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LIVE: Sensex, Nifty pare some initial losses; Hindalco, Tata Steel up

by April 26, 2016 General

The benchmark BSE Sensex tanked about 130 points in early trade on continued selling by participants, tracking losses in Asian shares.

11.14 am: Meanwhile, Bharat Forge (BFL) announced that the company has entered into a contract with Boeing for developing and manufacturing 777x titanium forgings. BFL has started supplying titanium forged flap tracks for the Boeing Next Generation 737 airplane earlier this year. BFL will also supply forgings for the 737 MAX, scheduled to enter services in 2017. Shares of BFL were trading 1.95 per cent up at Rs 811.90. Sensex was down 10 points at 25,668.

11.08 am: Shares of Aurobindo Pharma gained on Tuesday after it informed bourses that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Amlodipine and Valsartan Tablets USP, 5 mg/160 mg, 10 mg/160 mg, 5 mg/320 mg and 10 mg/320 mg. This product is expected to be launched in Q1 FY16-17. Aurobindo Pharma was trading 1.12 per cent up at Rs 773.80.

11.02 am: Meanwhile IndusInd Bank hit its fresh 52-week high of Rs 1,006.45.

10.33 am: Apollo Hospitals Enterprise Ltd shares fell as much as 1.4 per cent on Tuesday after Nomura cut Apollo Hospital rating to ‘neutral’ from ‘buy’. The Japanese brokerage firm believes that the current valuations already capture the longer-term growth prospects. Nomura prefers Fortis Healthcare because of its less risky strategy on brownfield expansions. Fortis Healchare was trading 0.11 per cent up at Rs 178.50.

10.25 am: In the 50-share index, Hindalco was trading 3.81 per cent up at Rs 102.15. Tata Steel, Idea Cellular and Mahindra & Mahindra were up 1.89 per cent, 1.74 per cent and 1.29 per cent, respectively. Nifty was down 9.05 points at 7,846.

10.17 am: Sensex was down 40.78 points, or 0.16 per cent, at 25,638.15. Read more: Godfrey Phillips, ITC, VST stocks slip on report on FDI ban in tobacco sector

10.05 am: Rupee weakened by 17 paise to 66.79 against the US dollar in early trade at the Interbank Foreign Exchange market on sustained demand for the American currency from banks and importers amid lower domestic equities.

9.38 am: Engineers India (EIL) has formally entered into a contract with Bangladesh Petroleum Corporation (BPC) to render Project Management Consultancy (PMC) for installation of ERL Unit-2 in Chittagong, Bangladesh for $16,545,000 plus BDT 82,281,025/- (inclusive of local taxes in Bangladesh such as AIT and VAT). This will be the largest ever single consultancy assignment for EIL in Bangladesh. Shares of EIL were trading 0.83 per cent up at Rs 182. Sensex was down 103 points at 25,575.

9.36 am: According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 772.22 crore in index futures and options segments, as per Tuesday’s data, April 25, 2016. FIIs were net buyers of index futures to the tune of Rs 12.79 crore and they bought index options worth Rs 759.43 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 43.20 crore, while they sold stock options worth Rs 136.98 crore.

9.16 am: The BSE Sensex fell 129.88 to 25549.05. Godfrey Phillips India shares were trading 10 per cent down at Rs 1,016.50. Shares of Godfrey Phillips plunged on reports that the government is working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector.

9.15 am: Taking weak cues from overseas markets, domestic equity indices opened lower on Tuesday. The BSE Sensex opened 74.01 points, or 0.29 per cent, down at 25,604.92, while Nifty 50 index opened 26.90 points, or 0.34 per cent down at 7,828.15.

8.46 am: Domestic benchmark indices BSE Sensex and NSE Nifty are likely to open lower on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and bleak global cues.

At 8.31 am (IST), SGX Nifty was down 26 points, or 0.33 per cent, at 7,849.

Asian stocks retreated on Tuesday as investors braced for central bank policy meetings in the United States and Japan this week.

A surprise drop in new US home sales data for March published on Monday supported a view of bleak US economic growth, which may keep the Fed from raising interest rates.

US stocks slid on Monday as weaker oil prices weighed on energy shares, with the S&P 500 dipping 0.18 per cent to 2,088, slipping further from a 4-1/2-month closing high of 2,102 hit last Wednesday. Oil prices recovered on Tuesday, pushed up by a weaker dollar and a flood of new cash into the market, but analysts warned of further weakness as producers continue to battle for customers in the Middle East.

The BSE Sensex tumbled by over 159 points to 25,679 on Tuesday on account of profit-booking amid weak global cues ahead of two key central bank meetings.

Biocon and Maruti Suzuki will announce their Q4 results on Tuesday.

(With agency inputs)