Mumbai: The BSE Sensex erased all previous day's gains on Friday due to profit booking while the NSE Nifty closed tad below the 5300 level amid a lacklustre trade. Investors opted for profit taking ahead of the weekend as they are cautious ahead of Reliance Industries' Q4 earnings, which will be announced on Friday after market hours.
Trading mistake hammered the NSE benchmark which touched an intraday low of 5245, before closing down 41.55 points or 0.78 per cent at 5,290.85.
The BSE benchmark shed more than 250 points to hit an intraday low of 17,231.34, before closing the session at 17,373.84, down 129.87 points or 0.74 per cent.
Trading mistake 'freak trade' that happened at institutional investors' desk around 2:30 pm pulled down market. CNBC-TV18 reported that the freak trade was on Infosys and Nifty futures. Infosys April futures hit a low of Rs 1950 and Nifty April futures touched a low of 5000, which might have triggered stoploss.
According to Siddharth Bhamre (F&O Analyst) of Angel Broking, there is some large institution who wanted to sell Nifty as well as Infosys, but instead of putting an order with price, I think that order by mistake has gone without price and it is more to do with a dealing error rather than anything else.
At 14:41 hours IST: Sensex sheds over 200 pts; oil & gas, cap goods, banks down
The BSE Sensex shed more than 200 points led by fall in 29 components. Investors may have opted for profit booking ahead of weekend as they are cautious ahead of Reliance Industries' fourth quarter earnings, which schedule to be announced on Friday after market hours. Experts expect the company to report lower earnings in the quarter ended March 31, 2012. The stock was down over 1 per cent.
Prayesh Jain of IIFL expects RIL to report a PAT around Rs 4,250 crore, down 20 per cent YoY basis. "The main reasons for the PAT falling are the weak gross refining margins (GRMs), falling petrochemical spreads, lower KG-D6 production and also the throughput is expected to be lower with the refinery being shutdown for three weeks in the current quarter," he elaborates.
The BSE benchmark lost 218 points to 17,285.31 and the NSE benchmark tanked 67 points to 5,265.05.
CNBC-TV18 reported that freak trade has taken place on Infosys and Nifty futures. Infosys April futures hit a low of Rs 1950 and Nifty April futures touched a low of 5000.
Private sector lender ICICI Bank tumbled 2 per cent while its rivals State Bank of India and HDFC Bank dropped 0.7-1 per cent.
Capital goods majors Larsen & Toubro and BHEL slipped nearly 3 per cent.
Shares of HDFC, TCS, Tata Motors, ONGC and HUL were down 1.4-1.8 per cent.
At 13:58 hours IST: Nifty in narrow range; Maruti gains 6 per cent in 5 days
The NSE Nifty remained in a narrow range of 5310-5330 since morning trade. Maruti Suzuki, top car maker gained 6 per cent in five days after the company received good response for its new car Ertiga. On Friday the stock was up 1 per cent.
The BSE benchmark was down just 17 points to 17,486.77 and the NSE benchmark fell 8 points to 5,324.20.
Mahindra and Mahindra extended gain in the afternoon trade, rising 3 per cent amid heavy volumes. CNBC-TV18 reported quoting sources that the company may be looking for a hostile takeover of Escorts, though Escorts denied the same. Escorts was up 1.4 per cent; yesterday The Royal Bank of Scotland bought 5.8 lakh shares at Rs 81.04 a share.
Shares of ITC, Infosys, Bharti Airtel, Tata Steel, Wipro, Cipla, Coal India and Sterlite Industries moved up 0.6-1 per cent.
However, major largecaps Reliance Industries ahead of earnings, ICICI Bank, Larsen & Toubro, HDFC, HUL, Tata Motors and TCS were down 0.4-1 per cent.
Hindalco, country's largest aluminium company and state-owned BHEL fell over 1.5 per cent.
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SML Isuzu surged 13.41 per cent as yesterday Actis Agribusiness and CDC Financial Services (Mauritius) sold over 8.11 lakh shares and 9.72 lakh shares at Rs 410 a shares, respectively. Reliance Life Insurance Company, Axis Mutual Fund and Antique Stock Broking bought over 13.5 lakh shares via block deal.
Government approved Ashok Leyland’s foreign direct investment proposal for defence operations
CNBC-TV18 reported that PE Fund Jacob Ballas will buy stake in Marg's subsidiary Karaikal Port for Rs 250 crore. Marg shot up over 4 per cent amid heavy volumes.
Sundaram Clayton rose 2.4 per cent amid heavy volumes post company's Q4 net profit went up by 43.75 per cent YoY to Rs 23 crore.
At 12:36 hours IST: Sensex trades flat ahead of RIL Q4 nos, M&M tops buy list
The BSE Sensex and NSE Nifty were moving around their previous closing values. The market seemed to be waiting for quarterly earnings of Reliance Industries - a flagship company of Mukesh Ambani Group. The stock stayed 1 per cent lower since early trade on Friday as experts feel the company is likely to disappoint investors by its Q4 earnings .
Private sector lender ICICI Bank, engineering and construction major Larsen & Toubro and state-owned BHEL continued to trade lower since yesterday, losing 0.5-1 per cent. Housing finance company HDFC was down 0.7 per cent.
The BSE benchmark rose just 0.94 points to 17,504.65 while the NSE benchmark was down 3 points at 5,329.35. European markets too were completely lacklustre on opening.
However, Mahindra and Mahindra topped the buying list among Sensex 30 on reports (source based) that the company is looking for a hostile takeover of Escorts (the stock gained 2.5 per cent). However, the management of Escorts denied the same. M&M rose 2.3 per cent.
Country's largest lender State Bank of India went up 0.3 per cent while rival HDFC Bank gained 0.5 per cent.
Software services providers Infosys and Wipro moved up 0.7 per cent each. Top telecom operator Bharti Airtel went up 1.44 per cent.
Healthcare stocks Sun Pharma, Cipla and Ranbaxy Labs were up 0.5-1 per cent.
Among metals and mining stocks, Tata Steel, Sterlite, Jindal Steel and Coal India climbed 0.5-1.5 per cent.
At 11:26 hours IST: Volatile Nifty trades lower; ACC, Ambuja top sell list
The NSE Nifty continued to trade moderately lower amid volatility, weighed down by banks and capital goods stocks. Reliance Industries, India's most valued stock stayed lower, falling 1.4 per cent ahead of Q4 earnings on Friday after market hours, which are expected to be lower. However, state-owned oil & gas producer ONGC gained 0.4 per cent.
The BSE benchmark was down 21 points to 17,482.81 and the NSE benchmark fell 6.6 points to 5,325.80.
Shares of cement companies topped the selling list among Nifty 50 post their disappointing numbers in the March quarter. Both companies booked one-time depreciation in the quarter due to change in depreciation policy. ACC tanked 3.7 per cent and Ambuja Cements fell 2.7 per cent.
Tata Motors, country's top commercial vehicle maker declined 0.9 per cent. Private sector lenders ICICI Bank and HDFC Bank were down 0.6 per cent and 0.13 per cent, respectively; housing finance company HDFC was down 0.4 per cent.
Engineering and construction major Larsen & Toubro slipped 0.55 per cent and state-owned BHEL dropped 0.8 per cent.
Infosys, India's No. 2 software services exporter rose 0.65 per cent and telecom major Bharti Airtel gained 1 per cent.
Karur Vysya Bank was the most active on the NSE, losing over 2 per cent amid heavy volumes. CNBC-TV18 reported that almost 5 per cent equity of the bank changed hands via block deals.
At 10:20 hours IST: Sensex lacklustre; Reliance down 1 per cent ahead of Q4 numbers
The BSE Sensex was completely lacklustre in trade on Friday as it seemed to be consolidating after a rally of more than 400 points this week. Index heavyweight Reliance Industries continued to be under pressure ahead of fourth quarter earnings on Friday after market hours. The stock was down 1 per cent as experts expect the company to report lower earnings in March quarter.
Portfolio Manager PN Vijay tells CNBC-TV18 that oil and gas big boy Reliance will deliver tepid numbers for Q4.
The BSE benchmark was down 28 points to 17,475.69 and the NSE benchmark fell 9 points to 5,323.30 while the broader markets were marginally higher.
Private sector lender HDFC Bank dropped 1 per cent while public sector lender State Bank of India was up just 0.3 per cent.
Shares of HUL, Larsen & Toubro, Tata Motors, Tata Power and Sterlite Industries were down 0.7-1 per cent. Coal India, largest coal mining company slipped 1.3 per cent on profit booking.
However, software services provider Infosys and Wipro gained 0.6 per cent each while Tata Consultancy Services rose just 0.2 per cent.
Auto stocks like Mahindra & Mahindra, Bajaj Auto and Maruti Suzuki retained buyers' interest, rising 1-1.4 per cent.
Most active stocks on the BSE were Claris Life (up 4.35 per cent) with 11.9 lakh shares, United Spirits (gained 2 per cent) with 1.89 lakh shares and Escorts (jumped 3 per cent) with 13.69 lakh shares.
In a block deal, about 7.82 lakh shares of Escorts changed hands on the BSE at Rs 82/share. There was a buzz that M&M may be looking for a hostile takeover of Escorts, but the management of Escorts in an interview with CNBC-TV18 said there was no truth at all to hostile takeover rumours.
In the second line shares, KSK Energy Ventures, Strides Arcolab, Bajaj Electrical, Anant Raj Industries and IFCI shot up 3-5 per cent while Prestige Estate, 3M India, Shree Renuka, BEML and AIA Engineering slipped 2-3 per cent.
Advancing shares outnumbered declining by 682 to 521 on the National Stock Exchange.
At 9:20 hours IST: Sensex, Nifty down on weak global cues, profit taking
The BSE Sensex started off trade with more than 50 points gap down following weak global cues. The fall was also led by profit booking as the Sensex had rallied more than 400 points in previous four sessions. Banks, capital goods and metal stocks were under pressure while technology stocks were on buyers' radar.
Even global markets were down on the back of disappointing US economic data and fears of French downgrade. Asian markets like Hang Seng, Nikkei, Kospi and Taiwan Weighted fell 0.4-1.2 per cent while Shanghai gained 0.6 per cent.
The BSE benchmark dropped 35.55 points at 17,468.16 and the NSE benchmark was down 12 points at 5,320.30.
Ambuja Cements lost 2 per cent and ACC was down 1.5 per cent post quarterly earnings. Companies reported weak earnings on the back of one-time higher depreciation.
Jaiprakash Associates, Reliance Infrastructure, BHEL, SBI, ICICI Bank, PNB and Axis Bank were down.
Ahead of results on Friday after market hours, Reliance Industries slipped 1 per cent while Cairn India gained 1 per cent.
However, ONGC, ITC, Kotak Mahindra Bank, Sun Pharma and Dr Reddy's Labs were supporting the market.
The CNX Midcap Index declined 16 points at 7,681. The market breadth was neutral.
In the second line shares, Escorts surged 2 per cent as CNBC-TV18 reported quoting sources that the company's promoters shored up stake fearing takeover threat and acquired 5 per cent stake in last 2-3 weeks. Reports suggested that M&M is looking for a hostile takeover.
IVRCL gained 1.5 per cent. IndusInd Bank was up 1 per cent post results.
Kingfisher Airlines and United Spirits were up 1.5-1 per cent. McDowell Holdings shot up 5 per cent.
Titan Industries rose 1.5 per cent on bullish report by brokerage house.
Texmaco surged 8 per cent.
However, Balrampur Chini plunged 3.5 per cent and WWIL was down 1.5 per cent.
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