Live: Sensex closes 47 points lower in choppy trade
Here are the key developments affecting the domestic and international markets today
3:30pm: The S&P BSE Sensex closes 0.17%, or 46.73 points, lower at 27,831.54, while the CNX Nifty closes down 0.13%, or 10.75 points, at 8,466.55, in choppy trade on Tuesday as investors pared positions on risk aversion after a steep fall in Chinese equities, and on worries at home that the monsoon may be deficient.
3:06pm: The S&P BSE Sensex is trading 0.17%, or 48.14 points, lower at 27,830.13, while the CNX Nifty is down 0.13%, or 11.30 points, at 8,466.
2:30pm: The S&P BSE Sensex trims losses to trade flat at 27,886.25, up 7.98 points, or 0.03%.
2:13pm: Ashok Leyland continues its rally for a fourth day, jumping as much as 8.5% to trade at a new 52-week high of ₹ 99.50 on strong volumes. The company had last Wednesday posted a stand-alone net profit of ₹ 159.31 crore for the June quarter, compared with a net loss of ₹ 47.95 crore in the corresponding period a year ago.
2:02pm: Tamilnadu Petroproducts Ltd advances 20% to ₹ 23.75 after a huge block deal. About 2.37 million shares representing 2.94% of the total equity of Tamilnadu Petroproducts have changed hands in three block deals, according to CNBC TV18.
1:48pm: Eros International Media Ltd gains 6.7% to ₹ 568.10 after a news report said that its parent firm Eros International Plc is looking to list in India.
1:34pm: Shilpi Cable technologies Ltd surges 16% to ₹ 63.20 after the company reported a 55% jump in stand-alone net profit to ₹ 13.88 crore in the June quarter.
1:22pm: The S&P BSE Sensex reversed gains to trade lower by 55.72 points, or 0.2%, to 27,822.55 after Moody’s cut India’s GDP growth forecast for 2015 to 7% from 7.5% earlier.
1:10pm: Coal India Ltd drops as much as 5.1% on strong volumes amid losses in metal stocks.
12:57pm: Gujarat Pipavav Port Ltd jumps 5.2% to ₹ 202.60 after Kotak Mahindra (International) Ltd bought 6.5 million shares of the company at ₹ 197 per equity share, according to the BSE bock deal data.
12:40pm: Tata Elxsi Ltd gains as much as 9.8% to trade at a new 52-week high of ₹ 1,955 on strong volumes.
12:25pm: Chinese stocks plunged as the yuan weakened against the dollar, reigniting fears that Beijing may be intent on a deeper devaluation of the currency despite the central bank’s comments that it sees no reason for a further slide.
The Shanghai Composite Index closed down 6.1% at 3,749.12 points in its biggest daily decline since 27 July, snapping a three-day winning streak.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 6.2 percent at 3,825.41.
12:06pm: Valuation gap between midcap and largecaps has disappeared after NSE Mid-Cap index rose to record high last week. The current P/E of CNX Mid-Cap Index is 21.4x versus NSE Index 19.8x, according to Eikon data. While the NSE index has risen about 2% year-to-date, the midcap index has gained about 11% in the same period.
11:53am: The S&P BSE Sensex trims gains to trade flat at 27,875.48, down 2.79 points, or 0.01%.
11:40am: Tata Consultancy Services Ltd and Infosys Ltd, the top biggest software exporters, gain more than 2% each to be top gainers among Sensex stocks.
11:29am: Metal stocks gain. Tata Steel Ltd climbed for a third day, while Vedanta Ltd and Hindalco Industries Ltd, the largest producers of copper and aluminum, added more than 1% each.
11:17am: Hindustan Copper Ltd surges as much as 7.3% after the shareholders of the company at the 48th AGM held on Tuesday approved payment of 3% dividend as recommended by the board. The date of payment has been set at 14 September 2015.
11:06am: Bank of America Merrill Lynch revises its Indian rupee forecast at an average rate of 64.50 for FY16 and 64 for FY17 against the US dollar. The rupee slumped to its lowest since September 2013 last week after China’s devalued yuan
BofA-ML said key beneficiaries of the rupee depreciation would be Thermax, Adani Ports, Gujarat Pipavav, Cummins , BHEL and L&T:
Laggards, if rupee depreciates: Inox Wind, ABB , Siemens, Crompton Greaves, Voltas and Tata Power.
10:55am: New Delhi Television Ltd (NDTV) jumps 2.7% to ₹ 110.60 after its e-commerce venture Gadgets 360 degree received undisclosed funding from a group of investors including One97 Communications, owner of Paytm and former Apple CEO John Scully’s Inflexionpoint.
10:48am: Eicher Motors Ltd rises 1.1% to ₹ 20,909 after the company said its two-wheeler arm Royal Enfield has announced direct distribution subsidiary in North America.
10:37am: Mahindra and Mahindra Ltd is up 1% to ₹ 1,365.55 after the company said in a notice to BSE that it has received shareholder approval to raise up to ₹ 5,000 crore through issue of secured/unsecured redeemable non-convertible debentures on a private placement basis in the domestic/international markets.
10:29am: The S&P BSE Sensex is currently trading up 139.89 points, or 0.5%, at 28,018.16.
10:22am: Rajesh Exports Ltd climbs as much as 7.3% to trade at a new 52-week high of ₹ 613.75 after the stock was included in the CNX 200 Index and CNX Midcap Index of NSE.
10:16am: Kaveri Seed Co. surges 9% on value-buying after slumping 17% on Monday. The company had on Friday told analysts at a conference call that it has accounted for lower royalties than what is payable to Monsanto. An adverse court ruling on royalties can risk 20% of Kaveri’s earnings for each of next two years.
10:10am: Adani Ports and Special Economics Zone Ltd gains 3.4% to ₹ 370.50 after Gautam Adani on Monday set the ambitious target of building the Vizhinjam port in Kerala in less than 1,000 days. Full-fledged construction will start on 1 November, which happens to be the Kerala foundation day, the Adani group chairman said. The Kerala government estimates the project to cost ₹ 4,089 crore and be ready for commissioning in four years.
10:03am: Sun TV Network Ltd falls 2.2% to ₹ 356.30 after a PTI report said that the government has decided to challenge the decisions of the Madras and Delhi high courts, which allowed Kalanithi Maran-promoted Sun Group to participate in the FM radio phase-III auction.
9:55am: Jet Airways India Ltd is up 1.7% to ₹ 386. Naresh Goyal, the former travel agent who built Jet Airways (India) Ltd from scratch before selling a 24% stake in it to Etihad Airways PJSC in November 2013, says he’s still the captain of the ship.
9:49am: Coffee and tea companies are trading higher after Press Trust of India report said that the government is considering allowing foreign direct investment (FDI) in rubber and coffee plantation sectors. Harrisons Malayalam Ltd climbs 10.6% to ₹ 61.60, Jay Shree Tea and Industries Ltd is up 1.4% to ₹ 81.40, Tata Coffee Ltd jumps 8.6% to ₹ 103.80, CCL Products India Ltd is up 7.9% to ₹ 249.70, while Tata Global Beverages Ltd rises 3.5% to ₹ 135.60.
9:45am: Nestle India Ltd rises 1% to ₹ 6,184.30. India’s food regulator isn’t likely to appeal against the Bombay high court decision setting aside the ban on Maggi noodles, a top government official told Economic Times, thus allowing the process stipulated by the division bench to proceed.
9:40am: Sectoral indices—the BSE IT Index is the top gainer, up 1.5%, followed by BSE Teck and Consumer Durables, which are up 1.3% and 1%, respectively. The BSE Bankex is the top loser, down 0.1%.
9:36am: The 30-share S&P BSE Sensex rises 125.91 points, or 0.45%, to 28,004.18, while the 50-share Nifty of the National Stock Exchange (NSE) is up 32.60 points, or 0.38%, to 8,509.90.
9:30am: Indian stocks gain after the United Arab Emirates (UAE) and India announced plans to create a $75 billion fund to invest in Indian infrastructure, according to a joint statement at the end of Prime Minister Narendra Modi’s visit on Monday.
9:20am: India’s debt and foreign exchange markets are closed today for a local holiday.
9:15am: The dollar falls to 124.43 yen from 124.45 yen while the euro rises to $1.108 from $1.107.
9:10am: The benchmark US crude falls 7 cents at $41.80 per barrel on electronic trading on New York Mercantile Exchange. The contract declined 63 cents to close at $41.87 on Monday after data showed growth contracted in Japan, the world’s third-largest oil consumer. Brent crude, a benchmark for international oils used by many US refineries, is down 14 cents at $48.60.
9:05am: Japan’s Nikkei 225 dips 0.2% to 20,574.18 and South Korea’s Kospi declines 0.4% to 1,960.60. China’s Shanghai Composite Index drops 0.9% to 3,960.71. But Hong Kong’s Hang Seng index adds 0.3% to 23,881.61, while Australia’s S&P/ASX 200 inches up 0.1% to 5,373.30.
9:00am: Asian stock markets are mostly lower as disappointing data from the US and further drops in prices of oil and other commodities led investors to remain cautious about betting on risky assets.
8:55am: The US stock market climbed on Monday. The S&P 500 ended the day up 10.90 points, or 0.5%, to 2,102.44. The Dow Jones industrial average rose 67.78 points, or 0.4%, to 17,545.18. The Nasdaq composite climbed 43.46 points, or 0.9%, to 5,091.70.
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