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Sify Editors @ 3:40 PM
Sensex ends little changed; 10-year bond slips
Indian shares ended little changed on Thursday, as gains in IT companies such as Infosys Ltd helped offset declines in financial firms, while bonds fell after oil prices hit a two-year high.
The benchmark BSE Sensex closed up 0.08 percent at 33,588.08 while the broader NSE Nifty ended 0.06 percent higher at 10,348.75.
The benchmark 10-year bond fell, with the yield up 3 basis points to 6.99 percent from its close on Wednesday after earlier rising as much as 6 bps.
Sify Editors @ 1:30 PM
Life insurance cos fall on concerns of higher tax
Shares of India's life insurance companies fall 3-5.5 pct.
The falls come after the government constitutes a task force to draft new tax legislation, according to a statement on Wednesday from the Ministry of Finance.
Among measures, the task force will consider increasing the income tax paid by life insurers to 25 percent from current 14.3 pct, Kotak Institutional Equities says in a note.
SBI Life Insurance Co Ltd drops as much as 3.3 pct to 670 rupees, while HDFC Standard Life Insurance Co Ltd falls as much as 5.3 pct to 374 rupees.
Both companies post their biggest intraday pct loss since IPOs this year.
ICICI Prudential Life Insurance Co Ltd slides nearly 5 pct to 375.6 rupees, posting its biggest intraday pct loss since Sept 20.
Max Financial Services Ltd plunges as much as 4.1 pct to 561 rupees, lowest since Nov 17.
Sify Editors @ 1:00 PM
Sensex edges up; Bonds slip, IT stocks gain
Indian shares edged higher on Thursday, extending gains to a sixth straight session as IT firms advanced while bonds slid, sending the benchmark 10-year yield up as much as 6 basis points after oil prices hit a two-year high.
Analysts said the market was consolidating for want of fresh triggers, after the earnings season wound down, having hit record levels earlier this month.
Meanwhile, a rally in oil prices has continued to reduce expectations of rate cuts ahead of the central bank's policy meeting early next month.
"There aren't many domestic factors driving the markets. The inflow is mostly from domestic investors," said Sangeeth V, institutional relationship manager at Paterson Securities.
The broader NSE Nifty was up 0.12 percent at 10,354.45 as of 0703 GMT while the benchmark BSE Sensex traded 0.11 percent higher at 33,598.14
On chart, as per Fibonacci projection levels, the NSE index faces a strong resistance near 10,400, the 38.2 percent projection of the uptrend from Sep. 28 low of 9687.55 to Nov. 6 high of 10,490.45.
Meanwhile, the benchmark 10-year bond yield was up 5 bps to 7.01 percent from Wednesday's close after rising to as high as 7.02 percent.
Sify Editors @ 10:30 AM
Thomas Cook (India) jumps; to sell 5.4 pct stake in Quess Corp
Shares of Thomas Cook (India) Ltd rise as much as 6.4 pct to 244.5 rupees, their biggest intraday pct gain since Aug. 31.
Co gets board's approval to raise 6 bln rupees ($92.53 million) by selling 5.42 pct stake in its business services unit, Quess Corp Ltd , through an Offer for Sale.
Divestment would reduce co's stake in Quess Corp to 51.56 pct.
Dilution of stake would help reduce Thomas Cook India's long-term debt, Madhavan Menon, chairman & managing director, of Thomas Cook (India) said in a statement.
Quess Corp fell as much as 8.3 pct in early trade, its biggest intraday pct loss in over a year.
Sify Editors @ 9:30 AM
The Sensex open in higher
Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.
The Sensex of the BSE, which had closed at 33,561.55 points on Wednesday, opened higher at 33,575.91 points.
Minutes into trading, it was quoting at 33, 589.50 points, up by 27.95 points, or 0.08 per cent.
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,342.30 points, was quoting at 10,349.60 points, up by 7.30 points or 0.07 per cent.
Extending gains for the fifth consecutive session, the key Indian equity indices on Wednesday closed in the positive territory as positive Asian cues and higher auto stocks buoyed investors' sentiments.
However, profit booking in metals and healthcare sectors, along with an outflow of foreign funds, capped gains.
The Sensex was up by 83.20 points or 0.25 percent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 33,654.53 points and a low of 33,465.23 points. The Nifty too was up by 15.40 points or 0.15 per cent.