Sensex ends in red, Nestle surprise winner, up over 9% in late trade, Cairn top loser
17 of 30 Sensex stocks ended the day in red. Vedanta Ltd was the gainer on Sensex, up over 2%. Cairn India was the top loser on NSE Nifty, down over 4%.
By ET Online | Updated:
The S&P BSE Sensex ended the day at 26,481.25 down by 41.84 points.
The broader 50-share Nifty closed at 8022.40 down by 21.75 points.
17 of 30 Sensex stocks ended the day in red. Vedanta Ltd was the gainer on Sensex, up over 2%. Cairn India was the top loser on NSE Nifty, down over 4%.
Nestle India was the surprise winner, gaining over 9 per cent in late trade likely on value buying. The stock closed 7.47% up.
The two stocks were in the limegiht after a report in Economic Times suggested that Vedanta was in the final stages to announce its merger with subsidiary Cairn India.
The move will give the parent access to Cairn's cash and help reduce debt, two people aware of the plan told ET. The two companies are shortly expected to inform shareholders about the proposed transaction, sources said.
Cautious was the word of the day on Dalal Street as investors gird up for a sooner-than-expected rate hike by the US Fed.
Also weighing on the sentiment was the inclusion of the Chinese A shares in the MSCI Emerging market index, which is likely to see investors making a run for the Chinese equities market.
The U.S. index provider MSCI will announce later in the day whether it would push ahead with plans to include the so-called China 'A' shares in its Emerging Markets Index, a decision that MSCI says would draw $400 billion to China stocks over time.
These factors weigh on top of domestic fears over slow reforms, retrospective taxes and weak corporate earnings.
Analysts and fund managers however believe Indian equities have already priced in a higher weight for China in the MSCI index after falling nearly 12 percent from their record highs hit in March.
"MSCI decision might be a tactical change for markets but not for India's domestic economy," said G. Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm.
Foreign institutional investors have sold in four of the last five trading sessions, withdrawing about $316 million from Indian cash equities, regulatory and stock exchange data showed.
Overseas funds withdrew a net 57 billion rupees ($889.9 million) from shares last month, when markets were gripped by worries about a potential retrospective minimum alternate tax (MAT).
BUZZING STOCKS:
Cairn India slipped 5 per cent on news of merger with Vedanta surging 3.28% in intra-day trading. Read here
Tata Steel loses 3 per cent in intra-day trading. Read here
Gati gains 2.5 per cent
Unitech plunges 14 per cent in intra-day trading as court orders compensation for flat delivery delay. Read here
Cipla sheds 2.67 per cent in intra-day trading as rival Mylan launches generic Seretide. Read here
Hindalco up 2.12 per cent in intra-day trading.
Dr. Reddy's Lab slips 2.29 per cent in intra-day trading.
Tech Mahindra plunges 5.88 per cent in intra-day trading.
Bharat Forge down 13 per cent in intra-day trading.
Nestle India up 2.5 per cent. The Agriculture Food and Veterenary Authority in Singapore declared India-made Maggi noodle safe for consumption.
WHAT TOP EXPERTS SAY:
India most attractive story in Asia, but momentum in China right now: Hans Goetti, BIL
Goldman Sachs upgrades Shriram Transport to 'Buy', lowers target to Rs 1,000 from Rs 1,075.
Super-liquidity cycle ahead: Ridham Desai, Morgan Stanley. Watch here
Long term investors have been buying into India; don't see change in momentum: Manoj Pradhan, Morgan Stanley
Expect European Central Bank, Bank of Japan to start tapering by second half of calendar year 2016: Manoj Pradhan, Morgan Stanley
Will avoid power, infra stocks on weak fundamentals; continue to prefer IT, pharma, private banking stocks: Tata Mutual Fund
MARKETS THROUGH THE DAY
Markets @ 2:00
Sensex: 26526, up 4 points; Nifty: 8033, down 10 points
Top Gainers:
VEDANTA LTD (3.8%), HINDALCO (2.2%), TATA MOTORS (1.8%), HINDUSTAN UNILEVER (1.8%), AXIS BANK (1.4%)
Top Losers:
CIPLA (-2.1%), DR. REDDYS LAB (-1.9%), SUN PHARMA (-1.4%), ONGC (-0.8%), BHARTI AIRTEL (-0.8%)
Markets @ 1:00
Sensex: 26559, up 36; Nifty: 8048, down 0.8
Top Gainers:
VEDANTA LTD (3.0%), HINDALCO (2.1%), ICICI BANK (1.5%), HINDUSTAN UNILEVER (1.3%), AXIS BANK (1.2%)
Top Losers:
CIPLA (-2.0%), DR. REDDYS LAB (-2.0%), SUN PHARMA (-1.4%), ONGC (-1.0%), MARUTI SUZUKI (-0.8%)
Markets @ 12:00
Sensex: 26516, down 6 points; Nifty: 8028, down 15 points
Top Gainers:
VEDANTA LTD (3.5%), HINDALCO (1.9%), ICICI BANK (1.4%), HINDUSTAN UNILEVER (1.4%), AXIS BANK (1.2%)
Top Losers:
CAIRN INDIA (-4.8%), CIPLA (-2.4%), TECH MAHINDRA (-2.3%), DR. REDDYS LAB (-2.2%), PNB (-2.1%)
Markets @ 11:30
Sensex: 26520 down 2 points; Nifty: 8031, down 12 points
Top Gainers:
HINDALCO (2.4%), VEDANTA LTD (2.0%), HINDUSTAN UNILEVER (0.9%), ICICI BANK (0.7%), AXIS BANK (0.7%)
Top Losers:
CIPLA (-2.6%), DR. REDDYS LAB (-2.2%), SUN PHARMA (-2.0%), BHARTI AIRTEL (-1.2%), GAIL (-1.2%)
Markets @ 10:00
Sensex: 26,505, down 17 points; Nifty: 8030, down 14 points
Top Gainers:
Hindalco (1.9%), HDFC (0.9%), Coal India (0.8%), Axis Bank (0.8%), Vedanta Ltd (0.8%)
Top Losers:
Tata Steel (-1.8%), Dr. Reddy's Lab (-1.5%), Cipla (-1.4%), Sun Pharma (-1.4%), Bharti Airtel (-1.0%)
The broader 50-share Nifty closed at 8022.40 down by 21.75 points.
17 of 30 Sensex stocks ended the day in red. Vedanta Ltd was the gainer on Sensex, up over 2%. Cairn India was the top loser on NSE Nifty, down over 4%.
Nestle India was the surprise winner, gaining over 9 per cent in late trade likely on value buying. The stock closed 7.47% up.
The two stocks were in the limegiht after a report in Economic Times suggested that Vedanta was in the final stages to announce its merger with subsidiary Cairn India.
The move will give the parent access to Cairn's cash and help reduce debt, two people aware of the plan told ET. The two companies are shortly expected to inform shareholders about the proposed transaction, sources said.
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Cautious was the word of the day on Dalal Street as investors gird up for a sooner-than-expected rate hike by the US Fed.
Also weighing on the sentiment was the inclusion of the Chinese A shares in the MSCI Emerging market index, which is likely to see investors making a run for the Chinese equities market.
The U.S. index provider MSCI will announce later in the day whether it would push ahead with plans to include the so-called China 'A' shares in its Emerging Markets Index, a decision that MSCI says would draw $400 billion to China stocks over time.
These factors weigh on top of domestic fears over slow reforms, retrospective taxes and weak corporate earnings.
ADVERTISEMENT
Analysts and fund managers however believe Indian equities have already priced in a higher weight for China in the MSCI index after falling nearly 12 percent from their record highs hit in March.
"MSCI decision might be a tactical change for markets but not for India's domestic economy," said G. Chokkalingam, founder of Equinomics, a Mumbai-based research and fund advisory firm.
ADVERTISEMENT
Foreign institutional investors have sold in four of the last five trading sessions, withdrawing about $316 million from Indian cash equities, regulatory and stock exchange data showed.
Overseas funds withdrew a net 57 billion rupees ($889.9 million) from shares last month, when markets were gripped by worries about a potential retrospective minimum alternate tax (MAT).
BUZZING STOCKS:
Cairn India slipped 5 per cent on news of merger with Vedanta surging 3.28% in intra-day trading. Read here
Tata Steel loses 3 per cent in intra-day trading. Read here
Gati gains 2.5 per cent
Unitech plunges 14 per cent in intra-day trading as court orders compensation for flat delivery delay. Read here
Cipla sheds 2.67 per cent in intra-day trading as rival Mylan launches generic Seretide. Read here
Hindalco up 2.12 per cent in intra-day trading.
ADVERTISEMENT
Dr. Reddy's Lab slips 2.29 per cent in intra-day trading.
Tech Mahindra plunges 5.88 per cent in intra-day trading.
Bharat Forge down 13 per cent in intra-day trading.
Nestle India up 2.5 per cent. The Agriculture Food and Veterenary Authority in Singapore declared India-made Maggi noodle safe for consumption.
ADVERTISEMENT
WHAT TOP EXPERTS SAY:
India most attractive story in Asia, but momentum in China right now: Hans Goetti, BIL
Goldman Sachs upgrades Shriram Transport to 'Buy', lowers target to Rs 1,000 from Rs 1,075.
ADVERTISEMENT
Super-liquidity cycle ahead: Ridham Desai, Morgan Stanley. Watch here
Long term investors have been buying into India; don't see change in momentum: Manoj Pradhan, Morgan Stanley
Expect European Central Bank, Bank of Japan to start tapering by second half of calendar year 2016: Manoj Pradhan, Morgan Stanley
Will avoid power, infra stocks on weak fundamentals; continue to prefer IT, pharma, private banking stocks: Tata Mutual Fund
MARKETS THROUGH THE DAY
Markets @ 2:00
Sensex: 26526, up 4 points; Nifty: 8033, down 10 points
Top Gainers:
VEDANTA LTD (3.8%), HINDALCO (2.2%), TATA MOTORS (1.8%), HINDUSTAN UNILEVER (1.8%), AXIS BANK (1.4%)
Top Losers:
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CIPLA (-2.1%), DR. REDDYS LAB (-1.9%), SUN PHARMA (-1.4%), ONGC (-0.8%), BHARTI AIRTEL (-0.8%)
Markets @ 1:00
Sensex: 26559, up 36; Nifty: 8048, down 0.8
Top Gainers:
VEDANTA LTD (3.0%), HINDALCO (2.1%), ICICI BANK (1.5%), HINDUSTAN UNILEVER (1.3%), AXIS BANK (1.2%)
Top Losers:
CIPLA (-2.0%), DR. REDDYS LAB (-2.0%), SUN PHARMA (-1.4%), ONGC (-1.0%), MARUTI SUZUKI (-0.8%)
ADVERTISEMENT
Markets @ 12:00
Sensex: 26516, down 6 points; Nifty: 8028, down 15 points
Top Gainers:
VEDANTA LTD (3.5%), HINDALCO (1.9%), ICICI BANK (1.4%), HINDUSTAN UNILEVER (1.4%), AXIS BANK (1.2%)
ADVERTISEMENT
Top Losers:
CAIRN INDIA (-4.8%), CIPLA (-2.4%), TECH MAHINDRA (-2.3%), DR. REDDYS LAB (-2.2%), PNB (-2.1%)
ADVERTISEMENT
Markets @ 11:30
Sensex: 26520 down 2 points; Nifty: 8031, down 12 points
Top Gainers:
HINDALCO (2.4%), VEDANTA LTD (2.0%), HINDUSTAN UNILEVER (0.9%), ICICI BANK (0.7%), AXIS BANK (0.7%)
Top Losers:
CIPLA (-2.6%), DR. REDDYS LAB (-2.2%), SUN PHARMA (-2.0%), BHARTI AIRTEL (-1.2%), GAIL (-1.2%)
Markets @ 10:00
Sensex: 26,505, down 17 points; Nifty: 8030, down 14 points
Top Gainers:
Hindalco (1.9%), HDFC (0.9%), Coal India (0.8%), Axis Bank (0.8%), Vedanta Ltd (0.8%)
Top Losers:
Tata Steel (-1.8%), Dr. Reddy's Lab (-1.5%), Cipla (-1.4%), Sun Pharma (-1.4%), Bharti Airtel (-1.0%)
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