Nifty reclaims 7,700 as European shares trim losses

Markets have swung back into the positive zone led by auto shares and index heavyweights Reliance Industries and HDFC. Also, European indices have trimmed some of the losses.

At 3:10pm, the S&P BSE Sensex was up 69 points at 25,354 and the Nifty50 was up 14 points points at 7,718.

The top gainers on the Sensex are Hero Motocorp, M&M, HDFC, Reliance Industries, and Tata Motors, up between 1%- 2.5% each.

The top losers on the Sensex are Coal India, Adani Ports, ITC, Dr. Reddy’s, HUL , down between 1%-4% each.

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(updated 2:40 pm)

Indian markets continue to reel under pressure in the afternoon trade tracking weakness in the European markets following a terror attack in Brussels, Belgium.

At 2:40pm, the S&P BSE Sensex was down 85 points at 25,205 and the Nifty50 was down 25 points at 7,680.

Twin explosions rocked the main hall of Brussels Airport today killing at least one person and wounding several others, officials said.

Following the attacks, European indices are trading lower by 1% each.

Rating agency ICRA Monday projected Indian economic growth to improve to 7.7%in next fiscal, led by domestic consumption demand on the back of implementation of 7th Pay Commission and OROP recommendations.

The top losers on the Sensex are Bharti Airte, HUL, ITC, Dr. Reddy’s down between 1-4% each.

Among the individuals, the country's largest lender, SBI on Tuesday said it has raised Rs 500 crore from issue of bonds on a private placement basis. The stock has dropped 0.2%

Cigarette major ITC has hiked its prices by 31%, according to reports. The stock has dropped 2%.

Government has extended by three months the tenure of A P Shah Committee looking into the dispute over natural gas migrating from state-owned ONGC's idle blocks in KG basin to neighbouring fields of Reliance Industries. ONGC has dipped 0.4% while RIL has gained 0.4%

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(updated 1:10pm)

Markets continued to remain weak in noon trades on Monday weighed down by profit taking in FMCG majors ITC and Hindustan Lever after recent gains.

At 1:10pm, the S&P BSE Sensex was down 0.4% at Rs 25,192 and the Nifty50 was down 0.3% at Rs 7,679.

In the broader market, the BSE Midcap and Smallcap index were up 0.3%-0.5% each. Market breadth was strong with 1224 gainers and 1098 losers on the BSE.

Foreign institutional investors were net buyers in equities worth Rs 1,396 crore on Monday, as per provisional stock exchange data.

Rating agency ICRA Monday projected Indian economic growth to improve to 7.7%in next fiscal, led by domestic consumption demand on the back of implementation of 7th Pay Commission and OROP recommendations.

SECTORS & STOCKS

BSE FMCG index was the top loser followed by IT and Bankex indices.

FMCG majors ITC and Hindustan Unilever were down nearly 2% on profit taking after they gained in the previous session on hopes that the release of salaries and pensions to government employees under the seventh pay commission would boost consumption,

Financials were trading mixed after they gained on hopes of higher-than-expected rate cut by the central bank. HDFC and ICICI Bank were down 1% each while SBI eased 0.3%. HDFC Bank and Axis Bank were trading flat with mixed bias.

NTPC came off its early highs and was trading flat. NTPC's installed capacity has increased to 45,798 MW after commissioning of a 250 MW Unit-I of its arm at Nabinagar.

In an effort to monetise its passive infrastructure assets in Africa telecom major Bharti Airtel entered into an agreement with American Tower Corporation (ATC), through its subsidiary, Airtel Tanzania, to sell 1,350 towers in the latter country. Analysts estimate the deal size to be $180 million. The stock dipped 2.4%^.

Among others, tea stocks continued to trade strong with Rossell India, Williamson Magor & Company, Mcleod Russel India, Jay Shree Tea, Tata Global Beverages and Bombay up between 2%-11% on the BSE. According to media reports, the support extended by leading blenders at Kochi auctions lifted the prices of some tea varieties, especially good liquoring tea this week.

Defence Minister Manohar Parrikar announced on Monday the clearance of the long anticipated Defence Procurement Policy of 2016 (DPP-2016). This will replace the current DPP-2013, and govern all defence acquisitions initiated after April 2. He said the new policy would be accessible on the defence ministry's website with effect from March 28. M&M, BHEL, Pipavav Defense, Reliance Defense and Engineering, BEML, BEL, Astra Microwave Products, L&T are trading higher 1%-4% each.

Shares of MIC Electronics were up nearly 4% at Rs 21 after the company said it has received a Letter of Award (LoA) from the government. The company in a release said that it has received an LoA from M/s. Energy Efficiency Services Limited (A Joint Venture of PSUs of Ministry of Power, Government of India) and others.