Sensex ends 470 pts higher, Nifty settles at 10,131; PSU Bank index up 5%

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The domestic indices trimmed morning lossses to end sharply higher on Monday after reports suggested that the United States and China have quietly started negotiations to improve US access to Chinese markets, thereby easing fears of a trade war between the two economic giants.

The S&P BSE Sensex ended at 33,066, up 470 points while the broader Nifty50 index settled at 10,131, up 133 points.

Among sectoral indices, the Nifty PSU Bank index ended 4.94% higher led by an over 10% rise in the shares of Canara Bank.

In the week ahead, domestic investors will look forward to the fiscal deficit data to be released on Wednesday. Also, the expiry of the current month futures and options contracts are due on Wednesday and positions will be rolled over to next month.

In the global markets, Japan’s Nikkei erased earlier losses of 1.3 per cent to end 0.7 per cent higher, while MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent, flipping back to positive territory from a 0.5 per cent fall.

According to media reports, US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer listed steps that Washington wants China to take in a letter to Liu He, a newly appointed vice premier who oversees China’s economy.

Signs of talk between the two economic giants allayed fear of an escalating trade war, sparked after US President Donald Trump moved to slap tariffs on Chinese goods, on top of import duties on steel and aluminium, prompting a defiant response from Beijing.

(with Reuters inputs)

3:40 PM

Nifty PSU Bank index surges 4.94%. Top gainers:

COMPANY	LATEST	PREV CLOSE	GAIN( )	GAIN(%)	VOLUME
CANARA BANK	270.50	244.75	25.75	10.52	16712500
BANK OF BARODA	141.50	133.20	8.30	6.23	21473264
ST BK OF INDIA	246.50	234.80	11.70	4.98	30362239
UNION BANK (I)	91.10	86.85	4.25	4.89	13150328
BANK OF INDIA	102.05	97.45	4.60	4.72	13297579

3:37 PM

Sectoral performers of the day

3:36 PM

BSE Sensex top gainers and losers of the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 33,066, up 470 points while the broader Nifty50 index settled at 10,131, up 133 points.

3:23 PM

Titan Company shares hit record high of Rs 950 per share

Shares of Titan Company have moved higher to their record high of Rs 950 per share, up 6% on the National Stock Exchange (NSE) after nearly 1% of total equity of the company changed hands in today’s trade so far.

 

The stock surpassed its previous high of Rs 938 recorded on January 9, 2018 in intra-day trade. READ MORE

3:10 PM

Nifty PSU Bank index gains 4%; SBI, BOB, Canara Bank up over 3%

 

Shares of public sector banks were in focus with Nifty PSU Bank index gaining almost 4%.

 

State Bank of India (SBI), Canara Bank, Bank of Baroda, Syndicate Bank, Union Bank of India and Union Bank of India from Nifty PSU Bank index were up more than 3%, while Indian Bank, Punjab National Bank (PNB), Oriental Bank of Commerce and Andhra Bank up in the range of 1% to 3% on the National Stock Exchange (NSE). READ MORE

2:59 PM

World stocks bounce back from 6 week low on report of US-China trade talks

World stocks came off six-week lows and US stock futures jumped on Monday on optimism that the United States and China are set to begin negotiations on trade, easing fears about a trade war between the world's two largest economies.

 

MSCI's world equity index, which tracks shares in 47 countries, turned positive on the day, having earlier hit its lowest level since February 9, after a Wall Street Journal report that Treasury Secretary Mnuchin was considering a visit to Beijing to begin negotiations.

 

2:47 PM

India bonds lose their charm for foreign investors

 

After betting strongly on Indian bonds last year, foreign investors are cutting their holdings as a tumbling rupee erodes their returns and economic risks cloud the outlook of a once-hot emerging market play.

 

With only three trading sessions left in March, foreign investors have sold a net $1.12 billion in Indian debt, the strongest monthly outflow since December 2016, and are now on the verge of turning net sellers for the year so far.

2:29 PM

Buzzing Stock

 

Adani Enterprises rose 2.46% to Rs 156.05 on BSE after the company said its subsidiary signed a coal mining agreement with NLC India.

 

On the BSE, 3.65 lakh shares were traded in the counter so far compared with average daily volumes of 9.35 lakh shares in the past two weeks

2:16 PM

Bharat Financial gains after assignment transaction

Bharat Financial Inclusion rose 0.58% to Rs 1,080.95 on BSE after company said that it has completed direct assignment transaction of Rs 1391 crore. The announcement was made after market hours on Friday, 23 March 2018. READ MORE

2:01 PM

Market Check

 

S&P BSE Sensex	32,932.82		1.03%
Nifty 50	10,062.00		0.64%
S&P BSE 200	4,408.43		0.83%
Nifty 500	8,851.50		0.58%
S&P BSE Mid-Cap	15,760.05		0.42%
S&P BSE Small-Cap	16,858.34		0.34%

1:47 PM

Sebi plans new buyback rules, maximum limit likely to be capped at 25%

Markets regulator Sebi is considering to come out with new norms on share buyback programme, under which maximum limit for share repurchase will be 25 per cent of the company's paid-up capital and other reserves.

 

The company may buy back its shares and other securities from the existing security holders on a proportionate basis through the tender offer; open market via - book building process and stock exchange - and odd-lot holders, senior officials said. READ MORE

1:32 PM

Oil prices fall as U.S. trade dispute with China looms

Brent and WTI crude oil futures dipped on Monday as concerns of a looming trade dispute between the United States and China weighed on global markets. In Asia, Shanghai crude oil futures debuted strongly in terms of volume as investors and commodity merchants bought into the world's newest financial oil trading instrument. READ MORE

1:17 PM

From valuations to recos: All you need to know about Lemon Tree Hotel IPO

Lemon Tree Hotels, the last initial public offering of the financial year 2017-18 will open for subscription on March 26, 2018, and will stay open till March 28. The price band of the IPO has been kept at Rs 54-56 per share.
 

Equity shares are proposed to be listed on the BSE and the National Stock Exchage (NSE). The global coordinators and book running lead managers to the issue are Kotak Mahindra Capital Company, CLSA India and JP Morgan India. The book running lead manager is YES Securities (India) Limited. READ MORE

1:01 PM

Jubilant FoodWorks shares hit record high; zoom 155% in 9-months

Shares of Jubilant FoodWorks hit a new high of Rs 2,351 per share, up 3% on the BSE in otherwise range-bound market. The stock surpassed its previous high of Rs 2,330 recorded on January 23, 2018 in intra-day trade.
 

In past three weeks, Jubilant FoodWorks has outperformed the market by surging 17% after the company formed a joint venture with Golden Harvest QSR Ltd to launch Domino’s Pizza in Bangladesh. On comparison, the S&P BSE Sensex was down 3.3% during the same period. READ MORE