MARKET WRAP: Sensex falls 278 points from day's high; Nifty ends at 11,656

All that happened in markets today

After hitting a record high of 39,115.57 in the intra-day trade, the S&P BSE Sensex trimmed gains in the fag-end of the session to end at 38,837, up 164 points or 0.42 per cent. While stocks such as Reliance Industries (RIL), Infosys and TCS lifted the index higher, profit-booking in financial stocks including HDFC, Axis Bank, IndusInd Bank and HDFC Bank capped its gains.

The broader Nifty50 index, too, slipped from the day's high of 11,738.10 to settle at 11,656, up 32 points or 0.27 per cent. Out of 50 constituents, 28 ended in the green while 22 declined. 

Volatility index India VIX rose 4.55 per cent to end at 17.96. 

In the broader market, the S&P BSE MidCap index climbed 59 points or 0.38 per cent to close at 15,539 whereas the S&P BSE SmallCap index gained 110 points or 0.73 per cent to end at 15,137.

Sectorally, realty stocks bled the most followed by recent outperformer Nifty Bank. Media stocks, too, slipped in the trade. The Nifty Bank index fell 176 points or 0.58 per cent to end at 30,251.

BUZZING STOCKS

Shares of Reliance Industries (RIL), which hit a new high of Rs 1,406.50 in intra-day trade on Monday, is set to become the first Indian listed company to cross the Rs 9,00,000 crore or Rs 9 trillion market capitalisation on the BSE. The stock, eventually, closed at Rs 1,392, up 2 per cent on BSE.

Tata Motors ended over 7 per cent higher at Rs 187 after the company’s wholly-owned subsidiary Jaguar Land Rover (JLR) said it expects better financial results for the quarter ended March 2019 (Q4FY19).

Embassy Office Parks REIT rose as much as 5.9 per cent to Rs 317.70 apiece in the early morning trade on BSE after making a debut at Rs 300, the same as the issue price. The stock ended at Rs 314.10 apiece, up 4.70 per cent.  

GLOBAL CUES

Asian stocks powered higher on Monday as positive Chinese factory gauges and signs of progress in Sino-US trade talks boosted sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan added 1 per cent and the Shanghai Composite Index rallied 2.4 per cent. Australian stocks climbed 0.6 percent, South Korea’s KOSPI gained 1.3 percent and Japan’s Nikkei advanced 1.4 per cent.

(With inputs from Reuters)

4:19 PM

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

"Pre-election rally extended to the new financial year with increase in prospects of political stability, rate cut expectation from RBI and improvement in GST collection in March. A better-than-expected Chinese economic data and surge in US 10-year yield eased global growth concern which further added impetus to the sentiment. In spite of this, market gave up some gains towards closing due to strong resistance at 11,700 levels."

3:39 PM

Sectoral gainers and losers on NSE

3:39 PM

Top gainers and losers on S&P BSE Sensex

3:37 PM

MARKET AT CLOSE

The S&P BSE Sensex ended at 38,837, up 164 points or 0.42 per cent while the broader Nifty50 index of the National Stock Exchange (NSE) settled 32 points or 0.27 per cent higher at 11,656. 

3:15 PM

RBI will go for another rate cut

At the Mumbai launch of former Reserve Bank of India (RBI) governor Y V Reddy’s latest book Indian Fiscal Federalism (co-authored by G R Reddy), Governor Shaktikanta Das referred to Reddy’s tenure as “continuity and change… mixed together appropriately” — something which Reddy himself had said on assuming office in September 2003. READ MORE

3:13 PM

Market Check: Top gainers on BSE

ANDHRABANK	32.25	+4.15	+14.77
LAKSHVILAS	77.55	+7.05	+10.00
TATASTEELPP	70.55	+6.40	+9.98
WELCORP	146.00	+10.35	+7.63
J&KBANK	57.65	+3.90	+7.26

2:55 PM

Sectoral trends on NSE

2:45 PM

Top losers on BSE500

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
REL. COMM.	3.94	-0.20	-4.83	10739291
REC LTD	146.50	-6.35	-4.15	400269
NAVA BHARAT VENT	107.90	-3.85	-3.45	33085
RELIANCE NIP.LIF	204.00	-6.05	-2.88	33580
RELIANCE POWER	11.04	-0.32	-2.82	3364096

2:39 PM

NEWS ALERT | SML Isuzu's total March sales up 14.1% to 2,003 units

2:34 PM

South Indian Bank climbs almost 5%

2:34 PM

BUZZING STOCK | Reliance Industries hits new high

2:33 PM

Private Banks, Reliance Industries, Infosys take Sensex to new high

A sharp rally in three private sector banks – HDFC Bank, ICICI Bank and Axis Bank – that have gained over 10 per cent each from their August 29, 2018 level helped the benchmark index S&P BSE Sensex breeze past the 39,000 mark and hit a new high on Monday. The benchmark index surpassed its previous high of 38,990 recorded on August 29, 2018 in intra-day deals. READ MORE

2:32 PM

MARKET COMMENT | Mustafa Nadeem, CEO, Epic Research

We believe there may be some minor profit-booking in the short term as the hurdle placed at 39K and 11,750 levels for Sensex and Nifty, respectively. Dalal Street is also looking forward to RBI meet in this week and expects a rate cut. This has further pushed bullish sentiment and now almost any dip is being utilized for buying at lower levels. We maintain buy on dips with a target of 39,500+ levels in Sensex.

2:19 PM

United Spirits stock drops over 1%

2:16 PM

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