Indian shares edged lower on Monday, snapping four consecutive sessions of gains, as caution set in ahead of the announcement of Union Budget on February 1, although the shares of telecom service providers jumped after Vodafone and Idea Cellular said they were in talks for a merger. The S&P BSE Sensex and the CNX Nifty fell 0.12%-0.10% each.
“Despite negative global cues, the benchmark Indian indices did well to close on a flattish note ahead of the forthcoming Union Budget. In addition to the buzz on telecom stocks on the back of news of a much awaited beginning of the consolidation process in the highly competitive industry, buying interest was seen in Pharma and Consumer stocks today. The near term bias continues to be positive, although the volatility could increase in the coming days,” says Gaurav Dua, Head - Research, Sharekhan Limited.
Indian indices -
Indian markets settled with marginal losses on Monday as investors resorted to profit booking ahead of Budget session which begins tomorrow with the Economic Survey and Union Budget to be presented by the Finance Minister Arun Jaitley on Wednesday. Investors also remained wary about US President Donald Trump’s protectionist policies and uncertainty over GAAR.
Mumbai-based telecom operator Idea Cellular continued their gaining streak for the seventh straight session and rallied over 25% after media reports suggested that rival Vodafone India is in merger talks with Idea Cellular.
In the day’s trade so far, the BSE Sensex touched intraday high of 27947.37 and intraday low of 27813.32, while the NSE Nifty touched intraday high of 8662.6 and intraday low of 8617.75.
Following are the stocks/sectors which were in news today:
Bharat Electronics rose 2.97% after its Q3FY2017 net profit rose 33.34% YoY to Rs373.54 crore on 30.9% YoY growth in total income to Rs2268.90 crore.
Just Dial gained 2.76% after its Q3FY2017 net profit rose 5.9% YoY to Rs27.44 crore on a 11.53% YoY rise in total income to Rs199.99 crore.
Tata Coffee lost 1.27% after its Q3FY2017 consolidated net profit fell 3.4% YoY to Rs41.01 crore on a 2.1% YoY growth in net sales to Rs390.66 crore.
Grasim Industries surged 4.46% after its Q3FY2017 consolidated net profit rose 14% YoY to Rs728 crore on a 0.95% YoY rise in revenue to Rs8601 crore.
Global signals -
US stock index futures showed that the Wall Street was poised for a lower opening on Tuesday.
Markets in Europe started the week on a negative footing, with investors focused on corporate earnings and digesting international concerns over US President Donald Trump's introduction of a travel ban on refugees coming from seven Muslim-majority countries.
Tokyo stocks fell on Monday, as a stronger yen weakened earnings outlooks for Japanese exporters, and as financial companies tumbled after data showed that the US economy grew at a slower-than-expected pace in the fourth quarter of 2016.
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