Sensex ends marginally lower; oil stocks fall

Shares ended marginally lower on Wednesday as oil stocks such as Indian Oil Corp Ltd and Oil and Natural Gas Corporation Ltd fell after global crude prices firmed on strong Chinese factory data. The broader NSE index closed 0.15 per cent or 15.95 points lower at 10,410.90, while the benchmark BSE index inched 0.06 per cent or 21.04 points lower at 33,835.74.

Indian Oil dropped 3.1 per cent while ONGC fell 1.6 per cent.

Most financial stocks erased losses from earlier in the session, with the Nifty PSU bank index reversing course to close 1.8 per cent higher.

Punjab National Bank ended up 1.4 per cent.

Of the Nifty 50 stocks, 30 declined against 20 that advanced.

Sensex 30 at close of trade

Sensex movers and shakers on Wednesday

Just In : World Bank has projected 7.3 per cent growth for India in 2018-19, and 7.5 per cent in 2019-20 - PTI

 Near-term correction likely in NCDEX refined soya oil

Traders with high-risk appetite can go short at current levels and at ₹780 as well. Stop-loss can be placed at ₹795 for the target of ₹740.  Read more

Commodity call on MCX Nickel

Medium-term traders who have taken long positions last week on dips at ₹860 can hold it with the revised stop-loss at ₹885 and for the target of ₹940.  Read more

UP bypolls counting

Samajwadi Party candidates were leading in Gorakhpur and Phulpur Lok Sabha constituencies in Uttar Pradesh after initial rounds of counting for the parliamentary by-elections, officials said. After 17 rounds of counting, Praveen Nishad of Samajwadi Party is ahead by 26,510 votes over BJP in CM Yogi Adityanath's bastion Gorakhpur. In Phulpur, SP candidate Nagendra Pratap Singh Patel leading by 29,474 votes in Phulpur after 20th round of counting. Read more

Strides Shasun today said it has received approval from the US health regulator for its generic Efavirenz tablet used for treatment of HIV Type-1 infected adults and adolescents. The approval granted to the company’s wholly-owned subsidiary Strides Pharma Global Pte by the US Food and Drug Administration (USFDA) is for Efavirenz tablets of 600 mg strength, the company said in a regulatory filing. Read more

YES Bank has acquired 17.31 per cent stake in Fortis Healthcare following invocation of nearly 9 crore pledged shares last month. In a regulatory filing, Fortis Healthcare said, “YES Bank has acquired 8,97,81,906 equity shares having nominal value of Rs 10 per share of the company pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank.”  Read more

On February 15, the Supreme Court lifted its stay on sale of shares of Fortis Healthcare pledged with banks by the promoters Singh brothers (Malvinder Mohan Singh and Shivinder Mohan Singh) before August 31.

The Nifty futures contract started the day with a gap-down open at 10,391. After marking an intra-day high at 10,408, the contract witnessed selling interest at higher levels and resumed its down-move. It has recorded an intra-day low at 10,342. The market breadth of the Nifty index is biased towards declines. The near-term outlook will remain bearish as long as the contract trades below 10,400 levels. Read more

WPI inflation eases

Inflation based on wholesale prices eased to a seven-month low of 2.48 per cent in February on cheaper food articles, including vegetables.

On the basis of Wholesale Price Index (WPI), inflation was 2.84 per cent in January and 5.51 per cent in February 2017. WPI inflation at 2.48 per cent in February is the lowest in seven months. The previous low level was recorded in July at 1.88 per cent.  Read more

The Sensex declined 254.18 points or 0.75 per cent to 33,602.60 at about 12.40 pm.  Similarly, the NSE Nifty fell 82.45 points or 0.79 per cent to 10,344.40.

Sensex 30 at 12.40 pm

Sensex 30 at 12.40 pm

Sensex movers and shakers at 12.40 pm

Sensex movers and shakers at 12.40 pm

All the BSE sectoral indices were trading in the red, led by losses in metal, oil and gas, banks, telecom, energy and FMCG indices.

The Suzlon Group has announced it has installed largest wind turbine generator ever manufactured in India with rotor diameter of 128 metres. This has the country’s largest single rotor blade measuring 63 metres and reduced levelised cost of energy. Read more

Goa Carbon has resumed its operations at the company’s Goa unit from March 12. “There would not be any financial impact due to the shutdown of operations of the company’s Goa unit as there was sufficient inventory to service the orders in hand,” the company said in a disclosure to the stock exchanges.  Goa Carbon shares were trading down 0.66 per cent or Rs 6.30 at Rs 944.85 on the BSE.

The Lok Sabha has finally decided to show some urgency in transaction of financial business, with the Speaker Sumitra Mahajan announcing that demands for grants of 2018-19 will now be taken up for voting at noon today, soon after the papers are laid on the table of the house. Read more

Banking stocks fell on Wednesday after the RBI banned credit guarantees. On Tuesday, the RBI barred all banks from issuing letters of undertaking. Overall trade credit business contributed 3-4 per cent for public banks, which should be at risk, according to Kotak Securities.

Gold futures

At the Multi Commodity Exchange, gold for delivery in April rose by Rs 121, or 0.40 per cent, to Rs 30,498 per 10 grams in a business turnover of 292 lots.  Read more

Shares of Fortis Healthcare Ltd jumped as much as 5.5 per cent to Rs 161, its biggest intra-day percentage gain since February 23. Read more

Taking positive cues from overseas markets, silver prices moved up by 0.40 per cent to Rs 38,977 per kg in futures trade today as participants built up fresh positions. Read more

The benchmark BSE Sensex drifted over 100 points lower and the NSE Nifty slipped below the 10,400-mark in morning deals today on selling in banks, PSU and realty counters amid weak global cues.

At about 10.45 am, the 30-share index was trading down 112 points or 0.33 per cent at 33,744.73. The gauge had lost 61.16 points in the previous session. Similarly, the NSE Nifty fell 37.50 points or 0.36 per cent to 10,389.35.

Sectoral indices led by telecom, energy, realty, oil & gas, auto, and bank stocks were trading in the negative zone, falling up to 0.84 per cent.

Banking shares such as PNB, SBI, ICICI Bank, Axis Bank, Bank of India, Andhra Bank and Canara Bank also declined up to 2.70 per cent.

However, TCS, Infosys, Maruti Suzuki, L&T and HUL were trading in the green, gaining up to 0.59 per cent.

PNB stocks fell 2.81 per cent to Rs 95.25 after reports that the bank’s exposure to alleged fraud may be over $2 billion.

Shares of Gitanjali Gems cracked 4.90 per cent to Rs 13.60 after National Stock Exchange (NSE) levied penalty on the company for failure to file financial results for quarter-ended 31 December.

Sentiment remained negative on weak trend in other Asian markets following a drop in Wall Street as US President Donald Trump replaced his secretary of state, and plans to impose new tariffs on China.

Government-sponsored Hindustan Aeronautics (HAL) is aspiring to raise ₹4,200 crore from its initial public offering that opens for subscription on March 16. The aerospace company is engaged in design, development, manufacturing and other services of aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures. Read more

(from left) M Mazhar Ali, ED, Hindustan Aeronautics, with VM Chamola, Officiating Chairman & MD, and CV Ramana Rao, Director — Finance & CFO, at a press conference to announce the company’s IPO in Mumbai on March 13

Gold prices rose on Wednesday to a one-week high on a weaker dollar following US Secretary of State Rex Tillerson's sudden dismissal, which invigorated concerns of protectionist policies hampering global risk appetite. Read more

The dollar wallowed against the yen and other major currencies on Wednesday after the sudden dismissal of US Secretary of State Rex Tillerson killed off an earlier bounce in the currency. US President Donald Trump fired Tillerson on Tuesday after a series of public rifts over policy on North Korea, Russia and Iran, replacing his chief diplomat with loyalist CIA Director Mike Pompeo. Read more

Dollar struggles broadly. File Photo

Amid mixed global cues, the rupee opened 2 paise higher at 64.87 against the US dollar today at the Interbank Foreign Exchange on selling of the greenback by exporters and banks. Read more

Asian shares eased on Wednesday amid fears of rising US protectionism as President Donald Trump fired his Secretary of State , regarded as a moderate in his administration, and eyes hefty tariffs on Chinese imports. The combination left investors scurrying for safety as global equities took a knock, the dollar fell and bonds rose. Read more

Asian shares eased on Wednesday amid fears of rising US protectionism. File Photo

What to watch

IRB Infrastructure Developers, in consortium with Modern Road Makers Private Ltd (a wholly-owned subsidiary of the company), has emerged as a preferred bidder for two hybrid annuity projects in Tamil Nadu.  IRB Infra shares were trading 2.15 per cent or Rs 4.65 higher at Rs 220.60 on the BSE in early trade.  Read more

What to watch

Shares of Nagarjuna Oil Corp and Bharat Petroleum Corp will remain in focus, as the latter is eyeing the former.  Nagarjuna Oil Refinery was trading 11.31 per cent higher at Rs 4.33 on the BSE in morning trade.

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What to watch: IOC bonus issue

Shares of Indian Oil Corporation will turn ex-bonus on Thursday. The PSU major is rewarding its shareholders with one bonus share for every share held. IOC shares were trading down 0.86 per cent or Rs 3.50 at Rs 404.40 on the BSE in early trade.

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In the opening session on Wednesday, the Sensex extended its losses and opened at 33,733.55 against Tuesday's close of 33,856.78.  Barring TCS, Infosys, Larsen & Toubro, Maruti, Asian Paints and Dr Reddy's, all the other 25 stocks were trading in the red. SBI, Tata Steel, YES Bank, Adani Ports, Axis Bank and Hero MotoCorp were the top losers, with losses of up to 1.5 per cent.

The Sensex was quoting at 33,748.38, down 108.40 points or 0.32 per cent.

The NSE Nifty was trading 42.65 points or 0.41 per cent lower at 10,384.20.

Today's Pick

The stock of Kwality gained almost 6 per cent with above average volume on Tuesday. This rally gives investors with a short-term perspective an opportunity to buy the stock at current levels. The stock encountered a key resistance at ₹115 in early January this year and began to decline. Read more

Day Trading Guide for March 14 gives s upports and resistances for Nifty 50 futures and seven key stocks

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

10426 • Nifty 50 Futures

₹1859 • HDFC Bank

Wall Street swoons on Tillerson firing

US and European stock indexes closed down on Tuesday, pressured by losses in technology stocks and US President Donald Trump's ouster of Secretary of State Rex Tillerson.

Sagging equities, in turn, weighed on the dollar and crude oil prices. The possibility of additional tariffs on China, which made news late in the day, may have also dragged stocks down across sectors. Read more

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