Sensex Ends 120 Points Higher On Buying In Auto Stocks

Sensex rose over 100 points while 50-share Nifty closed above its crucial psychological level of 8,600 on the back of buying in auto, capital goods and metal shares.

The Sensex ended 120 points or 0.43 per cent higher at 27,903 and Nifty jumped 0.41 per cent or 35 points to settle at 8,607.

Earlier in the day Sensex and Nifty edged lower mirroring losses in other Asian markets after US Federal Reserve chair Janet Yellen on Friday post market hours indicated an interest rate hike remains on the cards for this year.

However, late buying in auto, capital goods and metal shares helped benchmark indices reverse losses.

From the Nifty basket of shares, 33 advanced while 18 ended lower.

Tata Motors was among the top Nifty gainers, the stock closed 4.25 per cent higher at Rs 525.15 after investors took comfort from the performance of JLR and were hopeful about its outlook.

Reliance Industries, Hindalco, Larsen & Toubro, ICICI Bank, Adani Ports and SEZ, Bajaj Auto and NTPC were also among the gainers.

On the other hand, IT stocks fell for third day after Infosys' downward revision of its annual sales guidance in July. HCL Technologies, Wipro, TCS and Tech Mahindra were among the losers in the Nifty.

3:12 p.m.: Reliance Capital was the top gainer from the mid-cap space, up 5.5 per cent to Rs 530. M&M Financial Services, Zee Entertainment, Reliance Infra, Berger Paints, MRF and MRPL were also among the gainers.

2:36 p.m.: Capital goods shares were witnessing buying interest. The BSE Capital Goods index was up 1.3 per cent; Laxmi Machine Works, Larsen & Toubro, BHEL, Crompton Greaves, Suzlon Energy, BEML, Siemens, Praj Industries and Havells India were among the top gainers from the capital goods space.

2:28 p.m.: Stock markets moved higher in the late noon deals on the back of buying in heavyweight capital goods and auto stocks. The Sensex advanced 78 points to 27,860 and Nifty was at 8,590, up 18 points.

2:13 p.m.: Indian Oil board approves bonus issue of shares in ratio of 1:1.

2:11 p.m.: Indian Oil reports net profit of Rs 8,269 crore in June quarter, beats estimates; shares slip 0.77 per cent to Rs 569.

2:01 p.m.: HCL Technologies, Lupin, Bharti Infratel, Wipro, Tech Mahindra, Bharti Airtel, TCS, HDFC Bank, Wipro and Tech Mahindra were among the laggards in the Nifty.

1:44 p.m.: Market breadth remains negative as 1,442 stocks were declining while 1,055 were advancing.

1:40 p.m.: Shares of Future Retail jumped as much as 5 per cent to Rs 160.65 after its shares were relisted on stock exchanges today.

The stock listed at Rs 153 on the Bombay Stock Exchange. (Read)

1:09 p.m.: Claris Lifesciences shares slumped over 7 per cent on Monday after the company received five Form 483s on its Vasna, Gujarat, manufacturing facility from the US drug regulator. Form 483 is issued to a company at the conclusion of an inspection by US FDA if its investigators find any violation of the Food Drug and Cosmetic (FD&C) Act. 

In a release to Bombay Stock Exchange, Ahmedabad-based Claris Lifesciences said that the USFDA (US Food and Drug Administration) had conducted a prior-approval inspection (PAI) between August 16, 2016, and August 26, 2016, on plant 1 of its Vasna manufacturing facility and has issued five form 483s. (Read)

12:21 p.m.: After staging a recovery, the stock markets again slipped into the negative territory. The Sensex was down 5 points at 27,777 and Nifty slipped 3 points to 8,569.

11:55 a.m.: Markets break into positive territory in early noon trade: Sensex up 10 points, Nifty rises to 8,583.

11:30 a.m.: Claris Lifesciences shares slumped over 7 per cent on Monday after the company received five 483s on its Vasna manufacturing facility. Form 483 is issued to a company at the conclusion of an inspection if the investigators find any violation of the Food Drug and Cosmetic (FD&C) Act.

10:55 a.m.: Tyre stocks buzz: Balkrishna Industries, Apollo Tyres, JK Tyre & Industries surge 4-6% on softness in natural rubber prices

10:40 a.m.: Sensex continues to trade with negative bias, dragged down by IT and pharma stocks.

10:20 a.m.: Tata Motors June quarter net profit more than halved to Rs 2,236 crore and missed Street estimates, but its shares continued to find favour with buyers for second straight session on Monday. Tata Motors was the top Nifty50 gainer today. (Read)

10:00 a.m.: Aurobindo Pharma shares gained over 1 per cent on Monday after a news report said that the Indian pharma company is a frontrunner to buy Teva Pharmaceutical's UK business, which had revenue of around $300 million last fiscal. (Read)

09.40 a.m.: IT stocks are leading the losses, with HCL Tech down nearly 3 per cent and Tech Mahindra falling over 1.5 per cent today. Wipro, TCS and Infosys were also among the top Nifty50 losers. IT stocks have been under pressure amid rising concerns about client demand post the Brexit vote.

Metal, energy and auto stocks saw buying interest. Tata Motors was top Nifty50 gainer, while Reliance Industries traded 0.8 per cent higher.

09.15 a.m. Markets have opened lower, as expected. The BSE Sensex slipped over 50 points to 27,725, while the broader Nifty index hovered around 8,560 tracking weak global cues. Meanwhile, Tata Motors shares jumped over 3 per cent, extending their gains after Q1 earnings announcement.

09.00 a.m.:Rupee opens lower at 67.14 per dollar against previous close of 67.06.

08.40 a.m.: Indian stock markets are likely to open lower on Monday amid increased expectations of a rate hike in the US next month. The Nifty futures trading on Singapore Exchange (SGX) were down 20 points or 0.23 per cent at 8,607.50, indicating a weak start for domestic markets.

US Fed Chair Janet Yellen said on Friday that the case for raising rates had strengthened. The US economy was nearing the central bank's goals of maximum employment and price stability but that future hikes should be "gradual", she added.

The perceived chances of a rate hike in September climbed to 36 per cent from 21 per cent the previous day, according to CME Group's FedWatch tool. Traders are now pricing in a 63.7 per cent likelihood of a hike in December, up from 51.8 per cent Thursday.

A rate hike in the US will make investments more attractive in the world's biggest economy and could impact foreign inflows in emerging markets such as India, traders say. Slowdown of inflows would be bad for risk assets in India, they added.

Foreign institutional investors have year-to-date bought net shares worth over $5 billion. On Friday, they bought cash shares worth Rs 341 crore, while domestic investors were net sellers to the tune of Rs 266 crore.

Among stocks, Tata Motors will be in focus, which missed Q1 estimate on forex losses after Brexit. India's top automaker by revenue on Friday reported a consolidated net profit of Rs 2,236 crore in June quarter. Most brokerages continue to be positive on Tata Motors despite weak Q1.

Indian Oil Corp and DLF will be in focus today ahead of their Q1 earnings. IOC is expected to report a net profit of Rs 4,472 crore on sales of Rs 95,721 crore, while DLF is seen posting a net of Rs 132 crore on sales of Rs 2,261 crore.

GMR Infra, which has won the bid to build Goa's second airport at an estimated cost of Rs 3,000 crore, will also be in focus. Future Retail shares will get listed on exchanges today, following the company's merger with Bharti Retail. Analysts expect the listing at Rs 130-145 per share.

Meanwhile, most Asian shares, barring the exception of Japan's Nikkei, traded lower today.

(With inputs from Reuters)