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Closing bell
The benchmark BSE Sensex ended the session down by nearly 100 points as traders adopted a cautious approach ahead of key macroeconomic data. The government is scheduled to release the December quarter GDP growth numbers as well as IIP data on Wednesday.
The benchmark BSE index closed down by 99.36 points or 0.29 per cent at 34,346.39. The broader NSE index ended lower by 28.3 points or 0.27 per cent at 10,554.3. Both indexes fell for the first time in three sessions.
“There is caution ahead of the economic data, but it is expected to be positive,” said Vinod Nair, head of research at Geojit Financial Services.
“If the data is as expected, there could be some consolidation, and apart from the uncertainties around PSU banks, the outlook overall for the near term is positive.”
Bank stocks were the major losers as uncertainties around state-run lenders hurt the risk appetite. The Nifty PSU Bank index closed 3.49 per cent lower, with PNB ending 12.2 per cent down.
Punjab National Bank uncovered more fraudulent transactions, taking its overall prospective loss to nearly $2 billion, while the finance ministry announced a 15-day deadline for PSU lenders to improve oversight. - Agencies
BSE sectoral indices
Top gainers, losers
Click here to view the full table
Global markets
The MSCI All-Country World Index, was up 0.1 per cent and set for its third straight day of gains after hitting its highest level since February 5. Read more
The MSCI All-Country World Index, was up 0.1 per cent and set for its third straight day of gains after hitting its highest level since February 5.
Bullion rates
Gold climbed Rs 190 to Rs 31,850 per 10 grams. However, silver slipped by Rs 150 to Rs 39,550 per kg. Read more
Globally, gold edged up by 0.03 per cent to $1,333.30 an ounce in Singapore
15-day deadline for PSU banks to identify risks
Financial Services Secretary Rajiv Kumar says public sector banks have been given a 15-day deadline to take “pre-emptive” action for identifying gaps and to gear up for rising operational and technical risks, as the scam in the PNB widened to Rs 12,700 crore. Click here to read more
Finance Ministry gives 15-day deadline to identify risks.
Ambuja Cements, ACC slump nearly 5%
Shares of Ambuja Cements and ACC Ltd fell as much as 4.7 per cent after both the companies said they are not proceeding with the merger at this juncture. Read more
Ambuja Cements declined 4.65 per cent to Rs 250.10 on BSE, ACC stock lost 2.42 per cent to Rs 1,623.
Need to modernise rail infrastructure
Noting that infrastructure creation is a top priority for the government, Finance Minister Arun Jaitley says the country’s railway infrastructure needs to be modernised. Read more
There is need to modernise the Railways and to hasten the pace of improvement, Finance Minister Arun Jaitley said at the curtain raiser of the third annual meeting of the Asian Infrastructure Investment Bank in the Capital on Tuesday (file pic).
PM seeks foreign investments
Pitching for foreign investments, Prime Minister Narendra Modi today said India is one of the most open economies in the world and is ready to do business with the world. Click here to read more
“We seek positivity in day-to-day transactions. We are widening areas of trust rather than digging into doubts. This represents a complete change of the government’s mindset,” says Prime Minister Narendra Modi at the India-Korea business summit in New Delhi on Tuesday.
Nifty futures
Traders can make use of intra-day rallies to sell the contract, while maintaining a fixed stop-loss at 10,585 levels. The contract will test immediate support at 10,550. Read more
Traders can stay out of the market until a range breakout gives a clear trade signal.
No transaction fee on cross-currency derivatives trade
The National Stock Exchange will not levy any transaction fee on the trades done in cross-currency derivatives for three months starting today, in order to encourage active participation in such contracts. Read more
Benchmark indices edged lower, dragged by bank stocks after Punjab National Bank uncovered more fraudulent transactions, while investors also traded cautiously ahead of key domestic economic data this week.
The Nifty PSU Bank index fell as much as 2.7 per cent, dragged by a nearly 9 percent decline in PNB shares after it disclosed fraudulent transactions of over $200 million in addition to the $1.77 billion reported earlier.
Investor sentiment was also tepid ahead of domestic economic data, including October-December quarter gross domestic product (GDP) and fiscal deficit. A Reuters poll forecast GDP expansion at 6.9 per cent, the fastest in 2017.
“There is caution ahead of the economic data, but it is expected to be positive,” said Vinod Nair, head of research at Geojit Financial Services. “If the data is as expected, there could be some consolidation, and apart from the uncertainties around PSU banks, the outlook overall for the near term is positive.”
The 30-share BSE index was down 92.52 points or 0.27 per cent at 34,353.23 and the 50-share NSE index Nifty down 36.85 points or 0.35 per cent at 10,545.75.
Shares of Ambuja Cement Ltd fell 4.8 per cent, while ACC Ltd was down 2.2 per cent after the companies had late on Monday said they had put on hold plans for a proposed merger.
TIRUCHI, TAMILNADU, 05/01/2015: The sale of Amma Cement has started in Tiruchi on January 05, 2015. It will be available at 470 outlets across the State. Photo: B. Velankanni Raj
Among the gainers, oil explorers Oil and Natural Gas Corporation Ltd and Reliance Industries Ltd rose 2.1 per cent and 1.8 per cent respectively on higher oil prices. - Reuters
PNB uncovers more fraudulent loans
Punjab National Bank has now revealed that the quantum of reported unauthorised transactions in the recently unearthed Nirav Modi scam could increase by $ 204.25 million. Read more
India’s stock market has witnessed a compounded annual growth rate of 13 per cent over the last four years, since Prime Minister Narendra Modi assumed office, which demonstrates that investing in the country makes business sense, says the Commerce & Industry Minister, Suresh Prabhu. Read more
“The stock market in the last 4 years, ever since the Prime Minister has taken over the leadership, has grown by 13 per cent CAGR. It has returned 13 per cent compounded annual growth rate to the investors and that shows that investing in India makes business sense,” says the Commerce and Industry Minister, Suresh Prabhu.
Shares of PNB plunged to 20-month low after the lender has uncovered more fraudulent loans. Shares of state-run Punjab National Bank Ltd fell as much as 8.93 per cent to Rs 102, lowest since June 24, 2016. Read more
Shares of Simbhaoli Sugars surged as much as 16 per cent in the morning trade after the company said it is committed to clear its outstanding dues. Read more
NSE index retreated from 2-1/2 week high, and chart suggested more downside. NSE Index reversed from Senkou Span A, the upper line of the Ichimoku cloud, acting as a resistance. Read more
The Sensex fell from intraday high of 34,611 due to heavy selling in bank, PSU and realty stocks amid firm Asian cues. The BSE index was trading down by 82.15 points or 0.24 per cent at 34,363.60 and the NSE index down 27.9 points or 0.26 per cent at 10,554.70.
Among BSE sectoral indices, banking index fell the most by 0.84 per cent, followed by PSU 0.83 per cent and realty 0.8 per cent. On the other hand, consumer durables index was up 0.77 per cent, FMCG 029 per cent and oil & gas 0.1 per cent.
Top five Sensex gainers were Bharti Airtel, Dr Reddy's, YES Bank, Hero MotoCorp and Reliance, while the major losers were Axis Bank, State Bank of India, Sun Pharma, ICICI Bank and Adani Ports.
Nifty gainers, losers
Click here to view the full table
Gold holds steady on softer dollar
Spot gold was down 0.1 per cent at $1,331.86 an ounce at 0448 GMT. US gold futures were up 0.1 per cent at $1,333.55 per ounce. Read more
Spot gold was down 0.1 per cent at $1,331.86 an ounce at 0448 GMT. US gold futures were up 0.1 per cent at $1,333.55 per ounce.
Dollar eases ahead of Powell's testimony
The dollar's index against a basket of six major currencies fell 0.1 per cent to 89.760. The greenback, however, is still 1.7 per cent above a three-year trough near 88.25 set on February 16. Read more
Crude oil extends gains
US West Texas Intermediate crude for April delivery was up 10 cents at $64.01 a barrel by 0020 GMT. London Brent crude had yet to start trading after settling up 19 cents at $67.50. Read more
PNB hits 52-week low
Shares of Punjab National Bank slumped as much as 9 per cent to hit their 52-week low level after the lender said the amount of fraudulent transactions could be as much as Rs 12,700 crore. Read more
PNB shares opened weak at Rs 107.80, then cracked 8.75 per cent to a 52-week low of Rs 102.10 on the BSE.
Reco Jade Ind has signed a pact to buy stake in Prestige Exora Business Parks. Shares of Prestige Estates were trading marginally up by 0.27 per cent at Rs 332.90 on the BSE. Read more
New launch bodes well for Lupin
Shares of pharma major Lupin will remain in focus, as the company has launched its testosterone topical solution in the United States. Read more
Shares of Lupin were trading up by 3.6 per cent at Rs 762.90 on the BSE.
The Sensex and Nifty slipped into the negative zone due to heavy selling in realty, banking, PSU and power stocks amid firm global cues. The 30-share BSE index Sensex was trading down by 66.72 points or 0.19 per cent at 34,379.04 and the 50-share NSE index Nifty down 28.7 points or 0.27 per cent at 10,553.90.
BSE sectoral indices
Top five Sensex gainers were Bharti Airtel, TCS, HUL, Reliance adn Bajaj Auto, while the major losers were SBI, Axis Bank, Kotak Bank, ICICI Bank and Infosys.
Nod for KG-D6 plans may buoy Reliance
The Directorate General of Hydrocarbons has approved three field development plans involving investment of about $4 billion in KG-D6 block. Read more
Shares of Reliance Infrastructure may see buying interest as the company has won an arbitration award of ₹292 crore against the Goa government for non-payment of electricity dues. Read more
'India is globally very competitive on fund expenses'
Aashish P Somaiyaa, CEO, Motilal Oswal AMC speaks his mind on SEBI’s new rules, the fund expense debate and scheme performance in an email interaction. Click here to read the full interview
AASHISH P SOMAIYAA, CEO, Motilal Oswal AMC
NSE, China bourse vie for a slice of Dhaka SE
DSE is at the centre-stage of a raging public debate on perceived attempts by the NSE – which is leading a consortium of Nasdaq and a Bangladeshi entity — to gain control over 25 per cent strategic stake in the Bangladeshi bourse through the backdoor. Click here to read more
Day Trading Guide
Supports and resistances for Nifty 50 futures and seven key stocks are given in the table below that can help in your intra-day trading. Click here
Today's stock pick
Prestige Estates Projects surged 5 per cent with above average volume on Monday, breaching a key immediate resistance at ₹325. This rally gives traders with a short-term perspective an opportunity to buy the stock at current levels. Read more
Asian markets: Asian shares hit a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell's highly-anticipated first congressional testimony later in the day. Read more
Jerome Powell, Federal Reserve Board Governor
The Sensex opened higher by 112.81 points at 34,558.56 against the previous close of 34,445.74 and the Nifty jumped 32.6 points to 10,615.20.
US stocks jump to 3-week high : The Dow Jones Industrial Average rose 399.28 points, or 1.58 per cent, to 25,709.27, the S&P 500 gained 32.3 points, or 1.18 per cent, to 2,779.6 and the Nasdaq Composite added 84.07 points, or 1.15 per cent, to 7,421.46. Read more
The Dow Jones Industrial Average rose 399.28 points, or 1.58 per cent, to 25,709.27, the S&P 500 gained 32.3 points, or 1.18 per cent, to 2,779.6 and the Nasdaq Composite added 84.07 points, or 1.15 per cent, to 7,421.46.
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