Sensex ends 69 pts higher ahead of F&O expiry

After having corrected in the past three consecutive trading sessions, the Indian stock market closed on a higher note on Wednesday ahead of expiry of September futures & options contracts on the NSE.

The stock market oscillated between gains and losses in morning trade while it was only in the second half of the session that the market gained decisive upward momentum. Positive opening of European markets and a firm rupee partially supported the upmove in domestic equities.

Telecom, metal, realty, auto, industrial, basic materials, banking and consumer durables stocks led from the front, while IT and energy stocks were among the major losers.

Among the 50 stocks of the Nifty, Eicher Motors, Hindalco, Idea Cellular, Tata Steel, Zee, Bank of Baroda and Bharti Airtel were among the gainers, whereas Reliance Industries, Tech Mahindra, Coal India, HUL, Sun Pharmaceuticals and TCS were among the losers today.

Finally, the BSE Sensex ended with a gain of 69 points at 28,293. The BSE Sensex opened at 28,199 touched an intra-day high of 28,379 and low of 28,193.

The NSE Nifty closed with a gain of 39 points at 8,745. The NSE Nifty opened at 8,711 hitting a high of 8,767 and low of 8,703.

Market participants are anxiously awaiting the Monetary Policy Review on October 4, the first to be held under the newly appointed RBI Governor Urjit Patel and the first to be decided by a six-member panel.

The India VIX (Volatility) index was down 2.82% at 13.8475. Out of 1,847 stocks traded on the NSE, 575 declined and 1,033 advanced today. In the broader market, the BSE Smallcap index gained over 1% while the BSE Midcap index was up 0.91%.

The rupee was trading up by 2 paise at 66.46 per US dollar.

On the global front, Asian stocks closed on a mixed note. Hong Kong’s Hang Seng advanced 0.20%, China’s Shanghai Composite ended marginally lower, while Japan’s Nikkei slipped 1.3%.

European stocks rose with investor sentiment buoyed by a rally in the banking sector. The FTSE 100 is up 0.63% while the CAC 40 and DAX have gained 0.8% each.

Mangalore Chemicals & Fertilizers jumped 6.5% to Rs.47.50 on the BSE. The company said in a notice to BSE that its shareholders have rejected the proposal of transaction with Zuari Agro Chemicals Ltd.

Mphasis fell 3.3% to Rs.521. The company has announced a dividend of Rs.20 a share.

Nandan Denim climbed 12.6% on its plans to issue 50 lakh convertible warrants on preferential basis to foreign investors at Rs.200 each including premium of Rs.190.

Motherson Sumi Systems gained 1% after the Reserve Bank of India allowed foreign investors to hike their stake in the company to up to 30% from 24% earlier.

Dilip Buildcon gained 2.6%. The National Highways Authority of India (NHAI) has awarded four laning of 127 km of national highway stretch between Lucknow and Sultanpur to Dilip Buildcon. The project would be constructed at a cost of Rs.2,845 cr.

Mahindra and Mahindra inched up 0.60% after the company having announced the launch of the Intelli-Hybrid technology variant of its popular SUV Scorpio for the Delhi and NCR market at a starting price of Rs.9.35 lakh (ex-showroom).


Coal India slipped 1% to Rs.329. Its buyback offer will open next week on October 3, 2016 and would remain open till October 18. The company plans to buy back 1.7% (10.89 cr) fully paid up equity shares at Rs.335 per share totaling Rs.3,650 cr.

Karur Vysya Bank gained 1.4% to Rs.476. The bank seeks members' approval for sub-division of shares in the ratio of 1:5.

Ahluwalia Contracts (India) advanced 1% after the company having received new order aggregating Rs.151.39 cr from Bharat Electronics .