MARKET WRAP: Sensex ends 54 points down, Nifty at 11,035; Wipro falls 4%

All that happened in the markets today

Benchmark indices ended marginally lower on Friday led by a fall in ICICI Bank, State Bank of India (SBI), HDFC, RIL and Axis Bank.

The S&P BSE Sensex ended at 36,671, down 54 points while the broader Nifty50 index settled at 11,035, down 23 points.

Among sectoral indices, Nifty Metal index ended 1.5 per cent lower with Jindal Steel & Power and MOIL among the top losers. The Nifty IT index, too, settled 1.1 per cent lower, dragged by Wipro and Infibeam Avenues

In the broader market, the S&P BSE MidCap index ended 12 points, or 0.08 per cent lower at 14,804, while the S&P BSE SmallCap index settled at 14,529, down 11 points, or 0.08 per cent.

BUZZING STOCKS

Shares of Wipro fell 5 per cent to Rs 256 in intra-day trade on the BSE in after huge block deals were executed on the counter. Till 11:22 am, a combined 57.86 million equity shares, representing 1.3 per cent equity, of Wipro had changed hands on the National Stock Exchange (NSE) and BSE. The stock ended at Rs 256.50, down 4.6 per cent.

Shares of Allahabad Bank hit a 52-week high of Rs 58.20, up 6.5 per cent on the BSE in the intra-day trade, extending its past three weeks' rally after the government announced capital infusion of Rs 6,896 crore in the bank.The stock settled 4.39 per cent higher at Rs 57.05.
 

GLOBAL MARKETS

Asian stocks shuddered lower on Friday after shockingly weak export data from China heightened market fears about a global economic slowdown, a day after European policymakers slashed growth forecasts for the bloc.

Japan’s Nikkei dropped 1.9 per cent and Australia 0.9 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan skidded 1.1 per cent to a two-week trough.

(with Reuters input)

3:49 PM

MARKET COMMENT :: Vinod Nair, Head of Research, Geojit Financial Services

The momentum in domestic market was capped today due to the renewed concern in global economy. Moderation in GDP growth by ECB and weak export data from China impacted the global sentiment. But Indian rupee strengthened supported by FIIs liquidity and benign oil prices, portraying the positive undercurrent in the domestic market

3:47 PM

Sectoral trend on NSE

3:46 PM

Top gainers and losers on S&P BSE Sensex at close

3:32 PM

Market at close

The S&P BSE Sensex ended at 36,671, down 54 points while the broader Nifty50 index settled at 11,035, down 23 points.

3:09 PM

China Feb exports tumble most in 3 yrs, adding to fears of global slowdown

China's exports tumbled the most in three years in February while imports fell for a third straight month, pointing to a further slowdown in the economy despite a spate of support measures. While seasonal factors may have been at play, the shockingly weak readings from the world's largest trading nation added to worries about a global slowdown, a day after the European Central Bank slashed growth forecasts for the region. READ MORE

2:54 PM

Top gainers and losers on S&P BSE Sensex

2:54 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
TEJAS NETWORKS	171.15	-9.00	-5.00	3266
WIPRO	256.70	-12.10	-4.50	43098705
POWER FIN.CORPN.	107.55	-4.85	-4.31	2673656
WELSPUN INDIA	57.80	-2.30	-3.83	43547
NBCC	56.75	-2.20	-3.73	590718

2:05 PM

Market check

1:55 PM

Ipca Labs hits all-time high of Rs 914; soars 5% in weak market

Shares of Ipca Laboratories hit an all-time high of Rs 914, up 5 per cent on the BSE in an otherwise weak market on expectation of strong earnings and margin improvement by going forward. The stock surpassed its previous high of Rs 907 touched on February 28, 2014 in intra-day trade. At 01:11 pm; the benchmark S&P BSE Sensex was trading 0.25 per cent or 93 points lower at 36,632 on the BSE. READ MORE

1:41 PM

Chart check: Nifty PSU Bank trades above 200-DMA; see further upside ahead

The NiftyPSU Bank index has closed positive for five consecutively sessions, crossing its 200-days moving average (DMA) at 2,957 levels. The 100 DMA has also moved upward and is getting closer to its 200 DMA. A possible crossover will eventually lead to a more strength and there are chances that the index will see more bullish sentiment going ahead. READ MORE

1:27 PM

NEWS ALERT | Net equity inflows (including ELSS) for February at Rs 5,122 crore

1:13 PM

NEWS ALERT | Ashok Leyland bags order for 1,290 buses from Gujarat State Roadways Transport Corporation

1:04 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
DISH TV	37.20	-1.75	-4.49	518080
WIPRO	256.85	-11.95	-4.45	41617877
POWER FIN.CORPN.	107.45	-4.95	-4.40	318980
K E C INTL.	263.85	-10.00	-3.65	27445
WELSPUN INDIA	57.95	-2.15	-3.58	41344

12:55 PM

Allahabad Bank hits 52-week high; surges 41% in one month

Shares of Allahabad Bank hit a 52-week high of Rs 58.20, up 6.5 per cent on the BSE in an otherwise subdued market, extending its past three weeks' rally after the government announced capital infusion of Rs 6,896 crore in the bank. The Reserve Bank of India (RBI) took Allahabad Bank out of the prompt corrective action (PCA) framework, following an improvement in the financial ratios after a fresh round of capital infusion. READ MORE

12:36 PM

BNP Paribas sees Sensex at 40,000; adds Sun Pharma, TeamLease to portfolio

Despite the relative underperformance compared with the other global peers on a year-to-date (YTD) basis, BNP Paribas expects the markets to move up going ahead and sees the S&P BSE Sensex at 40,000 levels. The first half of calendar year 2019 (H1CY19), it believes, will be a difficult phase for the markets due to continued election uncertainty, potentially rising oil prices, earnings downgrades and weakening high-frequency data. READ MORE