Market registers small gains
Indian equity markets registered small gains in a truncated trading week ended Friday, 11 March 2016. The stock market was closed on Monday, 7 March 2016, for Mahashivratri holiday. The barometer index, the S&P BSE Sensex registered gains in three out of the four trading sessions during the week.
The Sensex rose 71.51 points or 0.29% to settle at 24,717.99. The 50-unit Nifty 50 index rose 24.85 points or 0.33% to settle at 7,510.20. The BSE Mid-Cap index rose 0.44%, outperforming the Sensex. The BSE Small-Cap index lost 0.07%, underperforming the Sensex.
Meanwhile, foreign portfolio investors (FPIs) bought stocks worth a net Rs 2643.24 crore from the secondary equity market in three trading sessions from 8 to 10 March 2016.
Losses for banking stocks offset gains for metal shares and index heavyweights Reliance Industries, ITC and HDFC, with the two key benchmark indices settling near the flat line on Tuesday, 8 March 2016. The Sensex rose 12.75 points or 0.05% to settle at 24,659.23, its highest closing level since 1 February 2016.
Gains in stocks of private sector banks, cement firms and index heavyweights Infosys and Reliance Industries (RIL) led upmove for key benchmark indices on Wednesday, 9 March 2016. The Sensex rose 134.73 points or 0.55% to settle at 24,793.96, its highest closing level since 1 February 2016.
Losses for capital goods sector stocks and index heavyweights Reliance Industries and Infosys led the decline for the two key benchmark indices on Thursday, 10 March 2016. The Sensex lost 170.62 points or 0.69% to settle at 24,623.34, its lowest closing level since 3 March 2016.
Benchmark indices registered small gains in a volatile trading session on Friday, 11 March 2016. The Sensex rose 94.65 points or 0.38% to settle at 24,717.99, its highest closing level since 9 March 2016.
Among the 30-share Sensex pack, 19 stocks rose and 11 stocks declined in the week ended Friday, 11 March 2016. Adani Ports & Special Economic Zone (up 2.19%), Bharti Airtel (up 2.65%), HDFC (up 2.68%), ITC (up 1.61%), NTPC (up 0.31%), ONGC (up 2.03%), Reliance Industries (up 0.9%) and Tata Steel (up 2.11%) edged higher from the Sensex pack. Coal India (down 1.89%) and GAIL (India) (down 0.05%) edged lower from the Sensex pack.
Bank stocks edged lower. Axis Bank (down 0.8%), ICICI Bank (down 3.03%) and State Bank of India (down 4.27%) declined. HDFC Bank (up 0.72%) rose.
The S&P BSE Bankex index lost 1.36% during the week.
Auto stocks rose. Bajaj Auto (up 1.18%), Mahindra & Mahindra (up 0.33%) and Tata Motors (up 3.04%) edged higher.
Maruti Suzuki India (MSIL) rose 2.07% at Rs 3,638.65. The company after market hours on Tuesday, 8 March 2016, announced the launch of its first compact urban sport utility vehicle (SUV), Vitara Brezza, at a striking price point. The introductory price for the base variant of Vitara Brezza is Rs 6.99 lakh ex-showroom Delhi and Rs 7.35 lakh ex-showroom Mumbai. With Vitara Brezza, MSIL is now present across all critical segments of the passenger vehicle market.
MSIL during market hours on Wednesday, 9 March 2016 said that after the overwhelming success of Baleno in India, Suzuki Motor Corporation, parent company of Maruti Suzuki India, launched 'Made in India' Baleno in Japan on 9 March 2016. Baleno is manufactured only in India at Maruti Suzuki's Manesar facility in Haryana.
Hero MotoCorp fell 0.89% at Rs 2,810.50. The company after market hours on Thursday, 10 March 2016, said that it has inaugurated Hero Global Centre of Innovation and Technology with an investment of Rs 850 crore in Jaipur, Rajasthan.
The S&P BSE Auto index rose 1.54% during the week.
Pharma stocks were mixed. Cipla (down 0.81%) edged lower. Sun pharmaceutical Industries (up 1.23%) edged higher.
Lupin rose 4.34% at Rs 1,857.55. The company during market hours on Wednesday, 9 March 2016 announced that it has completed the acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS). The acquisition enhances Lupin's scale in the US generic market and also broadens the company's pipeline in dermatology, controlled substance products and other high-value and niche generics.
Dr Reddy's Laboratories lost 0.98% at Rs 3,211.90. The company during market hours on Friday, 11 March 2016, announced entering into a strategic collaboration agreement with TR-Pharm for manufacture and commercialization of a portfolio of biosimilar drugs in Turkey. A total of three products will be registered and subsequently commercialized as part of this agreement by TR-Pharm in Turkey.
The S&P BSE Healthcare index rose 1.06% during the week.
IT stocks witnessed mixed trend. TCS (up 0.29%) and Wipro (up 0.59%) rose.
IT major Infosys dropped 2.39% at Rs 1,142.50. The company's promoter group entities sold a total of 75 lakh shares of the company via block deals through stock exchanges mechanism on Thursday, 10 March 2016. S Gopalakrishnan sold 50 lakh shares representing 0.21% stake in the company. SD Shibulal sold 10 lakh shares representing 0.0435% stake in the company. Shruti Shibulal sold 10 lakh shares of the company. Kumari Shibulal sold 5 lakh shares representing 0.0217% stake in the company.
The S&P BSE IT index lost 1.36% during the week.
L&T lost 0.66% at Rs 1,185.80. The company after trading hours on Friday, 4 March 2016, announced that it has completed the transaction for the sale of its casting manufacturing unit located at Coimbatore to Australia's Bradken Limited for total consideration of Rs 163 crore. This unit clocked revenue of Rs 122 crore in the year ended 31 March 2015 (FY 2015), which was less than 1% of the total revenue of the company for the year.
Bharat Heavy Electricals (Bhel) fell 3.35% at Rs 103.65. Ratings agency CRISIL in a report dated 9 March 2016, downgraded its rating on the long-term bank facilities of Bhel to CRISIL AA+/Negative from CRISIL AAA/Negative. CRISIL has reaffirmed its ratings on the company's short-term bank facilities at CRISIL A1+. The rating may be further downgraded if project execution is slower than expected and costs remain high, leading to continued losses and a high receivable position, CRISIL said. Conversely, the outlook may be revised to stable if profitability improves, backed by a structural revival in the power sector, translating into faster project execution, and improvement in working capital position, CRISIL said.
Bhel during market hours on Thursday, 10 March 2016, announced that it has successfully commissioned the second 500 megawatts (MW) thermal unit at Anpara-D Thermal Power Plant (TPP) in Sonbhadra district of Uttar Pradesh.
Asian Paints rose 3.35% at Rs 896.15. The company after trading hours on Friday, 4 March 2016, announced that it has filed First Information Report (FIR) with the Police department against its Registrar & Transfer Agent Sharepro Services (India) Pvt. Ltd. and its employees on certain irregularities by Sharepro with respect to share transfer operations and dividend encashment activities. Asian Paints has issued a termination notice to Sharepro for the termination of Registrar & Transfer Agent services with effect from 1 April 2016.
Hindustan Unilever (HUL) rose 0.55% at Rs 853.30. The company during market hours on Wednesday, 9 March 2016 announced that the company and Pond's HLL ex-Mercury Employees Welfare Association, representing the ex-employees of the former thermometer factory in Kodaikanal, have reached a settlement with regard to dispute over economic rehabilitation after closure of this factory. The Memorandum of Settlement reached was recorded in an order passed by the Madras High Court.
As per the monthly data released by Association of Mutual Funds In India (AMFI), net inflow into equity mutual funds totaled Rs 2522 crore in February 2016, lower than the inflow of Rs 2914 crore in January 2016. The net inflow into balanced funds totaled Rs 941 crore in February 2016, which was higher than inflow of Rs 880 crore in January 2016. Balanced funds invest the money in a combination of equity and debt, with majority of the investment going into equity. The funds' investments range from 65% to 80% in equity and the rest in debt.
Meanwhile, the government has scrapped the controversial proposal to tax withdrawals from the Employees' Provident Fund (EPF). Finance Minister Arun Jaitley announced the decision in Lok Sabha on Tuesday, 8 March 2016. In Union Budget 2016-17 on 29 February 2016, the government had announced that 40% of the total corpus withdrawn at the time of retirement would be tax-exempt, both under EPF and National Pension System. This made the remaining 60% of the EPF's incremental corpus taxable from 2016-17 unless the amount was invested in an annuity product. At present, withdrawal from EPF is entirely tax-free.
On the global front, the European Central Bank (ECB) delivered a surprise package of measures to kick start Europe's economy by cutting its main interest rates and expanding its massive bond-buying program on Thursday, 10 March 2016. The ECB cut the bank's key lending rate to zero from 0.05% and cut its bank deposit rate, from minus 0.3% to minus 0.4%. It also announced it would expand the size of its monthly bond purchases to 80 billion euros from its current level of 60 billion euros beginning in April 2016 and expand the scope of those purchases to include investment-grade, euro-denominated, nonbank corporate bonds.
The Sensex rose 71.51 points or 0.29% to settle at 24,717.99. The 50-unit Nifty 50 index rose 24.85 points or 0.33% to settle at 7,510.20. The BSE Mid-Cap index rose 0.44%, outperforming the Sensex. The BSE Small-Cap index lost 0.07%, underperforming the Sensex.
Meanwhile, foreign portfolio investors (FPIs) bought stocks worth a net Rs 2643.24 crore from the secondary equity market in three trading sessions from 8 to 10 March 2016.
Losses for banking stocks offset gains for metal shares and index heavyweights Reliance Industries, ITC and HDFC, with the two key benchmark indices settling near the flat line on Tuesday, 8 March 2016. The Sensex rose 12.75 points or 0.05% to settle at 24,659.23, its highest closing level since 1 February 2016.
Gains in stocks of private sector banks, cement firms and index heavyweights Infosys and Reliance Industries (RIL) led upmove for key benchmark indices on Wednesday, 9 March 2016. The Sensex rose 134.73 points or 0.55% to settle at 24,793.96, its highest closing level since 1 February 2016.
Losses for capital goods sector stocks and index heavyweights Reliance Industries and Infosys led the decline for the two key benchmark indices on Thursday, 10 March 2016. The Sensex lost 170.62 points or 0.69% to settle at 24,623.34, its lowest closing level since 3 March 2016.
Benchmark indices registered small gains in a volatile trading session on Friday, 11 March 2016. The Sensex rose 94.65 points or 0.38% to settle at 24,717.99, its highest closing level since 9 March 2016.
Among the 30-share Sensex pack, 19 stocks rose and 11 stocks declined in the week ended Friday, 11 March 2016. Adani Ports & Special Economic Zone (up 2.19%), Bharti Airtel (up 2.65%), HDFC (up 2.68%), ITC (up 1.61%), NTPC (up 0.31%), ONGC (up 2.03%), Reliance Industries (up 0.9%) and Tata Steel (up 2.11%) edged higher from the Sensex pack. Coal India (down 1.89%) and GAIL (India) (down 0.05%) edged lower from the Sensex pack.
Bank stocks edged lower. Axis Bank (down 0.8%), ICICI Bank (down 3.03%) and State Bank of India (down 4.27%) declined. HDFC Bank (up 0.72%) rose.
The S&P BSE Bankex index lost 1.36% during the week.
Auto stocks rose. Bajaj Auto (up 1.18%), Mahindra & Mahindra (up 0.33%) and Tata Motors (up 3.04%) edged higher.
Maruti Suzuki India (MSIL) rose 2.07% at Rs 3,638.65. The company after market hours on Tuesday, 8 March 2016, announced the launch of its first compact urban sport utility vehicle (SUV), Vitara Brezza, at a striking price point. The introductory price for the base variant of Vitara Brezza is Rs 6.99 lakh ex-showroom Delhi and Rs 7.35 lakh ex-showroom Mumbai. With Vitara Brezza, MSIL is now present across all critical segments of the passenger vehicle market.
MSIL during market hours on Wednesday, 9 March 2016 said that after the overwhelming success of Baleno in India, Suzuki Motor Corporation, parent company of Maruti Suzuki India, launched 'Made in India' Baleno in Japan on 9 March 2016. Baleno is manufactured only in India at Maruti Suzuki's Manesar facility in Haryana.
Hero MotoCorp fell 0.89% at Rs 2,810.50. The company after market hours on Thursday, 10 March 2016, said that it has inaugurated Hero Global Centre of Innovation and Technology with an investment of Rs 850 crore in Jaipur, Rajasthan.
The S&P BSE Auto index rose 1.54% during the week.
Pharma stocks were mixed. Cipla (down 0.81%) edged lower. Sun pharmaceutical Industries (up 1.23%) edged higher.
Lupin rose 4.34% at Rs 1,857.55. The company during market hours on Wednesday, 9 March 2016 announced that it has completed the acquisition of privately held US based GAVIS Pharmaceuticals LLC and Novel Laboratories Inc. (GAVIS). The acquisition enhances Lupin's scale in the US generic market and also broadens the company's pipeline in dermatology, controlled substance products and other high-value and niche generics.
Dr Reddy's Laboratories lost 0.98% at Rs 3,211.90. The company during market hours on Friday, 11 March 2016, announced entering into a strategic collaboration agreement with TR-Pharm for manufacture and commercialization of a portfolio of biosimilar drugs in Turkey. A total of three products will be registered and subsequently commercialized as part of this agreement by TR-Pharm in Turkey.
The S&P BSE Healthcare index rose 1.06% during the week.
IT stocks witnessed mixed trend. TCS (up 0.29%) and Wipro (up 0.59%) rose.
IT major Infosys dropped 2.39% at Rs 1,142.50. The company's promoter group entities sold a total of 75 lakh shares of the company via block deals through stock exchanges mechanism on Thursday, 10 March 2016. S Gopalakrishnan sold 50 lakh shares representing 0.21% stake in the company. SD Shibulal sold 10 lakh shares representing 0.0435% stake in the company. Shruti Shibulal sold 10 lakh shares of the company. Kumari Shibulal sold 5 lakh shares representing 0.0217% stake in the company.
The S&P BSE IT index lost 1.36% during the week.
L&T lost 0.66% at Rs 1,185.80. The company after trading hours on Friday, 4 March 2016, announced that it has completed the transaction for the sale of its casting manufacturing unit located at Coimbatore to Australia's Bradken Limited for total consideration of Rs 163 crore. This unit clocked revenue of Rs 122 crore in the year ended 31 March 2015 (FY 2015), which was less than 1% of the total revenue of the company for the year.
Bharat Heavy Electricals (Bhel) fell 3.35% at Rs 103.65. Ratings agency CRISIL in a report dated 9 March 2016, downgraded its rating on the long-term bank facilities of Bhel to CRISIL AA+/Negative from CRISIL AAA/Negative. CRISIL has reaffirmed its ratings on the company's short-term bank facilities at CRISIL A1+. The rating may be further downgraded if project execution is slower than expected and costs remain high, leading to continued losses and a high receivable position, CRISIL said. Conversely, the outlook may be revised to stable if profitability improves, backed by a structural revival in the power sector, translating into faster project execution, and improvement in working capital position, CRISIL said.
Bhel during market hours on Thursday, 10 March 2016, announced that it has successfully commissioned the second 500 megawatts (MW) thermal unit at Anpara-D Thermal Power Plant (TPP) in Sonbhadra district of Uttar Pradesh.
Asian Paints rose 3.35% at Rs 896.15. The company after trading hours on Friday, 4 March 2016, announced that it has filed First Information Report (FIR) with the Police department against its Registrar & Transfer Agent Sharepro Services (India) Pvt. Ltd. and its employees on certain irregularities by Sharepro with respect to share transfer operations and dividend encashment activities. Asian Paints has issued a termination notice to Sharepro for the termination of Registrar & Transfer Agent services with effect from 1 April 2016.
Hindustan Unilever (HUL) rose 0.55% at Rs 853.30. The company during market hours on Wednesday, 9 March 2016 announced that the company and Pond's HLL ex-Mercury Employees Welfare Association, representing the ex-employees of the former thermometer factory in Kodaikanal, have reached a settlement with regard to dispute over economic rehabilitation after closure of this factory. The Memorandum of Settlement reached was recorded in an order passed by the Madras High Court.
As per the monthly data released by Association of Mutual Funds In India (AMFI), net inflow into equity mutual funds totaled Rs 2522 crore in February 2016, lower than the inflow of Rs 2914 crore in January 2016. The net inflow into balanced funds totaled Rs 941 crore in February 2016, which was higher than inflow of Rs 880 crore in January 2016. Balanced funds invest the money in a combination of equity and debt, with majority of the investment going into equity. The funds' investments range from 65% to 80% in equity and the rest in debt.
Meanwhile, the government has scrapped the controversial proposal to tax withdrawals from the Employees' Provident Fund (EPF). Finance Minister Arun Jaitley announced the decision in Lok Sabha on Tuesday, 8 March 2016. In Union Budget 2016-17 on 29 February 2016, the government had announced that 40% of the total corpus withdrawn at the time of retirement would be tax-exempt, both under EPF and National Pension System. This made the remaining 60% of the EPF's incremental corpus taxable from 2016-17 unless the amount was invested in an annuity product. At present, withdrawal from EPF is entirely tax-free.
On the global front, the European Central Bank (ECB) delivered a surprise package of measures to kick start Europe's economy by cutting its main interest rates and expanding its massive bond-buying program on Thursday, 10 March 2016. The ECB cut the bank's key lending rate to zero from 0.05% and cut its bank deposit rate, from minus 0.3% to minus 0.4%. It also announced it would expand the size of its monthly bond purchases to 80 billion euros from its current level of 60 billion euros beginning in April 2016 and expand the scope of those purchases to include investment-grade, euro-denominated, nonbank corporate bonds.
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