Indian shares trade flat on Monday with lenders being the biggest drag after the central bank unexpectedly ordered banks to deposit their extra cash with it, although overall sentiment was upbeat as Asian shares advanced. The Reserve Bank of India on Saturday asked banks to maintain a temporary incremental cash reserve ratio (CRR) of 100% to absorb excess liquidity from the system after the government’s move to withdraw larger banknotes sparked a surge in deposits.
The Nifty PSU Bank Index, an index of state-run lenders, fell as much as 4.43% to its lowest since 9 November 9 as the CRR move is likely to deprive banks of earning interest on funds parked with the RBI. “It (CRR move by RBI) is a short-term measure… Sentiment would remain weak,” said Gaurang Shah, vice president, Geojit BNP Paribas Financial Services.
However, oil retailers advanced after Brent crude futures fell as much as 2% in early Asian trade, following on from a 3.6% fall on Friday, as doubts arose over whether the Organization of the Petroleum Exporting Countries would reach a deal later this week. Bharat Petroleum Corp Ltd rose 3.20%.
2.00pm: Bank of Baroda shares fall 3.04% to Rs162.75. The previous session’s close was Rs167.85 while the scrip touched a maximum of Rs 165 on Monday. The BSE Sensex trades higher by 8 points, or 0.03%, to 26,324, while the Nifty 50 of the National Stock Exchange (NSE) rises 1.8 points, or 0.02%, to 8,116
1.20pm: The BSE Sensex trades higher by 64 points, or 0.24%, to 26,380, while the Nifty 50 of the National Stock Exchange (NSE) rises 21 point, or 0.26%, to 8,135
1.03pm: The BSE Sensex trades higher by 71 points, or 0.27%, to 26,387, while the Nifty 50 of the National Stock Exchange (NSE) rises 19 point, or 0.23%, to 8,133
12.58pm: Bharti Airtel Ltd rises 2.9% to trade at Rs 309.70 after trading at its high of Rs311.6 on Monday. The stock opened marginally higher on Monday at Rs301 as it closed at Rs 300.85 on Friday.
12.20pm: The BSE Sensex trades higher by 72 points, or 0.27%, to 26,388, while the Nifty 50 of the National Stock Exchange (NSE) rises 26 point, or 0.32%, to 8,140
12.01pm: The BSE Sensex trades higher by 51 points, or 0.19%, to 26,367, while the Nifty 50 of the National Stock Exchange (NSE) falls 15 point, or 0.18%, to 8,129
11.30am: Sagar Cements Ltd rose 9% to Rs 673 after the company said in a notice to BSE that it will issue 6.12 lakh preference shares at Rs 800 a share. Telecom stocks trading higher. Idea Cellular rose 2.6%, Bharti Airtel Ltd rose 3%, Reliance Communications Ltd rose 2%. Power stocks trading higher. Adani Power Ltd rose 6.1%, PowerGrid Corp rose 3%, Reliance Power Ltd rose 2%, Suzlon Energy 2%, Siemens Ltd rose 1.5%, JSW Energy 1.4%.
11am: Aviation stocks trading higher. Jet Airways India Ltd rose 4%, SpiceJet Ltd rose 1%, InterGlobe Aviation Ltd rose 6%.
10.55am: Breweries & Distilleries stocks trading higher on the back of higher volumes. Pioneer Distilleries Ltd rose 5%, Tilaknagar Industries Ltd rose 2.1%%, United Spirit Ltd rose 2.3%, United Breweries Ltd rose 2%, McDowell Holdings Ltd 16%, Radico Khaitan rose 1.4%. Amtek Group stocks trading higher on the back of higher volumes as its boards to meet separately on 30 November to consider proposal for infusion of fresh equity by new investors and restructuring of company as proposed by investors. Amtek Auto Ltd rose 5.7%, Castex Technologies Ltd rose 10%, Metalyst Forgings Ltd rose 11%, JMT Auto Ltd rose 4%.
10.47am: Tata Chemicals Ltd rose 2.3% to Rs 475.60. The company said it will hold extra ordinary general meeting on 23 December to consider removal of Cyrus Mistry. Indo Count Industries Ltd rose 8% to Rs 153.15 after the company said its net profit for the September quarter rose 21.5% to Rs 62.72 crore against Rs 51.64 crore a year ago.
10.40am: Hathway Cable & Datacom Ltd fell 5.4% to Rs 32.75 after the company said its net loss widened in September quarter to Rs 40.44 crore against Rs 31.99 crore a year ago.
10.35am: SpiceJet Ltd fell 1.5% to Rs 64.35. SpiceJet on Friday reported a rise of 103 per cent in its net profit for the second quarter of 2016-17. The company’s Q2 net profit stood at Rs 58.9 crore from Rs 29 crore reported in the corresponding quarter of 2015-16.
10.30am: Ufex Ltd rose 4.3% to Rs 274.10 after the company said its net profit rose 16.8% in September quarter to Rs 90.35 crore against Rs 77.38 crore a year ago.
10.25am: BEML Ltd rose 2% to Rs 817 after the company said its net loss for the September quarter narrowed to Rs 16.60 crore against Rs 24.60 crore a year ago.
10.20am: Dilip Buildcon Ltd rose 1% to Rs 230 after the company said it got tow road projects.
10.15am: ARSS Infrastructure Projects Ltd rose 8.1% to Rs 62.35 after the company said it got orders worth Rs 51.44 crore. Suzlon Energy Ltd rose 1.6% to Rs 14.81 after
10.10am: Cipla Ltd rose 2% to Rs 575 after Mint reported that the company is in discussions to sell Cipla Vet, its animal health division, according to two persons with knowledge of the development.
10.05am: The BSE Sensex trades lower by 48 points, or 0.18%, to 26,268, while the Nifty 50 of the National Stock Exchange (NSE) falls 14 point, or 0.17%, to 8,101
9.35am: The BSE Sensex trades lower by 7 points, or 0.03%, to 26,310, while the Nifty 50 of the National Stock Exchange (NSE) falls 1 point, or 0.01%, to 8,113
9.25am: Banking stocks trading lower the Reserve Bank of India on Saturday unexpectedly ordered banks to deposit their extra cash with it, in a bid to absorb excess liquidity generated by a government ban on larger banknotes. The central bank said banks would need to transfer 100% of their cash under the RBI’s cash reserve ratio from deposits generated between 16 September and 11 November, saying it was a temporary measure that would be reviewed on or before 9 December.
9.20am: Bank of Baroda fell 3.4%, Punjab National Bank 3.2%, Bank of India 3.1%, State Bank of India 3.1%, Indian Bank 2.6%, Union Bank of India 2.5%, Central Bank of India 2.5%, Corporation Bank 2.4%, Oriental Bank of India 2.2%, Uco Bank 2.1%, Canara Bank 2.1%, Federal Bank 2.1%, Yes Bank 2%, Allahabad Bank 2%, ICICI Bank 1.7%, Syndicate Bank 1.7%, Axis Bank 1.6%, Kotak Mahindra Bank 1.6%, IDBI Bank 1.5%.
9.15am: Amtek Group stocks trading higher on the back of higher volumes. Amtek Auto Ltd rose 5.7%, Castex Technologies Ltd rose 10%, Metalyst Forgings Ltd rose 11%, JMT Auto Ltd rose 4%.
9.10am: Oil marketing companies trading higher as international oil prices decline after a planned meeting today between OPEC and non-OPEC producers was cancelled. Oil rebounds from 2% losses as OPEC embarks on a last-ditch diplomatic push to reach a production cut and will meet in Vienna on Wednesday; a meeting with non-OPEC producers today was cancelled after Saudi Arabia decided not to attend and suggested the oil-club doesn’t necessarily need to curb output, Bloomberg reported.
9.07am: Japanese yen was up 1.23%, South Korean won 0.6%, Taiwan dollar 0.33%, Singapore dollar 0.33%, China Offshore 0.3%, China renminbi 0.25%, Indonesian rupiah 0.2%, Thai Baht 0.2%. However, Malaysian ringgit was down 0.08%. Bharat Petroleum Corp Ltd rose 2%, Hindustan Petroleum Corp Ltd rose 2.6%, Indian Oil Corp Ltd rose 1%.
9.05 am: The benchmark 10-year government bond yield gained 12 basis points, its maximum gains in two years, to 6.343%, compared to Friday’s close of 6.231%. Bond yields and prices move in opposite directions.
9.00am: The home currency opened at 68.43 against the US dollar. At 9.15am, the rupee was trading at 68.55 a dollar, down 0.1% from its previous close of 68.47. So far this year, it has fallen 3.4%.
With inputs from Reuters