Markets Live: Sensex ends down by 44 points; Tata Steel slumps nearly 4%

Metal stocks plunge as Trump slaps heavy import tariffs on steel, aluminium

3.35 pm

Closing bell

The Sensex ended lower by 44.43 points or 0.13 per cent at 33,307.14 and the Nifty down by 15.8 points or 0.15 per cent at 10,226.85 as investors stayed on the sidelines due to lack of clarity on the US tariff on steel and aluminium imports.

Both indexes shed 2.2 per cent this week, in their second straight weekly fall.

State-run banks were among the biggest laggards with Union Bank of India Ltd closing 2.9 per cent lower after Reuters reported that the bank has $45 million direct exposure to firms owned by jeweller Nirav Modi, and Gitanjali group of companies.

BSE sectoral indices

 

 

3.20 pm

Downtrend intensifies in MCX lead

Lead futures contract on the Multi Commodity Exchange is under pressure. The contract has tumbled about 6 per cent in the past week from ₹164 per kg to the current levels of ₹154. Read more

 

3.05 pm

Bullion prices

Gold prices fell Rs 100 to Rs 31,350 per 10 grams at the bullion market today in tandem with a weak global trend amid sluggish demand from local jewellers. Silver also drifted down by Rs 115 to Rs 39,385 per kg due to reduced offtake by industrial units and coin makers. Read more

Globally, gold fell 0.27 per cent to $1,318 an ounce and silver by 0.21 per cent to $16.43 an ounce in Singapore.

 

 

2.50 pm

The Sensex and Nifty turned flat due to heavy selling in metal, infrastructure, power and banking stocks amid firm global cues. However, TECk, IT, capital goods and FMCG stocks remained investors' favourite.

The Sensex was trading up by 12.94 points or 0.04 per cent at 33,364.51 and the Nifty up 10.35 points or 0.1 per cent at 10,253. Metal stocks plunged as US President Donald Trump has set import tariffs of 25 per cent on steel and 10 per cent on aluminium, but exempted Canada and Mexico and offered the possibility of excluding other allies.

Nifty gainers, losers

 

 

2.40 pm

Edelweiss Tokio Wealth Plus

Unit Linked Investment Plans are also an option if you want to secure the future of your daughter against exigencies and save some money for her future. Our pick in this category is ‘Edelweiss Tokio Wealth Plus.’ The plan offers policy holders a life cover and a return on investment through equity and fixed income instruments. Read more

 

 

2.25 pm

Sovereign gold bonds

There is a smarter way to buy gold. Sovereign gold bonds, issued by the Government, are a proxy to investing in physical gold. These can be purchased from banks, the Stock Holding Corporation of India, designated post offices and the National Stock Exchange of India and the Bombay Stock Exchange when the issue is open. Read more

 

2.10 pm

UltraTech offers Rs 700 cr more for Binani

UltraTech Cement has agreed to increase its bid for Binani Cement’s stressed assets by ₹700 crore to a total of ₹7,250 crore. Read more

 

1.55 pm

Dilip Buildcon bags new order

Dilip Buildcon has bagged a road project worth Rs 770.04 crore in Uttar Pradesh from NHAI. Read more

 

1.40 pm

Domestic indices were trading higher by nearly 0.5 per cent as global sentiment improved after US President Donald Trump agreed to meet North Korean leader Kim Jong Un.

The Sensex was up 139.97 points or 0.42 per cent at 33,491.54 and the Nifty up 45.35 points or 0.44 per cent at 10,288.

 

TECk, IT, realty, consumer durables stocks found investors' support, while metal, power, banking and PSU stocks succumbed to selling pressure.

 

Steel stocks plunged as US President Donald Trump has set import tariffs of 25 per cent on steel and 10 per cent on aluminium, but exempted Canada and Mexico and offered the possibility of excluding other allies.

1.25 pm

Retail inflation

India's retail inflation likely eased to a four–month low in February on softening prices for vegetable and other perishable foods, but probably stayed above the Reserve Bank of India’s target, according to a Reuters poll. Read more

retail-inflation

 

1.10 pm

Nifty futures

Market breadth of the Nifty index is biased towards advances. The near-term outlook for the contract remains positive as long as it trades above the key immediate support level of 10,250. Read more

 

The near-term outlook for the contract remains positive as long as it trades above the key immediate support level of 10,250.

 

12.45 pm

Heavy tariffs on steel, aluminium imports

US President Donald Trump has imposed heavy tariffs on imported steel and aluminium which he said were necessary to boost the US industry suffering from “unfair” business practices, a move that has sparked fears of a global trade war. Read more

US President Donald Trump signs a presidential proclamation placing tariffs on aluminum imports and steel imports while surrounded by workers from the steel and aluminum industries at the White House in Washington, US, on March 8, 2018   -  REUTERS

 

12.30 pm

Algo case

The consent applications of 12 NSE officials show-caused by SEBI in the algo-related case of unfair access have been returned by the regulator pending investigations. Read more

 

12.15 pm

First US-North Korea summit

US President Donald Trump is ready to meet North Korean leader Kim Jong Un for the first US-North Korea summit, marking a potentially dramatic breakthrough in nuclear tensions with Pyongyang. Read more

US President Donald Trump.   -  Reuters

 

 

12 noon

At 11.55 am, the Sensex was trading up by 79.72 points or 0.24 per cent at 33,431.29 and the Nifty up 27.65 points or 0.27 per cent at 10,270.30. Traders said sentiment remained upbeat on increased buying by domestic institutional investors and a firm trend in other Asian markets.

Among BSE sectoral indices, TECk, IT, consumer durables and healthcare remained investors' favourite. On the other hand, metal, banking, PSU and power indices succumbed to selling pressure.

 

Top five Sensex gainers were HDFC, TCS, M&M, Hero MotoCorp and Bharti Airtel, while the major losers were Tata Steel, SBI, Adani Ports, YES Bank and NTPC.

Domestic shares tracked broader Asia which rallied on news of the first US-North Korea summit after Kim Jong Un offered to stop nuclear and missile testing.

However, analysts feel that domestic markets have largely discounted global cues, but added that the uncertainty around the tariff on steel and aluminium imports proposed by Trump could have a short-term impact on steel companies.

“I would definitely avoid steel stocks at the moment because of global uncertainties but also the valuations are too high,” said Rudramurthy, managing director at Vachana Investments.

Steel Authority of India Ltd and Tata Steel Ltd were down 4.4 per cent and 1.7 per cent, respectively.

Trump had on Thursday set import tariffs of 25 per cent on steel and 10 per cent on aluminium, but exempted Canada and Mexico and offered the possibility of excluding other allies.

“I would bet on IT stocks, especially mid-caps, because valuations are low and strong earnings are expected,” Rudramurthy added.

The Nifty IT index was up 0.6 per cent with Tech Mahindra trading 1.6 per cent higher. Tata Consultancy Services Ltd was up 0.8 per cent. - Agencies

11.40 am

Analysts turn positive on financialisation theme

Demonetisation gave birth to a new term/theme in 2017: financialisation. Demonetisation was followed by a string of IPOs in 2017 from companies benefiting from the structural change in the investment pattern of Indian citizens. Read more

istock.com/hanibaram   -  hanibaram

 

11.25 am

Gitanjali Gems hits fresh 52-week low

Shares of Gitanjali Gems declined by another 5 per cent after the CBI sent fresh summonses to billionaire jeweller Nirav Modi and his uncle Mehul Choksi. Read more

 

The Gitanjali Group office at MIDC Andheri in Mumbai (File photo)   -  Prashant Waydande

 

11.10 am

HG Infra listing

HG Infra Engineering made a muted debut on the bourses, with its shares listing at Rs 270 -- the same as the issue price. Read more

HG Infra Engineering raised Rs 462 crore through its initial public offer.

 

 

11 am

GTL Infra hits lower circuit

GTL Infrastructure hit lower circuit on Aircel's insolvency worries. The company shares slumped as much as 19.23 per cent to Rs 3.15. Read more

 

 

10.50 am

Rupee rebounds to 65.10

The rupee strengthened by 4 paise to 65.10 on mild dollar selling by exporters and banks. A firm trend at the domestic equity market also boosted the rupee sentiment. Read more

The rupee strengthened by 4 paise to 65.10 per dollar on mild dollar selling by exporters and banks.

 

 

10.40 am

Nikkei hits over 1-week high

Japanese stocks rose to a more than one-week high, tracking broader gains across Asian equities. Read more

The Nikkei rose as much as 2.4 per cent to 21,884.45 in midmorning trade.

 

 

10.30 am

Asian markets

Asian shares rallied after North Korean leader Kim Jong Un offered to stop nuclear and missile testing and US President Donald Trump agreed to a meeting that could come before May. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while Australia firmed 0.5 per cent. Read more

 

bl18_up arrow.jpg

 

10.20 am

At 10.15 am, the Sensex was trading up by 115.69 points or 0.35 per cent at 33,467.26 and the Nifty up 39.2 points or 0.38 per cent at 10,281.85. Traders said sentiment remained upbeat on increased buying by domestic institutional investors and a firm trend in other Asian markets.

 

Asian shares rallied and the safe-haven yen eased after North Korean leader Kim Jong Un offered to stop nuclear and missile testing and US President Donald Trump agreed to a meeting that could come before May.

The three major US stock indexes had closed higher on Thursday after President Donald Trump appeared to soften his stance on trade tariffs, easing trade war fears that had had the market on edge for a week.

Domestic institutional investors had bought shares worth Rs 675.26 crore, while foreign portfolio investors sold shares worth a net Rs 364.80 crore yesterday, provisional data showed. - Agencies

10.10 am

Top NSE gainers

 

Click here to view the full table

10.05 am

Top BSE gainers

 

Click here to view the full list

 

10 am

Nifty50

 

 

9.55 am

Day Trading Guide

 

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1851 • HDFC Bank

S1

S2

R1

R2

COMMENT

1840

1830

1860

1870

Fresh long positions are recommended with a stiff stop-loss only if the stock advances above ₹1860 levels

Click here to read more

 

9.50 am

Today's stock pick

Redington India (₹138.2)

Investors with a short-term horizon and contrarian view can buy the stock of Redington India at current levels. Read more

 

 

9.40 am

Bandhan Bank IPO

Bandhan Bank will launch a Rs 4,473-crore IPO on March 15. The issue closes on March 19. Read more

Big leap Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank, along with Uday Kotak, Executive Vice-Chairman and MD, Kotak Mahindra Bank, and Shikha Sharma, MD &CEO, Axis Bank, at a press conference to announce Bandhan Bank’s IPO in Mumbai on Thursday. - PAUL NORONHA

 

9.30 am

BSE gainers, losers

 

9.25 am

Top 10 Nifty losers

 

9.20 am

Top 10 Nifty gainers

 

9.15 am

The S&P BSE Sensex opened higher by 113.48 points at 33,465.05 against Thursday's close of 33,351.57 and the Nifty gained 28.65 points at 10,271.30 against 10,242.65.

9.05 am

US stocks

The three major US stock indexes had closed higher on Thursday after President Donald Trump appeared to soften his stance on trade tariffs. Read more

The Dow Jones Industrial Average rose 93.85 points, or 0.38 per cent, to close at 24,895.21, the S&P 500 gained 12.17 points, or 0.45 per cent, to 2,738.97 and the Nasdaq Composite added 31.30 points, or 0.42 per cent, to 7,427.95.   -  Reuters

 

Published on March 09, 2018