Sensex ends down 284 points; Nifty closes below 10,200

Markets at close

The Sensex ended down 284.11 points or 0.85 per cent at a three-month low of 33,033.09 while the NSE Nifty lost 95.05 points or 0.93 per cent to end at 10,154.20.

On the Nifty, 36 stocks declined against 14 that advanced.

Top Nifty gainers included HCL Tech (+1.84%), ITC (+1.27%), Zee Enterprises (+0.97%), Maruti (+0.91%) and Asian Paints (+0.58%).

Top Nifty losers were: Adani Ports (-6.45%), SBI (-3.84%), Indiabulls Housing Finance (-3.37%), Bharti Airtel (-2.67%), and ICICI Bank (-2.46%).

Sensex 30 at 4 pm

Overseas markets were shaky as global trade war concerns intensified after the resignation of White House economic adviser Gary Cohn, brokers said.

Infrastructure, power, capital goods, PSU, healthcare, banking, oil and gas and metal stocks nosedived.

The Sensex had lost 1,128.55 points in the previous five sessions.

Meanwhile, domestic institutional investors (DIIs) net sold shares worth Rs 734.33 crore, while foreign portfolio investors (FPIs) bought shares to the tune of Rs 620.08 crore yesterday.

Global markets

Global stocks and the dollar fell on Wednesday after a strong advocate of free trade resigned from the White House, fanning fears that US President Donald Trump will proceed with protectionist tariffs and risk a trade war. 

MSCI's world equity index, which tracks shares in 47 countries, was down 0.2 per cent in European trade, having seen some strength in Asian trading following news that South and North Korea would hold their first summit in more than a decade.

The pan-European Stoxx 600 was down 0.4 percent, with Germany's DAX, home to many export-led companies, down 0.5 percent.

HG Infra listing

HG Infra Engineering, which has raised Rs 462 crore through an initial public offer, will list its shares on stock exchanges on Friday. The equity shares will be listed on the National Stock Exchange as well as on the BSE. Read more

The markets continued to be under pressure in afternoon trade. At about 2.30 pm, the Sensex was down 193 points or 0.58 per cent at 33,132.21 while the NSE Nifty was down 0.69 per cent or 70.85 points at 10,178.40. On the Nifty, 35 stocks declined against 15 that advanced.

Top five Nifty gainers included: HCL Tech (Rs 950, +1.84%), ZEE Enterprises (Rs 566.45, +1.24%), ITC (Rs 259.55, +1.19%), Bajaj Auto (Rs 2,926.20, +0.93%) and Asian Paints (Rs 1,108.95, +0.67%).

Top Nifty losers were: Adani Ports (Rs 389, -4.01%), SBI (Rs 247, -3.37%), Indiabulls Housing (Rs 1,197.75, -3.31%), ONGC (Rs 180.15, -2.83%) and ICICI Bank (Rs 286.95, -2.95%).

Sensex-30 at 2.30 pm

At 2.30 pm, stocks that drag and support Sensex

Financial services platform Paytm on Wednesday said its wholly-owned subsidiary, Paytm Money, has received approval of market regulator SEBI to become a registered Investment Advisor. The nod from the Securities and Exchange Board of India will allow the company to roll out investment and wealth management products to consumers across the country, Paytm said in a statement.

Debt-ridden telecom operator RCom today said it has filed an appeal before the Bombay High Court to protect the interests of secured lenders after an arbitration tribunal restrained the company from sale, transfer or mortgaging of assets.

BL17_RCOM

US ready for trade war

President Donald Trump today said that the US which has nearly USD 800 billion deficit with other countries is ready for a trade war with them, if they retaliated against his decision to impose 25 per cent import tariff on steel and 10 per cent on aluminium. Read more

US President Donald Trump.

The Nifty call: Go short on rallies at 10,215

The Nifty 50 March futures contract is continuing to trade under pressure. The contract failed to sustain above 10,400 and tumbled over 1 per cent to close at 10,248 on Tuesday.  Read more

Edelweiss Retail NCD issue

Edelweiss Retail Finance Ltd (ERFL), the retail lending arm of Edelweiss Group, on Wednesday announced a public issue of non-convertible debentures (NCDs) of face value Rs 1,000 each, aggregating Rs 250 crore, with an option to retain over-subscription up to Rs 250 crore, aggregating a total of Rs 500 crore. Read more

Market update

Benchmark indices continued to trade in negative territory in the noon session tracking weak global cues and uncertainty and fear over the PNB scam probe. 

At about 12.20 pm, the BSE Sensex was down 191.15 points or 0.57 per cent at 33,126.05 while the NSE Nifty was down 67.80 points or 0.66 per cent at 10,181.45.

Global equities fell after White House economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the US President Donald Trump's administration, announced his departure, and Trump said he would push ahead with his plan to impose heavy tariffs on steel and aluminium imports.

Steel cos: Jindal Stainless (Hisar) Ltd fell as much as 4.77 per cent in early trade. At about 12.20 pm, the stock was trading down 3.90 per cent or Rs 7.05 at Rs 173.70 on the BSE. Hindalco Industries Ltd dropped as much as 3 per cent but recovered partially to trade at Rs 221.95 (down Rs 3.95 or 1.75 per cent).The stocks are on course to extend their losses into a third straight session.  Competition in main export markets may force Indian steel exporters back to domestic markets and lower regional pricing, Jefferies said in a note.

Oil explorers such as Reliance Industries Ltd and Oil and Natural Gas Corp Ltd fell as much as 1.16 per cent and 1.78 per cent, respectively, as crude oil benchmark Brent futures shed 0.71 per cent. “Key indexes have been on a downtrend for the first time since November 2016 when demonetisation happened,” said Sudhakar Pattabiraman, head of research operations at William O'Neil's MarketSmith.

Keep to the sidelines : “Weakness is seen across all sectors and global trends are adding to it. It is difficult to predict where Nifty will take support so we would advise investors to stick to the sidelines for now.”

Bank Nifty in red

Nifty gainers

 

Nifty losers

Sensex losers

 

Sensex gainers

ICICI, Axis bank shares fall on SFIO probe

Shares of ICICI Bank today slumped over 3 per cent in early trade as the bank’s senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the PNB scam. It is the sixth straight session of fall for the stock and has slumped 12.75 per cent since February 26. Axis Bank shares are down over 1 per cent. Read more

ICICI Bank shares at 12 pm on the BSE

Axis Bank share price on the BSE

Jaitley backs PNB

Finance Minister Arun Jaitley on Tuesday came out in support of scam-hit Punjab National Bank and asserted that the bank, like the Indian economy, has sound fundamentals and strong growth potential. Read more

On Wednesday, the PNB stock fell 3.02 per cent or Rs 2.95 to Rs 94.80 on the BSE.

Gitanjali Gems hits fresh low

Shares of Gitanjali Gems plunged by another 5 per cent in morning trade as the CBI tightened the noose on PNB offenders by arresting the vice president of Gitanjali Group of Companies. Read more

Gitanjali Group CMD Mehul Choksi

Market update at 11.15 am

The benchmark BSE Sensex was trading lower by 130 on selling pressure amid weak global cues. The 30-share BSE index Sensex was down 130.73 points or 0.39 per cent at 33,186.47 and the 50-share NSE index Nifty was down 50.30 points or 0.49 per cent at 10,198.95.

The top five Sensex gainers were Tata Motors, ITC, Dr Reddy's, Wipro and HDFC, while the major losers were SBI, ICICI Bank, ONGC, M&M and Adani Ports.

Sensex at 11.15 am

Points contribution to Sensex at 11.20 am

BSE sectoral indices 11.20 am

Sharon Bio Medicine  shares breached the lower circuit on the BSE today and fell 2.46 per cent to Rs 5.80. At about 11.10 am, it was quoting at Rs 5.95. The company has announced temporary suspension of operations of the API plant located at Taloja, District Raigad, Maharashtra, on the directions of the Central Pollution Control Board in line with the provisions of the Environment (Protection) Act, 1986.

MOIL, Unichem buybacks open :

Unichem Labs plans to buy back 2.06 crore shares at ₹430 a share while MOIL is offering ₹240 a share to buy back 87.66 lakh shares. MOIL had fixed February 20 as the record date to identify eligible shareholders, and Unichem Labs February 16. Both buyback offers close on March 20.

Unichem BSE share price

MOIL BSE share price

Rupee at one-week high: The rupee firmed up by 8 paise to trade at over one-week high of 64.88 against the American currency in opening trade today on dollar selling by exporters and banks amid foreign capital inflows. Read more

RCom barred from selling assets

An Indian arbitration tribunal has barred Reliance Communications Ltd (RCom) and two of its units from transferring or selling any assets without the tribunal’s permission, potentially undermining its debt reduction plan.  The interim order was issued on March 5, according to a copy of the document seen by  Reuters  on Tuesday. Read more

Market update

The BSE Sensex extended losses for the sixth straight day in early trade today on heavy selling in banking, metal and power stocks amid sustained selling by domestic institutional investors.

The BSE 30-share index slipped by 145 points to 33,172.20 before recovering to trade at 33,295.12 (down -22.08 points or 0.07%). The benchmark had lost 1,128.55 points in the previous five sessions.

Also, a weak trend in other Asian markets after a key advocate for free trade in the White House announced his resignation, fanning fears that President Donald Trump would go ahead with import tariff hike and risk a trade war, weighed on the sentiment.

The Sensex 30 at 10.20 am

Sectoral indices led by banking, metal and power were trading in the negative zone, falling by up to 0.98 per cent.

Major laggards were ICICI Bank, Adani Ports, SBI, Hero Motocorp, Sun Pharma and Tata Steel.

Ashoka Buildcon: Focus on hybrid project

Ashoka Buildcon informed the exchanges that its subsidiary - Ashoka Concessions Ltd - had submitted its bid to the National Highways Authority of India for three projects in Karnataka under NHDP Phase-IV on hybrid annuity mode. Read more

Ashoka Buildcon is quoting at Rs 226.65 (+1.43% or Rs 3.20) on the BSE at about 10.15 am.

Cooling products companies heat up

Shares of cooling products companies such as Blue Star, Symphony, Voltas and Whirlpool of India and that of manufacturers of fans —Bajaj Electricals and Crompton Greaves Consumer Electricals— are in demand with the onset of summer. Barring Voltas, these companies’ share prices gained in the range of 0.7-0.9 per cent in a negative market with the benchmark and broader markets ending down by over 1 per cent. Voltas ended marginally down by 0.06 per cent. Read more

TIRUCHI, TAMILNADU, 26/04/2016 : FOR DAILY:- Customers selecting air-conditioners at a showroom in Tiruchi on Tuesday. The dealers and retailers of air-conditioners. In an otherwise dull summer with a sluggish demand, the sudden rise in temperature 108 to 109 has given a spur to the sale of AC units. Photo. M. Moorthy

Today's stock pick

 Adani Enterprises (₹185.8)

Traders can sell the stock with a stop-loss at ₹189.5.

Read more

Centrum Wealth recommendation

Vardhman Textiles (Accumulate)

CMP: ₹1,317.40

Target: ₹1,482

With the recent market correction, the stock is currently down about 16 per cent from its 52 week high at ₹1,309 (about 3 per cent return since the update).  Read more

Japan's Nikkei share average pared earlier losses on Wednesday, edging up, although gains were limited as the resignation of a key White House adviser raised fears of a global trade conflict, which hurt steel and non-ferrous metals sectors. Read more

Sadbhav Infrastructure Project has been declared ‘L-1’ bidder by the National Highways Authority of India for a new hybrid annuity project in Karnataka.  Read more

Day Trading Guide for March 7

[Click on link to read full view]

₹1851 • HDFC Bank

₹1146 • Infosys

The domestic share indices opened lower on Wednesday tracking global trends. The SEnsex opened 37.81 points lower at 33,279.39 while the NSE Nifty opened 16.30 points lower at 10,232.95.

Global stocks and the dollar slumped on Wednesday after a key advocate for free trade in the White House announced his resignation , fanning fears President Donald Trump would go ahead with tariffs and risk a trade war. White House economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the Trump administration, said on Tuesday he was leaving.

US stock futures down more than 1 per cent. File Photo

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