The BSE Sensex and NSE Nifty opened in red on Monday tracking weak global cues. Sensex opened 108.83 points down at 24,935.60, while Nifty50 index opened 52.25 points down at 7,558.20. (Photo: Reuters)
10.16 am: Brokers said sustained selling by participants amid a weak trend in other Asian markets ahead of the US Federal Reserve’s hotly-anticipated meeting this week which probably will hike interest rates and global oil prices continued to retreat to multi-year lows, dampened the trading sentiments. Sensex was down 39.39 points at 25005.04. Nifty was down 9.15 points at 7601.30.
9.41 am: The rupee again breached the 67-mark by depreciating 18 paise to 67.06 against the dollar in early trade on Monday at the Interbank Foreign Exchange, mainly on strong demand for the American unit from importers and some banks amid a lower opening of the domestic equity market. Sensex was down 121.74 points at 24,922. Nifty was down 33.55 points at 7,576.
9.34 am: Federal Bank share price was up 0.18 per cent at Rs 54.70. The private sector lender Federal Bank, which has been battling high non-performing assets (NPAs), has sold the loans of GOL Offshore (formerly Great Offshore) to asset reconstruction companies (ARCs). The bank sold it to ARCs for Rs 140 crore in the October-December quarter. GOL Offshore is one of the key players in the offshore oilfield service segment. It provides drilling, offshore support services and marine and air logistics to oil & gas companies. With stress increasing in the corporate sector, the bank had seen its asset quality deteriorating in the past couple of quarters. In the quarter ended September, the gross NPA as a percentage of total advances increased to 2.90 per cent, compared to 2.1 per cent in the corresponding period a year ago.
9.30 am: Omkar Speciality Chemicals (OSCL), which manufactures inorganic and organic intermediates and active pharmaceutical ingredients (APIs), is foraying into the vitamins segment. The company’s product segments include iodine compounds, selenium compounds, intermediates, resolving agents, veterinary growth enhancers and APIs, which comprise more than 200 products. OSCL, which exports to 38 countries, is looking at entering newer markets like Australia and New Zealand from March-April 2016. Omkar Speciality Chemicals shares gained as much as 1.42 per cent in the early trade. Sensex was down 61.12 points at 24,983. Nifty was down 32.05 points at 7,578.40.
9.27 am: The Pune-based Kalyani Forge, which is into manufacturing of precision forged and machined components, plans to double turnover to Rs 500 crore in the next 2-3 years by entering a new product range and expansion. The company is expanding its machined components capacity by 25 per cent, which is expected to be ready by the current fiscal year. The company has identified 4 business verticals for growth and proposes to deliver value added solutions to the customers by supplying semi-finished or ready to assemble parts. Kalyani Forge share price was up 4.64 per cent at Rs 263.90.
9.19 am: Floods in Chennai are expected to have a “material impact” on TCS’ current quarter revenues, the country’s largest software services firm said on Friday. The October-December quarter is usually a weak quarter for the Indian IT players. Share price of TCS was trading 1.17 per cent down at Rs 2,359.20. For top stocks in focus today click here.
9.18 am: Inflation data for November based on the wholesale price index (WPI) and the consumer price index (CPI) will be out on Monday.
9.16 am: Maruti Suzuki shares were up 0.44 per cent as Prime Minister Narendra Modi on Saturday said that for the “first time” India will export to Japan cars which will be made domestically by Maruti Suzuki as part of the ‘Make in India’ initiative. Sensex was down 100.38 at 24,944. Nifty was down 42.95 points at 7,567.
9.15 am: The BSE Sensex and NSE Nifty opened in red on Monday tracking weak global cues. Sensex opened 108.83 points down at 24,935.60, while Nifty50 index opened 52.25 points down at 7,558.20.
Asian stocks fell on Monday and China’s yuan hit fresh 4-1/2 year lows as plunging oil prices added to investors’ nervousness about riskier assets ahead of an expected US rate rise by the Federal Reserve later in the week.
On Friday, the Dow sank 1.8 per cent and the S&P 500 lost 1.9 per cent as plunging crude prices added to fears of a possible spike in volatility if the Federal Reserve raises interest rates on Wednesday for the first time in nearly a decade, as widely expected.
Back home, Sensex closed 207.89 points down at 25,044.43 on Friday, while NSE Nifty50 index settled 72.85 points down at 7,610.45. Foreign investors have pulled out nearly Rs 5,500 crore from stock markets since the beginning of December.
India’s industrial production grew at five-year high rate of 9.8 per cent in October, a significant rebound from 3.84 per cent growth recorded in September 2015 and a contraction of 2.7 per cent in October last year. However, Chief Economic Advisor (CEA) Arvind Subramanian has cautioned that one has to be careful while interpreting the data as the spike could be on account of Diwali purchases. He said “Good number, hope this continues, but one shouldn’t read too much into month to month number”.
According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net sellers of Rs 758.33 crore in index futures and options segments, as per Friday’s data, December 11, 2015.
FIIs were net sellers of index futures to the tune of Rs 921.21 crore and they bought index options worth Rs 162.88 crore. In the stock segment, FII’s were net buyers of stock futures worth Rs 223.43 crore, while they sold stock options worth Rs 58.38 crore.
(With agency inputs)
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