BSE Sensex traded lower on Thursday. Photo: AFP
Mumbai: Indian shares edged lower on Thursday, after rising more than 1% in the previous session, as caution set in ahead of the expiry of futures and options contracts later in the day. Broader Asian stocks eased as worries over North Korea persisted, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.2%. Domestically, traders are waiting for cues from the roll-over of monthly derivatives contracts later in the day. “Ahead of the F&O expiry, markets are very much range-bound,” said Vaishali Parekh, research analyst at Prabhudas Lilladher Pvt Ltd.
The broader NSE Nifty was down, dragged by IT and financial stocks. The index may bounce back to the 9,900-9,920 level in the session, Parekh said. The NSE index was on track to post a 2.1% drop this month, while the BSE index was set for a 2.9% monthly decline. Almost all sectors except energy were in the red. Information technology stocks such as Infosys Ltd and Tata Consultancy Services (TCS) were among the top losers, falling 1 and 0.6%, respectively.
Shares in state-run power utility, NTPC Ltd, dropped as much as 2.5%, after the Indian government sold some of its stake in the company to help meet its fiscal deficit, raising $1.4 billion. Energy shares such as Reliance Industries Ltd (RIL) and Indian Oil Corp Ltd rose 1.2 and 1.9%, respectively.
■1.32pm: ONGC, SunPharma, Infosys, M&M and Coal India are major losers with losses to the tune of 0.88%, 0.93%, 1.01%, 1.08%, and 1.45%, respectively.
■ 12.18pm: BSE Sensex trades higher by 7 points, or 0.02%, to 31,653, while the Nifty 50 rises 6 points, or 0.06%, to 9,890.
■ 11.00am: Fortis Healthcare Ltd fell 3% to Rs150.15 after Supreme Court reaffirms status quo order against Singh brothers in Fortis share sale case. Supreme Court refused to vacate stay on Singh brothers from alienating, selling assets. Religare Enterprises Ltd fell 1%, CNBC reported.
■ 10.00am: Schaeffler India Ltd rose 13% to Rs4,818.45 after the company announced merger of its two arms—INA Bearings and LuK India—to improve cost and supply-side efficiencies. The combined entity hopes to grow 10% post-amalgamation.
■ 9.50am: Reliance Defence and Engineering Ltd rose 8% to Rs58.15. The stock gained for sixth consecutive sessions and added 11.2% in this period.
■ 9.45am: Aviation stocks gains. InterGlobe Aviation Ltd rose 2%, Jet Airways India Ltd rose 1% and SpiceJet Ltd gained 1%.
■ 9.40am: Ujjivan Fianancial Services Ltd rose 3.3% to Rs 369.81. CDC Group Plc, the development finance institution owned by the UK government, on Wednesday sold a part of its stake in Ujjivan Financial Services Ltd for around Rs212 crore, data from stock exchanges shows.
■ 9.36am: BSE Sensex traded lower by 53 points, or 0.17%, to 31,593, while the Nifty 50 fell 16 points, or 0.16%, to 9,868.
■ 9.33am: DCB Bank Ltd fell 5.7% to Rs178.75 as Business Line reported that the bank is under Reserve Bank of India lens as US fines Pakistan based Habib Bank. Aga Khan Foundation for Economic Development (AKFED), owns 51% stake in Habib Bank, that in turn holds 14.22% in DCB Bank. Aga Khan, the promoter of AKFED, is based in France and has a network of financial enterprises globally.
■ 9.30am: Biocon Ltd fell 1.1% to Rs340.45 after the company said the US Food and Drug Administration (USFDA) will take 3 months more to review the application for a biosimilar version of Roche Holding AG’s breast cancer drug Herceptin filed by partner Mylan NV.
■ 9.25am: NTPC Ltd fell 2.1% to Rs164.40. The government has received bids for 7% stake in India’s largest power producer NTPC Ltd., which will fetch about Rs9,100 crore to the exchequer.
■ 9.15am: The rupee opened at 64 a dollar. At 9.15am, the rupee was trading at 64.05 a dollar, down 0.08% from its Wednesday’s close of 63.99.
■ 9.10am: Majestic Auto Ltd surged 20% to Rs122.40 after the company said its board would meet on Thursday to consider sale of assets not exceeding to Rs300 crore.
■ 9.05am: The 10-year bond yield was at 6.543% compared to its previous close of 6.537%. Bond yields and prices move in opposite directions.
■ 9.00am: Asian currencies were trading lower. Japanese yen was down 0.24%, South Korean won 0.11%, Malaysian ringgit 0.1%, Taiwan dollar 0.06% and China renminbi 0.05%.
With inputs from Reuters