LIVE: Sensex, Nifty flat; Sagar Cements shares surge over 10%
The BSE Sensex recovered over 115 points in early session on Monday on fresh spell of buying in select bluechip stocks amid mixed Asian cues.
10.27 am: Sensex was down 21.82 points at 24,652. Nifty was down 2.90 points at 7,552.30. In the 50-share index, Bharti Airtel, Idea Cellular, Adani Ports, Hindalco and Tata Motors were up between 1.30 per cent and 3.60 per cent. On the other hand, Lupin, Grasim, Dr Reddy’s Labs, HDFC and Wipro were down between 1.09 per cent and 1.83 per cent.
9.57 am: Sagar Cements shares surged 14 per cent in the early trade on Monday. The company on Thursday reported 16 per cent year-on-year rise in cement sales for the month ended March 2016. BMM Cements, wholly-owned subsidiary of Sagar Cement, reported 1,029 per cent rise in sales during the same period. Sensex was trading 41 points down at 24,632. Nifty was down 4.50 points at 7,550.70.
9.48 am: Rupee strengthened by 10 paise to 66.37 against the dollar in early trade at Interbank Foreign Exchange on increased selling of the US currency by exporters and banks amid higher opening in the domestic equity market.
9.27 am: Benchmark indices BSE Sensex and Nifty were flat. Sensex was up 9.86 points at 24,683.70, while Nifty was up 6.20 points at 7,561.40.
9.17 am: Meanwhile, Rupa and Co shares hit upper circuit. The scrip jumped 20 per cent to Rs 329.40. READ MORE
9.15 am: The BSE Sensex opened 115.56 points, or 0.47 per cent, up at 24,789.40, while Nifty 50 index opened 22.60 points, or 0.30 per cent, up at 7,577.80.
8.31 am: Domestic equity indices BSE Sensex and NSE Nifty are likely to open in red on Monday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 8.15 am (IST), SGX Nifty was down 15.50 points, or 0.20 per cent, at 7,566.
Asian stocks got off to a tentative start on Monday as Japanese markets wobbled, while the dollar nursed losses after a week in which it slipped to fresh lows against its major counterparts.
US markets ended the Friday’s trade slightly in green as traders opted to buy beaten-down but fundamentally strong stocks. The Dow Jones Industrial Average gained 35 points or 0.20 per cent to 17,576.96, Nasdaq rose 5.69 points or 0.05 per cent to 4,850.69 and S&P 500 was up by 5.69 points or 0.28 per cent to 2,047.60.
The Indian ADRs closed mixed; Tata Motors was up 0.35 per cent, ICICI Bank was up 0.10 per cent and Dr Reddy’s Lab was up by 0.03 per cent. On the other hand, Wipro was down by 0.07 per cent, Infosys was down 0.06 per cent and HDFC Bank was down 0.02 per cent.
Back home, Sensex fell by marginal 11.58 points on Friday, but the NSE Nifty managed to eke out a small gain.
Shares of Sun Pharma and Rupa & Co will remain in focus on Monday. Drug major Sun Pharmaceutical Industries has received approval from the US health regulator for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery.
Knitwear maker Rupa & Co on Friday said its arm Oban Fashions has acquired the exclusive licence from French Connection for manufacturing and sale of innerwear brand ‘FCUK’ in India.
(With inputs from agencies)