Mumbai, India (BBN)-Benchmark BSE Sensex was trading higher on Wednesday after oscillating between red and green in the early session taking cues from cautious global markets amid US Federal Reserve indicating raising interest rates as early as September.
Besides, domestic sentiment was affected by the discouraging macro-economic data as wholesale inflation soared to a 23-month high of 3.55% in July, making investors trim their positions.
A mixed trend was seen on other Asian bourses, tracking overnight losses in the US market, after a Federal Reserve official said that interest rates could be raised as soon as September.
Here are the updates:
11:10am: BSE Sensex is up 66.47 points, or 0.24%, to 28,125.38, while the Nifty rises 7.65 points, or 0.09%, to 8,650.20.
11:05am: Central Bank of India rises 8.7% to Rs 110.40. The stock gained 13.5% in last two trading sessions.
10:55am: Infosys Ltd falls 1% to Rs.1,036.75. The stock fell 4.1% in last five consecutive sessions. Infosys Ltd faced Brexit impact after the Royal Bank of Scotland shelved plans to set up a separate bank in the UK, for which the company was a key technology partner, reports Business Standard. According to the report, Infosys could lose as much as $50 million.
10:45am: Suzlon Energy Ltd rises 1.5% to Rs.16.70. The company said in a notice to BSE that ReNew Power issues 132 MW repeat turnkey order to Suzlon.
10:35am: Zee Learn Ltd rises 13% to Rs.33.95 while Tree House Education & Accessories Ltd rises 14% to Rs.36. Tree House Education board has finally approved its revised merger deal with Zee Learn . The deal had hit a road block after Zee Learn had started ‘re-evaluating its merger with Tree House’. As per the new merger scheme, shareholders of Tree House will get shares in Zee Learn in ratio of 1:1. In a statement to the exchanges, Tree House said that the merger evaluation committee, formed in June by the companies, has approved of the new share swap ratio.
10:25am: Sun Pharmaceuticals Industries Ltd falls 1% to Rs.775.75. According to BSE Notice, Sun Pharma founder Virtuous Fin pledges one crore shares to SBI.
10:15am: Just Dial Ltd falls 5.3% to Rs.460.30. The company posted 7.98% rise in net profit at Rs.38.93 crore for the June quarter against Rs.36.05 crore a year ago. Total income increased by 6.18% from a year ago to Rs.176.29 crore.
10:05am: Jaypee Group stocks are trading lower after Jaiprakash Associates said that the CBI carried out searches at the office of Jaiprakash Associates in connection with alleged fraud in claiming insurance money from United India Insurance Corporation Limited with regards to Dul Hasti hydroelectric power plant in Kishtwar.. Jaiprakash Associates Ltd falls 2.2%, Jaiprakash Power Ventures Ltd falls 2.3%, Jaypee Infratech Ltd 1%
9:55am: Vakrangee Ltd rises 2% to Rs.181.70. According to NSE, Credit Suisse Singapore bought 4 million shares in the company via block deal.
9:45am: The 30-share S&P BSE Sensex gains 60.25 points, or 0.21%, to 28,124.86, while the Nifty 50 of the National Stock Exchange (NSE) rises 14.35 points, or 0.17%, to 8,656.90.
9:35am: Hero MotoCorp Ltd rises 3% to Rs.3,391.65. The company said in a notice to BSE that Sunil Kant Munjal’s tenure as Joint Managing Director of the Company ends on 16 August 2016. He has also resigned from the Board of Directors of the company with effect from the same date.
9:30am: Indian currency market is closed on account of Navroz holiday.
9:25am: The dollar gains to ¥100.57 from Tuesday’s ¥100.33. The euro edges down to $1.1274 from $1.1276.
9:20am: Benchmark US crude sheds 22 cents to $46.35 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 84 cents on Tuesday to $46.58. Brent crude tumbles 34 cents to $48.89 in London. It added 88 cents the previous session to $49.23 per barrel.
9:10am: Hong Kong’s Hang Seng gains 0.5% to 23,016.18 points and Tokyo’s Nikkei 225 advances 0.5% to 16,679.89. Seoul’s Kospi adds 0.9% to 2,017.94 and Sydney’s S&P-ASX 200 rises 0.4% to 5,492.40. The Shanghai Composite Index sheds 0.1% to 3,105.12. Benchmarks in New Zealand and Malaysia advances while Taiwan and Singapore declines.
9:00am: Asian stock markets are mostly higher on Wednesday after Wall Street declined. Shares in China were mixed after leaders approved a plan to give foreign investors more access to Chinese equities through Hong Kong.
8:50am: The Dow Jones industrial average lost 84.03 points, or 0.5%, to 18,552.02. The Standard & Poor’s 500 index slid 12 points, or 0.5%, to 2,178.15. The Nasdaq composite fell 34.90 points, or 0.7%, to 5,227.11.
BBN/ZA/ANS