LIVE: Sensex down over 50 points, Nifty below 7,720; MEP Infra surges
Stock markets on Friday opened on a subdued note on the first trading day of new financial year 2016-17, with the benchmark BSE Sensex sliding over 100 points and NSE Nifty slipping below the crucial 7,700-mark in early trade, despite positive economic data.
12.41 pm: Sensex tumbled 174 points to 25,167 on account of weak opening in European markets. Nifty was trading 53.25 points down at 7,685.
12.35 pm: The 30-share index slipped further and was trading 145 points down at 25,196.36. Escorts Agri machinery segment (EAM), a subsidiary of Escorts, has sold 5,403 tractors in March 2016 against 4223 tractors in March 2015. Domestic sales in March 2016 stood at 5,327 tractors against 4,163 in March 2015. Export for the month of March 2016 stood at 76 tractors against 60 tractors in March 2015. Shares of Escorts were trading 0.14 per cent up at Rs 139.25.
12.01 pm: Ashok Leyland shares were trading 1.80 per cent up at Rs 110.50. The comapny reported an increase of 31 per cent in March 2016 sales to 16,702 units as against 12,754 units sold in the same period of last year. The company has experienced a jump of 32 per cent in its medium and heavy commercial vehicle (M&HCV) products’ segment to 13,240 units in March 2016. The company’s light commercial vehicle (LCV) segment witnessed a rise of 27 per cent to 3,462 units in March 2016.
11.31 am: Sensex was down 110 points at 25,231. Indian Bank has successfully raised Rs 500 crore under Basel III compliant Additional Tier I Bonds on March 30, 2016 with a coupon of 11.15 per cent per annum from Rural Electrification Corporation. Shares of Indian Bank were trading 2.02 per cent up at Rs 106.
11.17 am: IVRCL shares extended losses for the second straight day on Friday after a portion of the flyover being built by the company in Kolkata collapsed. The share price of the company which fell 6 per cent on Thursday were trading over 5 per cent down in the morning trade. Sensex was down 95.25 points at 25,246. READ MORE
10.42 am: Bharat Wire Ropes shares made a debut on bourses on Friday listing 5 per cent higher at Rs 47.32 on BSE against the issue price of Rs 45. On the National Stock Exchange (NSE), shares of the company listed at Rs 47.25. Sensex was down 63.69 points at 25278. Nifty was trading 24.70 points down at 7,713. READ MORE
10.16 am: MEP Infrastructure shares surged as much as 7.89 per cent in the early trade on Friday after it informed bourses that it has received Letter of Acceptance from Road Infrastructure Development Company of Rajasthan (RIDCOR) to collect fee through contractor at two stretches on Alwar-Sikandra Road. READ MORE
Sensex was down 16.56 points at 25,325. Nifty was down 11.85 points at 7,726.
9.45 am: Jaiprakash Associates shares were trading 13.48 per cent up at Rs 8.67. Sensex was down 30 points at 25312.17, while Nifty was trading 15.80 points down at 7,722.60. READ MORE
9.41 am: KEC International (KEC) shares gained over 2 per cent in the early trade after it informed bourses that the company has secured new orders of Rs 836 crore across various businesses. In the transmission and distribution (T&D) segment, the company bagged an order worth Rs 608 crore from Powergrid Southern Interconnector Transmission System — a wholly-owned subsidiary of PGCIL — for construction of transmission line associated with ‘Beyond Vemagiri’ Transmission System Project. It also bagged orders worth Rs 129 crore from Power Grid Jabalpur Transmission — a wholly-owned subsidiary of PGCIL — for construction of transmission lines associated with Vindhyachal-V project.
9.24 am: Aviation stocks were trading lower in the early trade after oil companies increased jet fuel prices by 8.7 per cent to Rs 42,157 per kl in Delhi. SpiceJet, IndiGo and Jet Airways were down by 0.08 per cent, 0.91 per cent and 0.42 per cent, respectively. Sensex was down 100.19 points at 25241. Nifty was trading 38.30 points down at 7,700.10.
9.16 am: Sensex was down 85.32 points at 25,256.54. Nifty was trading 27.70 points down at 7,710.70. Mahindra and Mahindra and Bharti Airtel were down 1 per cent.
9.15 am: The BSE Sensex opened 40.16 points down at 25,301.70, while Nifty 50 index opened 20.35 points lower at 7,718.05.
8.43 am: The BSE Sensex and NSE Nifty are likely to open in red on Friday tracking Nifty futures on the Singapore Stock Exchange and weak global cues.
At 8.31 am (IST), SGX Nifty was down 41.50 points, or 0.54 per cent, at 7,746.
Asian shares and the dollar both lost more ground as investors began the new quarter in a cautious mood, with glimmers of life in China’s economy offset by a darkening mood in Japan.
On Wall Street, the Dow ended 0.18 percent lower on Thursday, while the S&P 500 lost 0.2 per cent and the Nasdaq edged up 0.01 per cent.
The BSE Sensex on Thursday inched up by 3.28 points to 25,341.86 on caution due to carry-forward of positions to the April series and S&P putting China on negative outlook.
Aviation stocks will remain in focus on Friday as Jet Fuel prices were hiked in Delhi by 8.7 per cent to Rs 42,157 per kl.
(With agency inputs)