The BSE Sensex and NSE Nifty opened on a firm note on Thursday on the back of firm global markets. (Photo: Reuters)

10.05 am: According to reports, Cairn India has reduced its capital expenditure programme for the current financial year by 40 per cent, a move that could accelerate the fall in output from the country’s largest onshore oil block at Barmer in Rajasthan. Shares of Cairn India were trading 1.67 per cent up at Rs 136.95 in the morning trade. Sensex was up 157 points at 25,640.

9.56 am: Orient Green Power Company informed BSE that it has received an approval to enter into a Memorandum of Understanding (MoU) with Chandrabhan Katewa to divest 26 per cent equity shares held by the company in Sanjog Sugars & Eco Power through an investment vehicle to be identified by Chandrabhan Katewa subject to all required approvals. The Investment and Borrowing Committee Meeting of Board of Directors of the Company held on November 17, 2015, has approved for the same. Shares of Orient Green Power were trading 1.36 per cent up at Rs 12.70.

9.47 am: Sensex was up 169 points at 25,651. Nifty was up 43.10 points at 7,774.90. Brokers said all-round buying by participants, tracking a rally at the other Asian markets following overnight gains at Wall Street bounced on expectations the Federal Reserve would be confident enough of the US economy to raise rates in December, mainly influenced the sentiment here.

9.43 am: The rupee recovered by 24 paise to 66.06 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.

9.20 am: Sensex was up 182 points at 25,665. Shares of Hero MotoCorp were trading 1.41 per cent up at Rs 2,608.05. Hero MotoCorp, the world’s largest two-wheeler manufacturer, has further consolidated its leadership, clocking over 1 million (10 lakh) units in retail sales during the festive season this year. The 1 million unit landmark was achieved during the 35-day festive period starting with the Navratri. This is an increase of 11 per cent in retail sales over the corresponding period last year.

9.15 am: The BSE Sensex and NSE Nifty opened in green on Thursday on the back of firm global markets. Sensex opened 157.82 points up at 25640.34. Nifty opened 56.70 points up at 7,788.50.

Shares of Hero MotoCorp will remain in focus today as the two-wheeler maker has clocked over 10 lakh units in retail sales during the festive season this year.

Employee unions at Coal India on Wednesday opposed the government’s decision to sell 10 per cent stake in the miner, with one of the trade unions threatening to go on strike against the divestment.

As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 768.46 crore on 18th November 2015. Domestic institutional investors bought shares worth Rs 759.26 crore on that day.

Asian share markets rose on Thursday as Wall Street bounced on expectations the Federal Reserve would be confident enough of the US economy to raise rates in December but would then proceed with great caution on further tightening. Hang Seng, Nikkei and Shanghai were up 1.32 per cent, 1.36 per cent and 0.50 per cent, respectively.

The Dow Jones Industrial Average index closed with a gain of 1.43 percent on Wednesday, while the S&P 500 added 1.62 per cent and the Nasdaq 1.79 per cent.

According to YES Securities, the US market on Wednesday rallied on hopes of a Fed rate hike in December. The Fed’s October minutes show that many members of the committee believe a rate hike next month would be appropriate.

Back home, equity markets bore the brunt of a worsening global risk environment as the benchmark BSE Sensex on Wednesday snapped its 2-day rally and fell almost 382 points to close at over a 2-month low of 25,482.52. In addition, lacklustre September quarterly earnings kept investors cautious, who looked forward to US Fed minutes of the last policy meeting to decide on their future course of
action. Bouts of profit-booking following recent gains and sustained capital outflows dampened stocks further, brokers said.

The 50-share NSE Nifty broke below the 7,800-mark and ended at c, down 105.75 points, or 1.35 per cent.
(With inputs from agencies)

The BSE Sensex and NSE Nifty are likely to open in green on Thursday tracking SGX Nifty and firm global markets.

The BSE Sensex and NSE Nifty are likely to open in green on Thursday tracking SGX Nifty and firm global markets.

At 8.19 am (IST), SGX Nifty was up 66 points, or 0.85 per cent, at 7,791.

Asian share markets rose on Thursday as Wall Street bounced on expectations the Federal Reserve would be confident enough of the US economy to raise rates in December but would then proceed with great caution on further tightening. Hang Seng, Nikkei and Shanghai were up 1.32 per cent, 1.36 per cent and 0.50 per cent, respectively.

The Dow Jones Industrial Average index closed with a gain of 1.43 percent on Wednesday, while the S&P 500 added 1.62 per cent and the Nasdaq 1.79 per cent.

Back home, equity markets bore the brunt of a worsening global risk environment as the benchmark BSE Sensex on Wednesday snapped its 2-day rally and fell almost 382 points to close at over a 2-month low of 25,482.52.

In addition, lacklustre September quarterly earnings kept investors cautious, who looked forward to US Fed minutes of the last policy meeting to decide on their future course of action. Bouts of profit-booking following recent gains and sustained capital outflows dampened stocks further, brokers said.

The 50-share NSE Nifty broke below the 7,800-mark and ended at 7,731.80, down 105.75 points, or 1.35 per cent.

Shares of Hero MotoCorp and Coal India will remain in focus on Thursday as the two-wheeler maker has clocked over 10 lakh units in retail sales during the festive season this year.

Employee unions at Coal India on Wednesday opposed the government’s decision to sell 10 per cent stake in the miner, with one of the trade unions threatening to go on strike against the divestment.

(With inputs from agencies)

Life Insurance Corporation of India (LIC) saw its annual premium equivalent (APE) grow below private players in the current financial year. According to the Kotak Institutional Equities Research, private players reported on-year growth of 18% at R10,927.6 crore in APE while LIC saw its growth at 5% at R13,299.2 crore for the April-October period.

Market participants said one of the reasons for average performance of LIC can also be attributed to falling number of individual agents and big drop in individual business premiums. LIC reported high (63% yoy) growth in the individual APE segment on a low base (50% yoy decline in October 2014). On a month-on-month basis, LIC was down 9%, it had reported 10% y-o-y decline in 1HFY16, according to the Kotak Institutional Equities Research report.

However, in October, things have turned positive for the insurance industry, as a pick-up in both unit-linked insurance plans (Ulips) and traditional plans boosted the APE to 22% year-on-year at R1,657.8 crore for private players.

According to Kotak Institutional Equities Research, “Growth has picked up across  players and it now appears that the weakness in September 2015 was an aberration.  We expect growth rate for private players to moderate over the next few months, as  the base of 2HFY15 is higher. On a low base of October 2014, LIC reported high (63% yoy) growth.”

Most big insurance companies such as HDFC Life, Kotak Life Insurance, SBI Life, Tata AIA, and Max Life witnessed positive APE growth. Manoj Kumar Jain, CEO and whole time director at Shriram Life Insurance Co, said, “If we look at overall numbers for the industry its quite encouraging for the month of October. Industry has received participantion from traditional policies as well as unit-linked plans.”

Data from the Life Insurance Council shows that private insurance companies grew by 26.90% year-on-year in new premiums to R19,888.55 crore in the current financial year. “Though the numbers look positive, but growth has been coming only in the group insurance business. Insurance industry needs more branches and agents in order to grow further. But as of now, large part of the premium is coming through Ulips,” CEO of a leading insurance company said.

Sensex closed 381.95 points down at 25,482.52, while Nifty 50 index fell 105.75 points at 7,731.80. (Express Photo)

The BSE Sensex and NSE Nifty slid more than 1 per cent on Wednesday on the back of rising concerns about India Inc earnings, falling commodity prices and weak global markets. Sensex closed 381.95 points down at 25,482.52, while Nifty 50 index fell 105.75 points at 7,731.80.

Sensex opened the day 25,837.71 and touched a high and low of 25,890.36 and 25,481.49, respectively, in trade so far (till 2.55 pm).

Below are the reasons why BSE Sensex fell over 350 points today

1. Weak Global Markets: European shares fell on Wednesday, retreating back from solid gains made in the previous session, as a new fall in the price of copper caused mining stocks to lose ground. The pan-European FTSEurofirst 300 index, which had risen 2.6 per cent in the previous session, fell 0.7 per cent while the euro zone’s blue-chip Euro STOXX 50 index declined by 0.8 per cent in the early trade. Asian peers, Hang Seng and Nikkei also closed 0.34 per cent and 1.01 per cent down at 22,188.26 and 3,568.47, respectively.

2. Falling Rupee: The depreciation in Indian rupee against dollar also weighed down sentiments. The currency was trading 0.36 per cent down at 66.21 in the late afternoon trade.

3. Sliding Commodity Prices: London copper fell towards fresh six-year lows on Wednesday, as traders increased their bets on waning demand in top user China, leading down most other metals that were already struggling under the weight of a strong dollar.

4. Earning estimates: A dismal September earnings season — in which aggregate sales for the Sensex fell for the fourth consecutive quarter, a first — has forced analysts to downgrade earnings estimates for both this year and FY17. This is the third straight year the Street has been downgraded on profit estimates and it may not be the end of it.