (down 2.33%), Shoppers Stop (up 1.98%) and Yes Bank (up 2.50%) are among the companies that will be announcing their September quarter earnings on Thursday.
■ 11.33am: BSE Sensex fell 63.74 points, or 0.19%, to 32,978.76, while the Nifty 50 edged down 4.25 points, or 0.04%, to 10,291.10.
■ 11.25am: State-owned general insurer New India Assurance Co. Ltd (NIA) on Wednesday said it will launch its Rs9,600 crore initial public offering (IPO) on 1 November. It is the second largest this year after General Insurance Corp. of India Ltd’s Rs11,372 crore IPO. The insurance company has set a price band of Rs770-800 per share for the IPO, which values it at Rs64,392-67,940 crore. The offer will close on 3 November.
■ 11.22am: HDFC Standard Life Insurance Co. said Wednesday its initial public offer (IPO) will hit the market on 7 November.The HDFC Standard Life IPO comprises sale of 191,246,050 equity shares, amounting to 9.55% stake, by HDFC Ltd and up to 108,581,768 scrips, or 5.42% stake, holding of Standard Life Mauritius.
■ 11.03am: BSE Sensex fell 74.00 points, or 0.22%, to 32,968.50, while the Nifty 50 lost 8.80 points, or 0.09%, to close at 10,286.55.
■ 10.45am: SREI Infrastructure Finance Ltd said its board of directors approved a proposed initial public offering of the company’s unit, Srei Equipment Finance Ltd. The proposed IPO is subject to shareholders approval.
■ 10.40am: KEC International shares surged as much as 4.7% To Rs301 after it said it has received orders worth Rs1,756 crore across India, SAARC, Middle East, Africa and Americas.
■ 10.30am: Larsen & Toubro shares rose 2.90% to Rs1239.40 after the company announced that L&T Construction received orders valued Rs3,551 crore.
■ 10.17am: BSE Sensex traded lower by 82.72 points, or 0.25%, to 32,959.78, while the Nifty 50 fell 11.15 points, or 0.11%, to close at 10,284.20.
■ 10.15am: JP Group stocks fell after the Supreme Court on Wednesday extended the deadline for Jaypee Associates Ltd (JAL) to deposit Rs2,000 crore to cover its liability towards those who bought homes in projects developed by its subsidiary, Jaypee Infratech Ltd. The amount would now have to be paid by 5 November. Jaiprakash Associate Ltd declined 11%, Jaiprakash Power Ventures Ltd 2%, Jaypee Infratech Ltd 3.5%.
■ 10.10am: Tata Communications Ltd fell 4% to Rs688 after the company reported a loss of Rs128.55 crore against a net profit of Rs 267.65 crore last year same quarter.
■ 10.07am: HCL Infosystems Ltd fell 4% to Rs46.85 after the company said its net loss for the quarter widened to Rs455.57 crore from Rs37.13 crore a year ago.
■ 10.05am: Mindtree Ltd fell 3% to Rs492.10. The company reported a net profit of Rs124.7 crore for the September-ended quarter, a 31.5% increase compared with the Rs94.8 crore it posted in the same period last year. The total income of Mindtree rose 5.7% to Rs1,363.3 crore in July-September quarter from Rs1,284.5 crore in the same period of the previous fiscal.
■ 9.25am: BSE Sensex opened lower by 10.69 points, or 0.03%, to 33,031.81, while the Nifty 50 fell 12.10 points, or 0.12%, to 10,283.25.
■ 9.23am: PSU banks extend gains. Punjab National Bank rose 7%, State Bank of India rose 5%, IDBI Bank 4.2%, Union Bank of India 3.5%, Andhra Bank 3.5%, Allahabad Bank 3.4%, Bank of India 2.7%, Oriental Bank of Commerce 2.3%, Canara Bank 2.2%, Dena Bank 2.1%, Central Bank of India 2%.
■ 9.20am: HDFC Bank Ltd fell 1.5% to Rs1,774.20 after the Reserve Bank of India asked the bank to classify one of its accounts as non performing assets.
■ 9.17am: Polaris Consulting & Services Ltd surged 16% to Rs279.90 after the company said in a notice to BSE that its board to meet on 31 October to consider voluntary delisting. Founder Virtusa Consulting Services offers to buy 25.6% of equity held by public holders; Virtusa together with members of founder group currently hold 74.4% of shares in Polaris.
■ 9.15am: The rupee opened at 64.80 a dollar. At 9.15am, the home currency was trading at 64.74 against the dollar, up 0.25% from its Wednesday’s close of 64.90.
■ 9.13am: The 10-year bond yield was at 6.803%, compared to its previous close of 6.881%. Bond yields and prices move in opposite directions.
■ 9.10am: Gains in the Asian currencies also supported the local currency. South Korean won was up 0.28%, Japanese yen 0.21%, Thai Baht 0.16%, Taiwan dollar 0.11%, China renminbi 0.1%, Indonesian rupiah 0.1%, Philippines peso 0.1%, China Offshore 0.07%, Malaysian ringgit 0.06%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.55, down 0.17% from its previous close of 93.711.
With inputs from Reuters