Sensex closes 222 points lower on profit booking

4.00 pm - Closing bell

Snapping its eight-day winning streak, the BSE benchmark Sensex declined by over 222 points Friday to end at 38,164.61 as investors booked profits after Fitch Ratings cut India’s growth forecast.

The 30-share index opened on a positive note at 38,452.47, but soon succumbed to heavy selling pressure, touching an intra-day low of 38,089.36. It finally closed at 38,164.61, down by 222.14 points, or 0.58 per cent.

On similar lines, the NSE Nifty shed 64.15 points, or 0.56 per cent, to finish at 11,456.90.

Fitch Ratings Friday cut India’s GDP growth forecast for the next fiscal to 6.8 per cent from 7 per cent estimated earlier on weaker than expected economic momentum.

Tata Motors was the biggest loser in the Sensex pack, tumbling 2.47 per cent, followed by Reliance Industries (2.44 per cent), Maruti (1.84 per cent), SBI (1.76 per cent) and Bajaj Finance (1.23 per cent).

NTPC emerged as the biggest gainer in the index, spurting 3.67 per cent.

3.40 pm - GVK Group to acquire more stake in Mumbai airport

Currenly, the GVK Group hold 50.5 per cent stake in MIAL. File Photo

GVK Power & Infrastructure on Friday said its step-down subsidiary GVK Airport Holdings will acquire 12 per cent shares of Mumbai International Airport (MIAL) for Rs 924 crore from ACSA Global. At 3.05 pm, the stock of GVK Power & Infrastructure was trading at Rs 7.30, higher by 3.69 per cent. Read more on GVK Group's acquisition of stake in Mumbai International Airport

3.25 pm - SpiceJet in talks with lessors

SpiceJet Ltd said it was in talks will lessors globally to induct aircraft, in an effort to fill a gap after the grounding of its MAX fleet. The airline was forced to ground its 12 Boeing Co 737 MAX 8 planes. The stock of SpiceJet was trading at Rs 98.90, higher by 7.91 per cent.

3.10 pm - Sensex drops 271 points

The 30-share BSE index Sensex dropped 271.07 points or 0.71 per cent and trades at 38,115.68. The stocks of Reliance, HDFC Bank, Kotak Mahindra Bank, TCS and SBI dragged the index down. The scrips of L&T, NTPC, Infosys, Asian Paints and Tata Steel cushioned the BSE index.

Sectorally, the stocks of Energy were the biggest loser, trading lower by 2.71 per cent. The scrips of telecom, auto and oil & gas were trading lower by over 1.2 per cent.

The NSE index Nifty was trading at 11,437.30, lower by 83.75 points or 0.73 per cent. The major losers were Hindustan Petroleum, Infratel, Tata Motors, Reliance and BPCL, while the positive pack consisted of the stocks of NTPC, L&T, JSW Steel, Tata Steel and Asian Paints

2.55 pm - Alto best selling passenger vehicle

Maruti Suzuki India’s entry level small car, Alto, was the best selling passenger vehicle (PV) model in February, clocking 24,751 units as the company swept the top six spots. Alto overtook MSI’s compact sedan, Dzire, which was the best selling model in the same month last year. Read more on the top 10 best selling passenger vehicles here

2.40 pm - Commodity conclave

BusinessLine , in association with India’s leading commodity bourse, Multi Commodity Exchange of India (MCX), is organising Commodity Conclave 2019 on March 25 in Bengaluru. Leaders from the auto-components and metals industry will discuss the benefits of hedging through commodity exchanges. For more details on the conclave, click the link below

2.25 pm - Gold prices steady

Gold up 0.6 per cent so far this week.

Gold was steady below a three-week peak hit the day before, pressured by rising stock markets but remaining on track for a third straight weekly gain after the US Federal Reserve said there would be no further interest rate hikes this year. Spot gold was steady at $1,309.25 per ounce as of 0403 GMT, while US gold futures gained 0.1 per cent to $1,309 an ounce. More on the gold and precious metals prices and bullion market here

2.10 pm - Sensex falls 198 points

The 30-share BSE index Sensex was trading lower by 198.65 points or 0.52 per cent at 38,188.10.

The major losers dragging the index down were the scrips of Reliance, HDFC Bank, TCS, Maruti and Kotak Mahindra Bank. However, the positive pack was led by L&T, followed by NTPC, Axis Bank, Infosys and Tata Steel.

Sectorally, barring realty sector stocks, all the indices were trading in the negative zone. The top loser was the energy stocks, trading lower by 1.60 per cent.

The broder NSE index Nifty was trading at 11,475.60, lower by 45.45 points or 0.39 per cent. Top losers were Hindustan Petroleum, Infratel, BPCL, Maruti and Reliance Industries while the gainers were NTPC, JSW Steel, L&T, Tata Steel and IBUL Housing Finance.

1.55 pm - L&T CEO tries dinner diplomacy to convince Mindtree founder

In a bid to assuage concerns over L&T’s bid to take over Mindtree, SN Subrahmanyan, MD and CEO of the engineering conglomerate, has invited Krishnakumar Natarajan, the IT service firm’s co-founder and Executive Chairman, to dinner. In what is billed as Corporate India’s first hostile takeover bid in the IT sector, L&T on Monday said it has entered into a definitive share purchase agreement with VG Siddhartha and his related entities, Coffee Day Trading Ltd and Coffee Day Enterprises Ltd, to acquire a 20.32 per cent stake in Mindtree.

The stock of L&T is currently trading at Rs 1,394.20, higher by 1.56 per cent

1.40 pm - SpiceJet rises

Shares of low-cost carrier SpiceJet Ltd surged as much as 14.2 per cent to highest since July 30. Domestic airlines' passenger traffic rose 5.62 per cent in February from January, data the Directorate General of Civil Aviation showed. In recent months, industry capacity growth has slowed down significantly, driven by temporary problems with Pratt & Whitney, shortage of pilots, grounding of Boeing 737 Max and liquidity problem at Jet Airways. Click here to read more on the stock activity of SpiceJet and other aviation stocks

1.20 pm - Nifty Call

The Nifty 50 futures contract has come-off sharply after making an intraday high of 11,595.75. The near-term outlook is negative, and the index futures looks vulnerable for a corrective fall. Traders can go short at current levels and also on rallies at 11,525. Read our Nifty Call for March Futures here

1.05 pm - Zee Entertainment hits over 1-month low

A representational image

Shares of Zee Entertainment Enterprises Ltd fall as much as 2.64 per cent to Rs 431.5, their lowest since February 18. The stock was down about 7 per cent this year as of last close, while the broader NSE Index is up 6 per cent in the same period. Read more on the stock activity of Zee Entertainment here

At 1 pm the stock of Zee Entertainment was trading higher by 0.258 per cent at Rs 444.50 in BSE and 0.30 per cent higher at Rs 444.55 in NSE

12.50 pm - Shares edge lower

The shares edged lower as investors sold to benefit from recent gains, with losses in energy stocks outweighing gains in index heavyweights such as Larsen and Toubro.

“Indian equities have posted one of the sharpest gains recently, and today is a case of the markets taking a breather, especially with it being a holiday-shortened week,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management. “Markets have discounted a fair amount of positives in the short term, and any further rally is likely to be driven by fundamentals and positive news flows.”

Markets witnessed a pre-election rally in the last few sessions, fuelled by optimism that the current coalition government led by Prime Minister Narendra Modi would return to power.

The broader NSE index fell 24.75 points or 0.21 per cent to 11,496.30 as of 12.45 pm. The benchmark BSE index too lost 90.56 points or 0.24 per cent to 38,296.73.

The NSE index has risen 6.75 per cent while the BSE index climbed 7.02 per cent this month until Wednesday's close. Both indexes were poised to register a fifth week of gains.

Shares of Larsen & Toubro Ltd rose as much 3.2 per cent, their highest since January 3, while NTPC Ltd added as much as 3.3 per cent. Shares of low-cost carrier SpiceJet Ltd jumped as much as 14.2 per cent on upbeat February passenger data.

Energy stocks traded lower, with the Nifty Energy index losing as much as 0.8 per cent. Oil prices hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.

Coal India Ltd and Hindustan Petroleum Corp fell as much as 2.9 per cent percent and 2.8 per cent, respectively. - Reuters

12.35 pm - India one of world’s fastest growing large economies

The IMF in its January World Economy Outlook update said India would remain the fastest growing major economies of the world

India has been one of the fastest growing large economies in the world, the International Monetary Fund (IMF) has said, asserting that the country has carried out several key reforms in the last five years, but more needs to be done. Click here to read on IMF's take on Indian economy and its growth

12.20 pm - Broker's call

Centrum Broking

Gabriel India (Buy)

CMP: ₹144.75

Target: ₹170

The company’s after market revenues have grown at a CAGR of 11 per cent over the last five years and currently account for 13 per cent of the top-line (FY18). The company is expecting a healthy double-digit growth in the after market space and is aiming to increase after market revenues from the current level of 13 per cent to 15 per cent over the next two years. Read the Broker's call on Gabriel India

12.05 pm - Sensex slips by 113 points

The 30-share BSE index Sensex slipped 113.86 points or 0.30 per cent to 38,272.89. The stocks of Reliance, HDFC Bank, TCS, ICICI Bank and Maruti dragged the index down. The top gainer was L&T, followed by NTPC, Axis Bank, YES Bank and Tata Steel.

Among the sectoral indices, the scrips of capital goods and power were in the positive zone, trading higher by over 1.1 per cent.

The broader index Nifty was trading lower by 28.05 points or 0.24 per cent at 11,493. The top gainers were NTPC, L&T, JSW Steel, Titan and YES Bank. The negative zone was led by Infratel followed by BPCL, Hindustan Petroleum, Zee Entertainment and HCL Technologies.

11.50 am - Saving Jet Airways

With Etihad Airways looking to exit the beleaguered Jet Airways, lenders are set to re-initiate talks with the Tata Group as a possible new investor in the Indian airline. According to top sources, the lenders have already sent out feelers to the Tatas and may make a formal offer soon.

The stocks of Jet Airways was trading at higher at Rs 223.75, up 2.64 per cent

11.35 am - Column: It's about data again

Last week 108 social scientists working in India and abroad came out with an extraordinary statement decrying the political interference over statistical data. Trouble had been brewing on the data front ever since the government last year decided to junk the report by the National Statistical Commission on the back series which had said that growth had topped 10 per cent twice during the 10-year UPA regime. Read more on the controversy surrounding India's GDP and statistical data

11.25 am - US stocks

An Apple-led tech rally pushed Wall Street higher on Thursday as jitters over the Federal Reserve's forecast of an economic slowdown were calmed by upbeat economic data. All three major US stock indexes ended the session in the black, with the Nasdaq showing its fifth straight advance, the Dow posting its best day in over a month and the benchmark S&P 500 closing less than 3 per cent below its all-time high set in September. Click here to read more on the US stock market report

11.10 am - Fitch cuts India’s GDP growth forecast

Fitch Ratings cut India’s economic growth forecast for the next financial year starting April 1, to 6.8 per cent from its previous estimate of 7 per cent, on weaker than expected momentum in the economy. Fitch Ratings cut India’s FY19 GDP growth forecast to 7.2 per cent from 7.8 per cent on December 6. More on Fitch Ratings' forecast on India's GDP growth , read here

10.50 am - Sensex slips 61 points

The 30-share BSE index erased the initial gains and is trading lower by 61.36 points or 0.16 per cent at 38,325.39. The scrips of HDFC Bank, Reliance, TCS, ICICI bank and ITC dragged the stocks down while the stocks of L&T, Axis Bank, Asian Paints, Infosys and YES Bank were in the positive zone.

Among the sectoral indices, barring Capital goods stocks, all the sectors were trading in negative zone.

The 50-share NSE index Nifty was trading lower by 26.80 points or 0.23 per cent at 11,494.85. The top gainers were L&T, Titan, NTPC, IBUL Housing Finance and Tata Steel. The stocks of Hindustan Petroleum, Zee Entertainment, Infratel, ONGC and BPCL dragged the index down.

10.35 am - Commodities market

Oil prices hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela. Brent crude oil futures were at $67.82 per barrel at 0122 GMT, down 4 cents from their last close but within a dollar of the $68.69 per barrel 2019-high marked the day before. Read more on the commodities market here

10.20 am - Currency market

Foreign investors put in Rs 751.92 crore on a net basis in capital markets on Tuesday. File Photo

The rupee appreciated by 6 paise to 68.57 against the US dollar in opening trade, driven by sustained foreign fund inflows and higher opening of domestic equities. The rupee opened at 68.60 at the interbank forex market, then gained further ground and touched 68.57, displaying gains of 6 paise over its last close. Read the local currency report here

10.05 am - Sensex surges 155 points

Rising for the ninth straight session, market benchmark BSE Sensex rose over 119 points in early trade led by gains in banking, metal and auto stocks amid sustained foreign fund inflow.

Gains were, however, capped tracking Asian markets as investors turned cautious after the US Federal Reserve kept interest rates unchanged, experts said.

The 30-share BSE index Sensex surged 155.08 points or 0.40 per cent to 38,541.83 in the early trade. Major gainers were Bharti Airtel, L&T, Yes Bank, Tata Steel, NTPC, Asian Paint, Bajaj Auto, HDFC, Axis Bank and State Bank of India, rising up to 3.03 per cent.

Among the losers in the Sensex pack, ITC, Reliance Industries, Maruti, M&M, TCS and ONGC down up to 1.75 per cent.

Sectorally, the stocks of telecom and capital goods were lending support to the index.

The 50-share NSE index Nifty was trading at 11,564.85, higher by 43.80 points or 0.38 per cent. The top gainers were L&T, IBUL Housing Finance, Bharti Airtel, Titan and Yes Bank. The major losers were ONGC, Zee Entertainment, Adani Ports, BPCL and Hindustan Petroleum.

Brokers said sustained foreign fund inflows and continued buying by retail investors influenced the market here. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,771.61 crore on a net basis Wednesday, as per provisional data. - (With inputs from PTI)

9.55 am - Asian markets

File Photo

Asian shares advanced after upbeat data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve's cautious outlook on the world's biggest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent, while Japan's Nikkei gained 0.3 per cent. Click here to read the Asian markets report

9.40 am - Forex market

Euro, sterling supported by Brexit deal but trade in narrow range. File Photo

The dollar largely held onto the previous session's gains in early Asian trade, while sterling edged up on news that Britain could leave the European Union without a Brexit deal at a slightly later date. Against a basket of key rival currencies, the dollar was about 0.1 per cent lower at 96.394. More on the forex market report here

9.25 am - Stocks in focus

The buyback offer of The Indian Energy Exchange will open today and close on April 4. The company plans to buy back 37.29 lakh shares at a maximum price of ₹185 a share. The total buyback, which would cost ₹69 crore, accounts for about 25 per cent of the total paid-up capital of the company. Shareholders whose names had appeared on the company’s record book as on February 15 can participate in the buyback, which is through the tender route.

The board of directors of Bharat Gears is scheduled to meet to consider the entitlement ratio, the price for the equity shares of the rights issue, and to fix the record date to identity the shareholders eligible to participate in the rights issue. The company, in October 2018, had approved the rights issue of equity shares of up to ₹15 crore to its existing shareholders. Investors would be keen to know the price of the issue as well as the ratio, besides of course, its timing.

Asian Oilfield Services has received a binding Letter of Intent from Oilmax Energy Private Limited for surface facilities for its Charaideo field in Assam to handle and process hydrocarbon fluids. The value of the contract is about ₹210 crore, including operations & maintenance for 10 years. Oilmax Energy is the holding company and promoter of the company. Asian Oilfield has already taken approval of shareholders for the proposed related-party transaction.

9.15 am - Opening bell

The BSE Sensex opened Friday's session in the green at 38,466 up 79 points or 0.21 per cent higher. The NSE Nifty opened at 11,546, up 25 points or 0.22 per cent.

9.10 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:

₹2299 • HDFC Bank

₹738 • Infosys

₹298 • ITC

₹151 • ONGC

₹1375 • Reliance Ind.

₹303 • SBI

₹2015 • TCS

11553 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

9.00 am - Today's Pick

Elecon Engineering Company (₹66): Buy

Investors with a short-term horizon can buy the stock of Elecon Engineering Company at current levels. On Wednesday, the stock jumped 5 per cent accompanied with an above average volume, reinforcing the short-term uptrend. Click here to read in full the Technical Analysis on Elecon Engineering .

COMMENT NOW