Markets Live: Sensex plummets 300 points; Tata Motors nosedives 5%

BL14_bmtet_mark+BL14_01_SENSEX_CRAS.jpg

Fears over global trade war coupled with political uncertainty in Italy weigh on domestic sentiment

3.50 pm

Closing bell

The Sensex ended lower by 300.16 points or 0.88 per cent at 33,746.78 and the Nifty closed down by 99.5 points or 0.95 per cent at 10,358.85 due to fears over global trade war amid political uncertainty in Italy.

BSE sectoral indices

NSE sectoral indices

Top gainers, losers

Click here to view the full table

3.30 pm

European markets

European shares inched up on Monday, held back by heavy losses among Italian stocks after a bigger-than-expected surge in support for anti-establishment parties in Sunday's election. Read more

Italy's FTSE MIB blue-chip index was down 1 per cent, also a six-month low.

 

3.15 pm

China growth target

China has set its GDP growth rate for 2018 at around 6.5 per cent, same as last year, as the world’s second largest economy aims to reduce risks to its financial system from a rapid build-up in debt. Read more

Chinese economy which is slowing down every year grew by 6.9 per cent last year.   -  Reuters

 

3 pm

Bullion prices

Gold prices drifted lower by ₹ 50 to ₹ 31,450 per 10 grams at the bullion market. However, silver advanced by ₹ 70 to ₹ 39,600 per kg. Read more

Gold prices drifted lower by ₹ 50 to ₹ 31,450 per 10 grams at the bullion market.

 

 

2.45 pm

Domestic indices were trading lower by nearly 1 per cent as Asian shares dropped on fears of a global trade war and political uncertainty in Italy.

Asian equities fell to near three-week lows, as US President Donald Trump had pledged on Thursday to impose hefty tariffs on steel and aluminium imports, raising prospects of a global trade war.

The BSE index was trading lower by 281.55 points or 0.83 per cent to 33,765.39 and the NSE index down 97.30 points or 0.93 per cent to 10,361.05.

 

BSE sectoral indices

NSE sectoral indices

 

 

2.30 pm

China stocks largely flat

China stocks were little changed on Monday, the first day of the country's annual meeting of parliament where few surprises are expected. Read more

China aims to expand its economy by around 6.5 per cent this year, the same as in 2017, while pressing ahead with its campaign to reduce risks in the financial system.   -  Reuters

 

2.15 pm

Nikkei hits lowest since Oct

Japan's Nikkei share average dropped to a level unseen since mid-October as fears that a global trade war could break out hurt steelmakers, automakers and shipping companies. Read more

Steel shares tumbled again, with Nippon Steel & Sumitomo Metal dropping 1.8 per cent, JFE Holdings falling 2.5 per cent and Kobe Steel sliding 1.5 per cent.   -  Reuters

 

 

2.05 pm

NBCC has received an order worth Rs 192 crore from Rural Electrification Corporation (REC) for construction and development of a township in Gurugram. Read more

nbcc

 

1.55 pm

ArcelorMittal appoints new president

ArcelorMittal has appointed Aditya Mittal as president of the company. Read more

Aditya Mittal, Group CFO and CEO of ArcelorMittal Europe, has been appointed as President, ArcelorMittal.

 

1.40 pm

Nifty futures

Traders can go short at current levels and on rallies at 10,355. Stop-loss can be placed at 10,370 for the target of 10,290.  Read more

 

 

1.30 pm

Domestic indices were trading lower by over 1 per cent as Asian shares dropped on fears of a global trade war and political uncertainty in Italy.

Asian equities fell to near three-week lows, as US President Donald Trump had pledged on Thursday to impose hefty tariffs on steel and aluminium imports, raising prospects of a global trade war.

The BSE index plunged 363.22 points or 1.07 per cent to 33,683.72 and the NSE index dropped 126.95 points or 1.21 per cent to 10,331.40.

BSE sectoral indices

NSE sectoral indices

Top gainers, losers

Click here to view the full table

Analysts said the weakness in Indian markets is temporary and a positive March-quarter corporate results would boost the sentiment.

“The market is absorbing the negative global reports since there was a three-day break,” said Krish Subramanyam, co-head and equity adviser at Altamount Capital. Domestic markets were closed on Friday on account of a public holiday.

“However, March-quarter results are expected to be positive and with the Bharatiya Janata Party (BJP) doing well in the northeast, optimism will return.”

 

1.15 pm

RBI to conduct additional repo operations

'The Reserve Bank of India will conduct additional variable rate repo operations for longer tenors up to 31 days every Tuesday this month for Rs 25,000 crore each to provide additional liquidity support to banks. Read more

 

1 pm

Aurobindo Pharma dips over 5%

Shares of Aurobindo Pharma slumped more than 5 per cent amid reports that the company has received observations from the US health regulator for one of its Hyderabad units. Read more

USFDA has issued Form 483 with 9 observations to Aurobindo Pharma’s unit 4 in Hyderabad, citing serious deficiencies in maintaining the manufacturing quality standards.

 

12.45 pm

Gitanjali Gems hits 52-week low

Shares of Gitanjali Gems cracked another 5 per cent in the morning trade after the CBI made four arrests in connection with the alleged Rs 12,636-crore fraud at Punjab National Bank. Read more

Shares of Gitanjali Gems slumped 5 per cent, to hit its 52-week low of Rs 19.30.

 

12.35 pm

RInfra issues arbitration notice

Anil Ambani-backed Reliance Infrastructure has issued an arbitration notice against Pipavav Defence & Engineering founder promoters Nikhil and Bhavesh Gandhi. Read more

In March 2015, Anil Ambani-led Reliance Infrastructure had announced the acquisition of a controlling stake in Pipavav Defence and Offshore Engineering for up to Rs 2,082.3 crore.

 

12.20 pm

Arvind to set up textile park in AP

‬‪Arvind Ltd has signed a memorandum of understanding with the Andhra Pradesh Economic Development Board to set up an integrated apparel and textile park in Chittoor. Read more

bl27_bmprp_arvi+ARVIND_2.jpg.jpg

 

 

12.05 pm

Services PMI falls to 7-month low

With deterioration in business conditions, the Nikkei India Services Business Activity Index fell to a seven-month low of 47.8 in February. Read more

 

11.45 am

Gold rises on trade war fears

Gold prices rose as the dollar remained subdued on fears of a global trade war, with uncertainty surrounding the outcome of elections in Italy. Spot gold was up 0.3 per cent at $1,326.41 per ounce at 0414 GMT. Read more

 

 

11.30 am

Domestic indices were trading down by over one per cent due to fears over a global trade war, with uncertainty surrounding the outcome of elections in Italy.

US President Donald Trump has announced plans to levy hefty tariffs on aluminium and steel imports igniting fears of retaliation from its trade partners triggering a trade war.

Italian voters had delivered a hung parliament on Sunday and if early projections are confirmed, none of Italy's three main groups will be able to rule alone and there is little prospect of a return to mainstream, moderate government, giving the European Union a new headache to deal with.

The 30-share BSE index Sensex was trading lower by 293.84 points or 0.86 per cent at 33,753.10 and the 50-share NSE index Nifty was down 105.50 points or 1.01 per cent at 10,352.85.

11.20 am

Oil climbs ahead of OPEC meet

Brent crude was up 44 cents, or 0.68 per cent, at $64.81 a barrel by 0135 GMT. US West Texas Intermediate crude rose 41 cents, or 0.67 per cent, to $61.66 per barrel. Read more

 

11.05 am

Euro holds breath on Italy polls

The euro clawed back earlier losses but remained prone to volatility as early counts in Italian elections pointed to stronger-than-expected results for euro-sceptic parties, with no major party blocs winning an outright majority. Read more

The euro traded at $1.2333, slightly above its late US levels, off its seven-week low of $1.21545, which it touched on Thursday.

 

10.50 am

Forex market

The rupee firmed 9 paise to 65.08 as the greenback came under pressure as US President Donald Trump’s comments raised concerns of a global trade war. Read more

The rupee firmed 9 paise to 65.08 against the dollar in the opening trade.   -  Getty Images/iStockphoto

 

10.35 am

Asian markets

MSCI's broadest index of Asia-Pacific shares outside Japan was a touch weaker, hovering near the lowest since mid-February. Read more

MSCI's broadest index of Asia-Pacific shares outside Japan was a touch weaker, hovering near the lowest since mid-February.

 

10.20 am

Amara Raja Batteries — losing charge

The stock has a significant long-term support in the ₹675-700 range. As long as the stock trades above this range, the long-term uptrend will remain in place and those with a long-term perspective can stay invested with a stop-loss at ₹675. Read more

 

10 am

Buy put on Ashok Leyland

The outlook for Ashok Leyland(₹140.7) remains positive in the medium term and short term. Even the long-term outlook will remain bullish, as long as the stock stays above ₹98.  Read more

 

 

9.45 am

The benchmark BSE Sensex plunged over 250 points in the morning trade due to fears over US President Donald Trump's talk of a trade war.

US President Donald Trump announced plans to levy hefty tariffs on aluminium and steel imports igniting fears of retaliation from its trade partners triggering a trade war.

The 30-share BSE index Sensex was trading lower by 257.85 points or 0.76 per cent at 33,789.09 and the 50-share NSE index Nifty down 95.7 points or 0.92 per cent at 10,362.65.

Metal index fell the most by 2.66 per cent, followed by oil & gas 1.41 per cent, auto 1.22 per cent and PSU 1.19 per cent. Top five Sensex losers were Tata Motors 2.7 per cent, YES Bank 2.21 per cent, Tat Steel 2.18 per cent, Bajaj Auto 1.7 per cent and Bharti Airtel 1.68 per cent, while the major gainers were TCS 0.79 per cent, Infosys 0.72 per cent, Adani Ports 0.32 per cent, Axis Bank 0.07 per cent.

Asian shares were on the backfoot and the safe-haven yen rose on Monday amid fears of a global trade war, while the euro was choppy as investors worried Italy's national elections could deliver an anti-establishment government.

9.35 am

SBI (₹262.5)

Short-term traders with high risk appetite can go short on rallies at ₹265 and ₹269. Read more

ITC (₹263.6)

The outlook for the stock will turn negative if it breaks below ₹257 decisively. Such a break will increase the likelihood of the stock falling towards ₹250 or even lower levels thereafter. Read more

Infosys (₹1,160.2)

A break below ₹1,143 can drag the stock lower towards ₹1,135 or even ₹1,130. The 21-day moving average and a trendline support at ₹1,130 can limit the downside in the near term. Read more

 

RIL (₹947.7)

The stock was up 1.5 per cent and has surged 5.5 per cent over the last three weeks. It tested the key resistance level of ₹960 last week and has come-off slightly from there. Read more

Tata Steel (₹675.3)

Strong support is in between ₹640 and ₹630, which can limit the downside. Further fall below ₹630 is less likely as fresh buying interest may emerge at lower levels. Read more

9.25 am

Index Outlook

For the coming week, the Sensex can move lower towards the base of its current sideways move at 33,500. Fresh shorts can be initiated on a breach of this level. Click here to read more

 

 

9.15 am

The 30-share BSE index Sensex opened down by 12.66 points at 34,046.94 against the previous close of 34,034.28 and the 50-share NSE index Nifty fell 30.05 points at 10,428.30 against Thursday's close of 10,458.35.

Published on March 05, 2018

Related

This article is closed for comments.
Please Email the Editor