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Markets have closed marginally lower amid volatile trading session on the last day of FY14-15.
The 30-share Sensex provisionally ended at 27,920 down 56 points and the 50-share Nifty was down 10 points at 8,482.
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Markets have extended losses and are trading at day’s low weighed down financials and index heavyweight ITC and Infosys.
At 14:35PM, the 30-share Sensex was down 43 points at 27,933 and the 50-share Nifty was down 15 points at 8,477.
The top losers on the Sensex are HDFC Bank, BHEL, TCS, ONGC and NTPC.
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Updated at 14:20
Benchmark indices have erased early gains and have turned absolutely choppy on the last day of financial year 2014-15.
At 14:20PM, the 30-share Sensex was up 40 points at 28,014 and the 50-share Nifty was up 12 points at 8,504.
However, the broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8-1.4%. Market breadth in BSE is positive with 1,685 advances against 881 declines.
On the currency front, the rupee recovered by 10 paise at 62.57 against the US dollar at Interbank Foreign Exchange on fresh selling of the American currency by exporters.
According to market experts, liquidity conditions in the market and overall investment trend of foreign funds will largely dictate trend on the bourses in this holiday shortened week.
Further, delivery-based volumes on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) surged to one-year high during the March.
According to data compiled by the Business Standard Research Bureau, the delivery ratio – the percentage of shares actually changing hands in relation to the total traded quantity — surged to 48.5% in March 2015.
ASIAN MARKETS
Asian stocks rose across the board on Tuesday after a rally on Wall Street and steps by China to shore up its economy boosted risk appetite, while Greek debt worries again haunted the sagging euro.
Tracking overnight gains in US stocks, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 percent. The index was on track for a 4% gain this quarter.
Australian shares rose 0.9%. Bourses in South Korea, Hong Kong, Malaysia and Indonesia rose as well. Japan's Nikkei bucked the trend and lost 0.2%.
The often volatile Shanghai Composite Index followed up Monday's rally, scaling seven-year highs on hopes for more infrastructure spending and monetary easing. The index led its Asian peers with a 17% gain this quarter.
SECTORS & BUZZING STOCKS
BSE Oil & Gas index has surged over 2% followed by counters like Auto, Healthcare, Metal, Power, Banks, Consumer Durables and Capital Goods, all gaining between 0.5-1.5%. However, BSE IT and TECk indices are down 0.2-0.3%.
Tata Power is the top Sensex gainer, up nearly 4%. Tata Power has gained as Supreme Court ruled that companies can use argument of change in international law to charge higher tariff.
Tata Motors has extended gains from yesterday and is trading higher by nearly 3.5%. Maruti Suzuki has risen almost 2%.
Reliance Industries has gained over 2%. Morgan Stanley has upgraded Reliance Industries to "overweight" from "underweight", citing confidence about the conglomerate's downstream projects and improving outlook for telecoms business.
From the banking space, Axis Bank, ICICI bank and SBI have gained between 1-1.5%. ICICI Bank and HDFC Bank have cut rates by up to 0.25% on high value fixed deposit on select maturities, a move that could be a precursor to lower lending rates.
Further, ICICI Bank announced yesterday that it has repatriated excess funds from its two overseas subsidiaries as part of capital optimisation and return on equity plans.
State Bank of India (SBI) today said that they have received board approval to divest up to 10% of its stake in SBI Life Insurance.
ONGC has gained around 1%. The company has driven a hard bargain to renew its insurance and re-insurance covers, at USD 20 million -- a discount of 35 per cent -- for its offshore assets valued at USD 34 billion from state-run United India Insurance and two global re-insurers.
Capital goods major L&T has gained almost 1%. The construction arm of L&T has won orders worth Rs 2,101 crore across various business segments in March, 2015.
Hopes of enhanced infrastructure spending in China have lifted metal stocks with Sesa Sterlite gaining over 1%. Coal India has gained around 2%. Hindalco and Tata Steel are marginally positive.
Other notable gainers are GAIL, HUL, Dr Reddy’s Labs, Maruti Suzuki, Sun Pharma and Wipro.
On the losing side, NTPC, Infosys, TCS, ITC and HDFC Bank are down 0.4-1%.
Among other shares, ECE Industries is locked in upper circuit 20% at Rs 125 on the National Stock Exchange (NSE) after the company’s promoter acquired an over four percentage points stake in the company via open market.
Shares of public sector oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have rallied by up to 6% on the Bombay Stock Exchange (BSE).
