Mumbai: BSE Sensex rose on Monday, snapping a 5-day losing run, as some of the losses were seen as overdone and weak US inflation data dampened prospects of a rate hike this year, lifting sentiment across global markets. Banks were among the top gainers, with the Nifty Bank index up 0.74%, after losing 3.4% last week. HDFC and HDFC Bank advanced 2.6% and 1.1%, respectively, and were among the leading gainers. Meanwhile, Asian stocks bounced back after three losing sessions, although broader sentiment was tempered by continued tensions between the United States and North Korea. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7%.

“The strength and recovery in global markets did lend some support to our indices,” said Pritesh Mehta, head of technical research, IIFL Wealth. “But thereafter, the reason has been the strength in Bank Nifty, HDFC, and exhaustion of selling pressure in the markets.” The benchmark BSE Sensex rose after falling nearly 3.5% last week. Real estate developer DLF Ltd surged as much as 13.7% after saying on Saturday it was in the final stages of talks for a transaction involving its rental unit arm.

DLF had previously said it was in talks with Singapore sovereign wealth fund GIC to sell a 40% stake in its property rental unit. Meanwhile, Sun Pharma and Bharat Petroleum Corp Ltd (BPCL) fell, after posting disappointing June-quarter results on Friday. Markets will be closed on Tuesday on account of a public holiday.

■ 2.05pm: BSE Sensex trades higher by 279 points, or 0.90%, to 31,493, while the Nifty 50 rises 95 points, or 0.98%, to 9,806.

■ 1.10pm: India’s wholesale price inflation (WPI) rate picked up in July after easing for four straight months, with food prices back on the rise. The wholesale price index rose 1.88% in July from a year earlier, compared with an increase of 0.63% in July 2016, government data showed on Monday.

■ 12.50pm : BSE Sensex trades higher by 252 points, or 0.81%, to 31,465, while the Nifty 50 rises 87 points, or 0.89%, to 9,798.

■ 12.02pm: BSE Sensex trades higher by 276 points, or 0.88%, to 31,490, while the Nifty 50 rises 94 points, or 0.97%, to 9,805.

■ 11.40am: Tasty Bite Eatables Ltd jump 7% after ET Now reported that a global confectionery brand is the front runner for a stake in the company.

■ 11.00am: Tata Steel Ltd rose 2.7% to Rs612.25 after it and the trustee of the British Steel Pension Scheme have agreed to terms to separate the plan from the Indian steelmaker’s UK unit, eliminating the last hurdle for it to proceed with a strategy to place European operations into a joint venture.The Mumbai-based company has signed the regulated apportionment arrangement with the pension trustee and the terms are expected to take effect in a month’s time, the trustee said in a statement Friday.

■ 10.20am: Mercator Ltd rose 5% to Rs 38.55 after Mint reported the company is planning to carve out its dredging operations into a separate unit and plans to raise as much as $200 million from financial and strategic investors for that business

■ 10.10am: Gitanjali Gems Ltd rose 6.2% to Rs59.45 after the company reported 21% increase in its June quarter net profit to Rs 69.22 crore from a year ago.

■ 10.08am: Avanti Feeds Ltd rose 16% to Rs1,905 after the company reported over 200% jump in its net profit to Rs148.70 crore against Rs48.96 crore a year ago.

■ 10.05am: State Bank of India (SBI) fell 1% to Rs277.75. The bank reported a lower-than-expected quarterly net profit to Rs2,005.53 crore, down 20% from a year ago on Friday after setting aside more money to cover the risk of defaults on ballooning bad loans.

■ 10.00am: Adani Ports rose 3.5% to Rs397.50. The company on Saturday saw a 13.65% fall in net profit at Rs710.25 crore for the first quarter ended June on account of higher tax against Rs822.57 crore a year ago.

■ 9.58am: Cipla Ltd rose 3.6% to Rs562.05 after the company on Friday reported a 23.63% rise in consolidated net profit to Rs424.92 crore for the first quarter ended 30 June against Rs343.70 crore a year ago.

■ 9.55am: Dr Reddy’s Laboratories Ltd fell 1.2% to Rs1,987 after US based law firms have threatened a class action suit against the company on charges of non-disclosure of quality related lapses at Indian facilities, reports CNBC-TV.

■ 9.50am: Reliance Communications Ltd fell 1.5% to Rs20.45 after the company posted its third straight quarterly loss on Saturday as its heavy debt load and a price war triggered by an upstart rival continued to weigh on sales and profit. It reported a net loss of Rs1,221 crore for its fiscal first quarter ended June, against a profit of Rs54 crore a year earlier. Revenue from operations fell 33.6% year-on-year to Rs3,494 crore, while finance costs rose to Rs998 crore.

■ 9.45am: IDBI Bank Ltd fell 2% to Rs 51.60 ahead of its June quarter earnings.

■ 9.40am: Bharat Petroleum Corp Ltd fell 3% to Rs469.80 after the company on Friday reported a 72% plunge in first-quarter profit, missing analysts’ estimates.The company’s profit fell to Rs745 crore for the quarter ended 30 June 2017, from Rs2,621 crore in the year-ago period.

■ 9.33am: BSE Sensex trades higher by 193 points, or 0.62%, to 31,406, while the Nifty 50 rises 64 points, or 0.66%, to 9,775.

■ 9.25am: Sun Pharmaceuticals Industries Ltd fell 2.5% to Rs439.80 after the company posted its first quarterly loss in at least 12 years after settling an anti-trust case in the US amid a global downturn in the generic-drug business. It posted a total loss of Rs425 crore ($66.3 million) in the three months ended 30 June, the Mumbai-based company said in a filing on Friday.

■ 9.20am: CG Power and Industrial Solutions Ltd rose 8% to Rs81. The company reported a net loss of Rs85.98 crore against Rs10.43 crore a year ago.

■ 9.18am: Parsvnath Developers Ltd fell 10%, Pincon Spirit Ltd 20%, Prakash Industries Ltd 12%, J Kumar Infraprojects Ltd 20%. Securities appellate tribunal (SAT) stayed a 7 August Securities and Exchange Board of India (Sebi) directive labelling them shell companies.

■ 9.15am: The rupee was trading at 63.96 a dollar, up 0.27% from its Friday’s close of 64.14.

■ 9.10am: The 10-year bond yield was at 6.497%, compared to its previous close of 6.507%. Bond yields and prices move in opposite directions.

■ 9.05am: DLF Ltd rise 7% to Rs166.10. The company on Saturday posted a 58% fall in consolidated net profit to Rs109.01 crore for the June quarter, while promoters are in advance stage of discussion to sell stake in its rental arm in a deal pegged at around Rs13,000 crore.

■ 9.03am: Suzlon Energy Ltd rose 9% to Rs 16.55 after the company posted a profit of Rs 47.84 crore in the June quarter on the back of higher income against net loss of Rs 263.40 crore a year ago.

■ 9.00am: Asian currencies were trading higher. South Korean won was up 0.48%, Taiwan dollar 0.14%, Indonesian rupiah 0.13%, Malaysian ringgit 0.09%, Singapore dollar 0.08% and China renminbi 0.08%. However, Japanese yen was down 0.16% and Thai baht 0.05%.

Source:livemint.com