Sensex down over 100 points; Nifty below 7,800

IT majors TCS and Infosys were the top losers along with FMCG major HUL and ITC

Benchmark shares indices have slipped into the red, amid weak European cues, with IT and FMCG majors leading the decline.

At 1:15pm, the S&P BSE Sensex was down 146 points at 25,291 and the Nifty50 was down 45 points at 7,761.

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Among Sensex shares, IT majors Infosys and TCS were down 1%-1.5% each while FMCG majors ITC and HUL eased 1% each.

European shares opened lower weighed down by selling pressure in mining and autos while sluggish earnings from major banks also dampended sentiment. The DAX, CAC and FTSE-100 were down 1%-1.5% each.

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(Updated at 12:35pm
Markets have trimmed gains on account of profit booking at higher and attractive levels. However, benchmark indices continue to trade in the positive territory after the combined output of eight crucial infrastructure sectors jumped to a 16-month high of 6.4% in March due to a double-digit growth in refinery products, fertilizers, cement and electricity.

At 12:35 pm, the S&P BSE Sensex was up 45 points at 25,482 and the Nifty50 was up 18 points at 7,824.

Top five stocks in the Sensex pack include Adani Ports, Bharti Airtel, Tata Motors, L&T and Tata Steel up between 2%-3%.

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(updated at 10:30 am)
 

Benchmark shares indices continued to remain positive after the first hour of trade with auto shares emerging as the top gainers after the industry registered double-digit growth in April. (Click here for the full report)

At 10:30 a.m., the S&P BSE Sensex was up 195 points at 25,632 and the Nifty50 was up 61 points at 7,866. In the broader market, the BSE Midcap and Smallcap indices were up 0.5%-1% each.

In the auto pack, Tata Motors was up 3.2%. Total sales (including exports) in April 2016 grew 10% to 39,763 units compared with 36,190 units in April 2015. Among others, Hero MotoCorp, M&M and Maruti Suzuki were up 1% each.

Among others, CCL Products has surged 15% to Rs 223 on the BSE in early morning trade after the company reported a strong 70% year on year (YoY) jump in its consolidated net profit at Rs 36.66 crore for the quarter ended March 31, 2016 (Q4FY16), on the back of higher net sales and lower raw material cost.

BGR Energy Systems has rallied 17% to Rs 124 on the BSE in early morning trade after the company announced that it has executed agreement with Hitachi, Japan and Hitachi Power Europe GmbH (HPE), Germany to settle their disputes.

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(Updated at 9:45am)
Markets opened higher with metal and select financial shares leading the gains.

At 9:45am, the S&P BSE Sensex was up 252 points at 25,689 and the Nifty50 was up 77 points at 7,884.
In the broader market, the BSE Midcap and Smallcap indices were up 0.6% each. Market breadth was positive with 1085 gainers and 322 losers on the BSE.

Foreign institutional investors were net buyers to the tune of Rs 435 crore on Monday, as per provisional stock exchange data.

"Yesterday’s indecision around 7831 has kept the bias weak, and should stay so in the initial part of the day especially while below 7847. However, dips to 7785/7765 could attract bargain hunting again. Direct push above 7847 could effect the same result calling for short covering," Geojit BNP Paribas said in a note.

Stocks

Gains were led by mortgage lender HDFC post its earnings. The company posted a 40 per cent rise in net profit at Rs 2,607 crore for the March 2016 quarter on the back of sale of investments. The housing finance company had posted Rs 1,862 crore profit in the year-ago period.

In the banking space, HDFC Bank, ICICI Bank and SBI were up 0.6%-1% each.

Adani Ports was up nearly 3% ahead of its fourth quarter earnings later today.

In the metal space, Hindalco and Tata Steel were up over 1% each.

Auto shares were also in top gear post robust April sales. Tata Motors, Hero MotoCorp and M&M up over 1% each.

Among the index heavyweights, Reliance Industries, Infosys and L&T were up 0.5%-1.8% each.

Among other shares, L&T Finance Holdings was up 1% after it posted a 15 per cent increase in its consolidated net profit for the March 2016 quarter at Rs 237 crore. It had posted a net profit of Rs 206 crore in the January-March 2015 quarter.

Global Market

Asian stocks are trading mixed amid dip in oil prices and weakening of the US dollar. However, rebound in the US equities has capped the downside. China’s Shanghai Composite is trading higher by 1%. However, Hong Kong’s Hang Seng and Singapore’s Straits Times have lost over 1% each.

Japanese markets are closed today on account of a public holiday.

Overnight, US stocks rebounded as financials gained with Berkshire Hathaway and dollar weakness eased concerns over corporate earnings. The Dow Jones industrial average ended up 0.7% at 17891, S&P 500 ended up 0.8% at 2,081 and Nasdaq ended up 0.9% at 4,818.