Sensex slumps 510 points, Nifty falls below 10,200

The Sensex slumped 509.54 points or 1.51 per cent to end at 33,176 on Friday. Similarly, the NSE Nifty too dived 165 points or 1.59 per cent to finish at 10,195.15.

Both indices posted their third straight weekly drop.

Selling in HDFC, HDFC Bank, ITC and Reliance  Industries took a toll on Sensex.

Sensex movers and shakers on Friday

Sensex 30 at close of trade on Friday

Intra-day, the Sensex shuttled between 33,119.92 and 33,691.32 as metal, oil & gas, PSU, power, auto and banking stocks recorded widespread losses.

All the sectoral indices ended in the red: Metal (-2.3%), oil and gas (-2.09%), energy (-1.97%), power (-1.69%), realty (-1.57%), auto (-1.66%), capital goods (-1.66%), finance (-1.32%), healthcare (-1.32%).

Today's fall is Sensex's biggest single day decline since February 6. Sentiment suffered a setback following fresh development on the political front after a key NDA ally, TDP, decided to quit the alliance and moved a no-confidence motion notice against the government, accelerating the selling pace by participants.

Other Asian markets were also in the negative zone as investors fret over the prospect of a global trade war, accelerating selling pressure on the domestic bourses.

The Centre today told the Supreme Court that there cannot be a “parallel inquiry” and “parallel monitoring” by the court in investigations while opposing a suggestion given by the apex court to the CBI to file in a sealed cover the status of the probe in the over Rs 11,000-crore Punjab National Bank fraud case. Read more

The BSE Sensex dropped over 450 points, led by a sell-off in energy, metal, oil & gas, utilities and FMCG stocks amid subdued Asian trend. Weakness in global markets on continued worries of trade tensions due to fears over US tariffs weighed on market sentiment. Back home, TDP's exit from the NDA government also spooked investors.

The 30-share index was trading at 33,221.83 at 3 pm, down 463.71 points, or 1.38 per cent.

The broader NSE Nifty slipped below the key 10,300-level to 10,211, down 149.15 points, or 1.44 per cent.

Major losers were Tata Motors, Adani Ports, NTPC, ONGC, ITC and Sun Pharma, falling up to 3.3 per cent.

Meanwhile, telecom and realty counters witnessed some buying interest.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 705.40 crore while domestic institutional investors (DIIs) bought shares worth Rs 256.45 crore yesterday, provisional data showed.

Nifty call: Use intra-day rallies to sell contract with stop-loss at 10,305 levels

Taking cues from the bearish Asian markets and bellwether indices, the Nifty as well as Sensex started the session in negative territory. The Nikkei 225 is down 0.6 per cent at 21,676 and the Hang Seng index has slipped 0.35 per cent to 31,429. Moreover, selling pressure is being witnessed in FMCG, metal and pharma stocks. Read more

Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said on Thursday. The IEA raised its forecast for oil demand this year to 99.3 million barrels per day (bpd) from 97.8 million bpd in 2017.

Read more

Dr. Reddy’s Laboratories Ltd has launched Levocetirizine Dihydrochloride tablets, an over-the-counter therapeutic equivalent generic version of Xyzal Allergy 24HR tablets, in the US market. Xyzal is a registered trademark of the UCB group of companies. Read more

In what is seen as a breather for depositors in the banking system, the Lok Sabha on Friday gave more time for the joint panel looking into the FRDI Bill to submit their report. The joint committee of Parliament can now submit its report up to the last day of the Monsoon Session 2018, according to the motion adopted by the Lok Sabha. Read more

With the Financial Resolution & Deposit Insurance Bill (FRDI Bill) indicating that depositors’ monies could be used for “bail-in” of failing banks, the Bill had created widespread fear, apprehension and panic.

Shares fell on Friday with financial and energy stocks taking the brunt as fears of a trade war due to the imposition of US tariffs preyed on investors' minds. Asian stocks slid as reports of more chaos in the Trump administration tested investors' nerves, already frayed by fears that US tariffs could hurt the global economy.

Back home, Telugu Desam Party’s formal exit from the Narendra Modi government also spooked investors.

At about 12.10 pm, the Sensex was down 273 points or 0.81 per cent at 33,412.76 while the NSE Nifty was down 0.82 per cent or 85.20 points at 10,274.95.

“It's (market downtrend) a continuation of the general trend, we're looking at a global overhang as well,” said Jayant Manglik, president, Religare Broking.

Meanwhile, India's trade deficit narrowed to $12 billion in February, its lowest in five months, amid concerns that a global trade war could hit exports due to U.S. President Donald Trump's decision to hike import taxes on steel and aluminium.

The Nifty Energy index fell for the third consecutive session, having lost nearly 2 per cent in the past two sessions.

Nifty Energy stocks at about 12.10 pm

Financial stocks continued their downtrend, with Housing Development Finance Corp Ltd and HDFC Bank Ltd leading the falls on the NSE index.

Nifty Financial Services index at about 12.10 pm

Religare Enterprises Ltd shares pared losses, having earlier shed nearly 5 per cent after Edelweiss Financial Services Ltd terminated its deal to buy Religare's securities business for want of necessary approvals. Edelweiss shares gained marginally.

Mahindra and Mahindra Ltd was the top percentage gainer, rising as much as 2.3 per cent after Jefferies upgraded the stock to 'buy'.

KPR Mill buyback

The buyback offer of KPR Mill will open on Friday and end on April 2. The company plans to buy back up to 13.35 lakh shares at ₹810 a share. The company had fixed March 7 as the record date to identify eligible shareholders to participate in the buyback. Certain members of the promoter group have expressed their intention to participate in the buyback offer, which would be on proportionate basis through the tender offer route. 

KPR Mill shares were down 0.34 per cent or Rs 2.30 at Rs 677.40 on the BSE.

Gold and silver futures weaken

The yellow metal for delivery in far-month June shed Rs 40, or 0.13 per cent, to Rs 30,457 per 10 grams in 2 lots.  For more click here

Silver for delivery in May was trading lower by Rs 52, or 0.13 per cent, to Rs 38,535 per kg in 209 lots. Click to read more

Buy gold if it dips to $1,305/ounce

Comex gold futures steadied on Thursday near the one-week high hit the previous session, supported by the tension between Britain and Russia, while a modest bounce in the dollar capped gains. Read full commentary here

Gold policy soon

The Centre is set to announce a new gold policy by end of this month or first half of April to institutionalise and bring in more transparency in the trade. It also is in the process of setting up policy frame work for launching spot gold exchange and a Gold Board that would eventually be considered to regulate the spot exchange. Read more

The Gold Board will have representatives from the RBI, SEBI, Ministry of Finance, Ministry of Commerce, Directorate General of Foreign Trade and members from the industry.

Numetal ready to do whatever it takes to win Essar Steel

Numetal, the SPV floated by private equity arm of Russian lender VTB Bank and Rewant Ruia, a Ruia family member, has claimed that its bid for Essar Steel has “solid legal backing” and if need be, “the other shareholders will buy out Rewant’s” 25 per cent stake in the company. Read more

Order boost for L&T

Larsen & Toubro shares were trading 0.38 per cent or ₹4.95 higher at ₹1,300. The company, on Tuesday, said it has won contracts worth ₹1,600 crore across various segments. L&T Hydrocarbon Engineering, its wholly-owned subsidiary, has secured a lump sum turnkey contract from a leading Indian client for the design, supply and construction of a large LNG tank facility in the east coast of India, the company said. The business also secured additional work from existing projects under execution in Saudi Arabia and Kuwait, the release added.

At about 10.30 am, the rupee was trading 4 paise higher at 64.89 against the US dollar today at the forex market.

In early trade, the rupee had depreciated to 64.95 on increased demand for the US currency from importers and foreign fund outflows. Read more

Japan's Nikkei share average slipped on Friday morning in choppy trade as uncertainty over US political issues sapped investors' risk appetite, with index-heavy stocks such as Fanuc and TDK underperforming. The Nikkei fell 0.3 per cent to 21,737.95 in midmorning trade after opening up slightly higher. For the week, the benchmark index has gained 1.3 per cent. Read more

The Nikkei fell 0.3 percent to 21,737.95 in midmorning trade. File Photo

The benchmark BSE Sensex fell 193 points in morning trade on Friday amid weak Asian cues and selling on oil & gas, metals, power, PSU and IT counters.

At about 10.20 am, the Sensex was trading lower by 193.39 points or 0.57 per cent at 33,492.15.  The gauge had lost 232.40 points in the previous three straight sessions.

Brokers said persistent selling by investors, capital outflows by foreign funds and a weak trend in Asian bourses due to increased concerns over the prospect of a global trade war dampened market sentiment.

The 50-share Nifty also fell 54.30 points, or 0.52 per cent, to 10,305.85.  On the Nifty, 32 stocks declined against 18 that advanced.

Tata Motors (-1.67%), ONGC (-1.38%), Kotak Bank (-1.33%), NTPC (-1.32%), Asian Paints (-1.24%) and Reliance (-1.13%) were the top five Sensex losers .

Shares of Gitanjali Gems continued to be under selling pressure, falling 4.63 per cent to Rs 12.35.

Gainers on the Sensex included M&M (1.75%), Yes Bank (0.99%), Dr Reddy's (0.47%), Axis Bank (0.29%), and HUL (0.17%).

Hong Kong’s Hang Seng was down 0.24 per cent and Shanghai Composite shed 0.11 per cent in early trade today. Japan’s Nikkei too down 0.24 per cent. The US Dow Jones Industrial Average, however, ended 0.47 per cent higher yesterday. 

Race for Essar SteeL: Numetal, the SPV floated by private equity arm of Russian lender VTB Bank and Rewant Ruia, a Ruia family member, has claimed that its bid for Essar Steel has “solid legal backing” and if need be, “the other shareholders will buy out Rewant’s” 25 per cent stake in the company. Read more

Edelweiss Financial Services Ltd said on Friday its acquisition of Religare Enterprises Ltd's securities business had been terminated for want of necessary approvals. “Due to the seller's inability to obtain the requisite clearances within the agreed timeline, the binding agreement has come to an end on March 15, 2018”, the company said in a statement. Read more

 Trade deficit up 26% during February

Ringing the alarm bells at the increasing deficit and weakened Indian currency, EEPC India said that the decline of close to 2 per cent in dollar terms and near 6 per cent in rupee terms in engineering exports even as the pace of overall exports has slowed down in February 2018 is distressing.  Read more

Asian stocks slid on Friday as reports of more chaos in the Trump administration tested investors' nerves, already frayed by fears that U.S. tariffs could hurt the global economy and trigger a trade war.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trade. Japan's Nikkei was down 0.3 percent.

Just In: TDP decides to quit NDA, decision taken unanimously by party politburo: statement Read more

Sensex opened flat on Friday. At about 9.20 am, the Sensex slipped 174 points or 0.51 per cent to 33,512.15. Similarly, the NSE Nifty was down 41.50 points or 0.41 per cent at 10,318.65.

Sensex 30 at 9.25 am

Selling in Reliance, HDFC, Kotak Bank and ICICI Bank dragged the Sensex down. Gains in Coal India, however, provided support.

Sensex movers at 9.20 am

Today's Pick : Natco Pharma (₹786.8)

Investors with a short-term perspective can consider buying the stock of Natco Pharma at current levels.  Read more

Day Trading Guide for March 16 gives s upports and resistances for Nifty 50 futures and seven key stocks

Click here for the daily call on ITC, ONGC, RIL, SBI and TCS

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