Mumbai: India’s NSE index hit a record high on Tuesday before erasing gains to trade slightly lower, dragged down by market heavyweights such as ITC Ltd. Broader sentiment was also cautious with investors awaiting the US Federal Reserve’s policy statement this week for fresh hints on the possible pace and timing of further US monetary tightening.
“People tend to be cautious around monetary policy meetings. There is a sense of cautious approach, especially for people investing in banks,” said Sudhakar Pattabiraman, head of research operations at William O’Neil India. “Since we had a very good day at the market yesterday, there is some element of profit-booking happening.”
The US Federal Reserve begins its two-day policy meeting on Tuesday, where it will leave interest rates unchanged and is expected to begin winding down their $4.5 trillion balance sheet in October, according to a Bloombergsurvey of 42 economists. Here are the latest updates from the markets.
■ 3.00pm: BSE Sensex dropped 12 points, or 0.04%, to 32,412, while the Nifty 50 lost 1 point, or 0.01%, to 10,152. Coal India, L&T and Housing Development Finance Corp. Ltd were top losers with losses to the tune of 2.28%, 1.01% and 1.00%, respectively.
■ 2.50pm: The rupee was trading at 64.17 a dollar, down 0.05% from its Monday’s close of 64.08. The home currency opened at 64.16 a dollar.
■ 2.00pm: BSE Sensex rose 40 points, or 0.12%, to 32,464, while the Nifty 50 gained 9 points, or 0.09%, to 10,163. Tata Motors, Kotak Bank and ITC were the top gainers with gains to the tune of 4.97%, 2.13% and 0.88%, respectively.
■ 1.56pm: The initial public offering of general insurance firm ICICI Lombard General Insurance Co. Ltd to raise as much as Rs57 billion was fully subscribed early on the last day of the sale on Tuesday, stock exchange data showed.
■ 1.10pm: BSE Sensex edged down 8 points, or 0.03%, to 32,416, while the Nifty 50 fell 6 points, or 0.06%, to 10,147.
■ 12.58pm: Cadila Healthcare Ltd said the company has signed an agreement with Russia’s Pharm Aid Ltd for the technology for varicella vaccine production in Russia. Cadila Healthcare shares were down 0.08% at Rs486.15 on BSE.
■ 12.50pm: Mahindra and Mahindra Ltd displayed its first-ever driverless tractor, developed at the company’s Mahindra Research Valley hub in Chennai, on Tuesday. Shares of Mahindra and Mahindra were trading 0.40% up at Rs1,300 on BSE.
■ 12.45pm: Glenmark Pharmaceuticals Ltd shares rose 2.03% to Rs619.25 following the company’s announcement that it has received approval from the US Food and Drug Administration (USFDA) for generic version of Desonide ointment.
■ 12.06pm: BSE Sensex was almost unchanged at 32,421, down 3 points, or 0.01%, while the Nifty 50 was also flat at 10,152, down 1 point, or 0.01%.
■ 12.00pm: The BSE auto index gained most and was up 0.92% followed by the oil and gas index, up 0.85%, and the industrials, up 0.79%. The BSE metal index fell 0.22%. On the NSE, the PSU bank index was the top loser and was down 0.91%.
■ 10.57am: BSE Sensex dropped 30 points, or 0.09%, to 32,394, while the Nifty 50 fell 7 points, or 0.07%, to 10,146.
■ 10.50am: Japirakash Associates Ltd fell 11% to Rs16.50. The stock fell for fifth sessions. Since 1 September, the scrip declined over 33% and so far this year it gained 104.5%. According to media reports Supreme Court directed Jaypee Associates to deposit Rs2,000 crore with it in connection with insolvency proceedings involving Jaypee Infratech.
■ 10.00am: BSE Sensex traded lower by 12 points, or 0.04%, to 32,412, while the Nifty 50 fell 9 points, or 0.08%, to 10,147.
■ 9.58am: Tata Chemicals Ltd rose 1% to Rs649 after a huge block deal. Around 10.50 million shares or 4.1% stake of the company changed hands in a block deal, according to a Bloomberg report. However, details of the buyers and sellers were not known.
■ 9.55am: Tata Global Beverages Ltd rose 1% to Rs215 after a huge block deal. Around 43.20 million shares or 6.8% stake of the company changed hands in a block deal, according to a Bloomberg report. However, details of the buyers and sellers were not known.
■ 9.27am: BSE Sensex opened lower by 17 points, or 0.05%, to 32,407, while the Nifty 50 fell 8 points, or 0.08%, to 10,145.
■ 9.25am: Tata Motors Ltd rose 4% to Rs418.50 after a huge block deal. Around 32.35 million shares or 1.12% stake of the company changed hands in a block deal, according to a Bloomberg report. However, details of the buyers and sellers were not known.
■ 9.20am: Gail India Ltd rose 4% to Rs414.50 after brokerage firm Morgan Stanley upgraded the stock to “overweight”.
■ 9.15am: The rupee opened at 64.16 a dollar. At 9.15am, the rupee was trading at 64.16 a dollar, down 0.05% from its Monday’s close of 64.08.
■ 9.13am: The 10-year bond yield was at 6.602% compared to its previous close of 6.61%. Bond yields and prices move in opposite directions.
■ 9.10am: Asian currencies were trading mixed. South Korean won was down 0.33%, China renminbi 0.22%, China Offshore 0.19%, Taiwan dollar 0.08%, Indonesian rupiah 0.06%. However, Hong Kong dollar was up 0.19%, Japanese yen 0.08%, Singapore dollar 0.06%, Philippines peso 0.06%, Thai Baht 0.05%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.929, down 0.13% from its previous close of 92.047.
With inputs from Reuters