Key equity indices ended with small losses. The barometer index, the S&P BSE Sensex, fell 53.99 points or 0.15% to 36,671.43, as per the provisional closing data. The Nifty 50 index fell 22.80 points or 0.21% to 11,035.40, as per the provisional closing data. The Nifty managed to end above the psychological 11,000 mark.
Weak global cues amid concern over sluggish global growth spoiled investors sentiment. Steep selling of stocks by domestic institutional investors (DIIs) also worried investors. DIIs sold shares worth a net Rs 925.46 crore on Thursday, 7 March 2019, as per provisional data.
The indices opened with small losses and declined further to hit fresh intraday low in morning trade. Benchmarks trimmed losses in mid-morning trade. Indices were trading near day's low in early afternoon trade. Benchmarks hit fresh intraday low in afternoon trade. Indices turned range bound in mid-afternoon trade.
Among secondary barometers, the BSE Mid-Cap index fell 0.08%. The BSE Small-Cap index fell 0.08%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1203 shares rose and 1440 shares fell. A total of 145 shares were unchanged.
HCL Technologies (down 2.52%), Tata Steel (down 2.34%), Vedanta (down 1.93%), Infosys (down 1.42%), ONGC (down 1.38%) and Asian Paints (down 0.93%), were the major Sensex losers.
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NTPC (up 4.18%), Bajaj Auto (up 1.65%), Bajaj Finance (up 1.07%), ITC (up 0.69%), Sun Pharmaceutical Industries (up 0.69%) and TCS (up 0.45%), were the major Sensex gainers.
Tata Motors fell 4.12%. Jaguar Land Rover retail sales in February 2019 were 38,288 vehicles, down 4.1% compared to February last year. The announcement was made after market hours yesterday, 7 March 2019.
Lupin fell 1.66%. The company announced that it has received approval for its Atorvastatin Calcium Tablets USP, 10 mg, 20 mg, 40 mg, and 80 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Pfizer Inc's Lipitor tablets, 10 mg, 20 mg, 40 mg and 80 mg. The announcement was made after market hours yesterday, 7 March 2019.
Overseas, European shares fell as investors continue to digest news of further stimulus in the euro zone. Asian shares declined on the back of an overnight slide in the US market, as investors grappled with fresh concerns over the state of the global economy.
US stocks finished lower for a fourth straight session Thursday on mounting evidence of a slowing global economy. The European Central Bank (ECB) cut its growth forecast for 2019 and announced a fresh round of stimulus to aid banks in the region. ECB President Mario Draghi said the central bank cut its growth estimate to 1.1%, down from a 1.7% expansion forecast released in December. The ECB's announcements come amid lingering concerns over a possible economic slowdown across the globe.
On the US data front, first-time unemployment claims fell to 223,000 in the week ended March 2, from 226,000 the previous seven days. The productivity of the US workforce rose at an annual pace of 1.9% in the fourth quarter of 2018, the Labor Department reported.
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