The stock market closed the volatile session with modest losses amid weak global cues. The barometer index, the S&P BSE Sensex, fell 205.71 points or 0.62% at 32,968.68, as per the provisional closing data. The Nifty 50 index dropped 62.85 points or 0.62% at 10,121.30, as per the provisional closing data. The Sensex provisionally settled below 33,000 level after hovering above and below that level in intraday trade. Weakness in global stocks weighed on sentiment on the domestic bourses. Metal and telecom stocks tumbled.
Trading was volatile ahead of March F&O expiry and financial year ending. The March 2018 F&O contracts expired today, 28 March 2018. The stock market remains shut on Thursday, 29 March 2018 for Mahavir Jayanti and also on Friday, 30 March 2018 on the eve of Good Friday.
Meanwhile, the long-term capital gains tax (LTCG) on equities proposed in the Budget last month will apply on profits made from sale of shares on or after 1 April 2018. Long-term capital gains exceeding Rs 1 lakh from sale of shares made on or after 1 April 2018 will be taxed at 10%.
Back to the day's trade, key indices started the session on a negative note amid weakness in global stocks. Indices extended losses in morning trade and traded with modest losses in mid-morning trade. Key indices trimmed losses with the Nifty hitting intraday high in early afternoon trade. Indices extended losses amid volatility to hit intraday lows towards the fag end of session.
Among secondary indices, the S&P BSE Mid-Cap index provisionally fell 0.53%, outperforming the Sensex. The S&P BSE Small-Cap index provisionally declined 0.92%, underperforming the Sensex.
The total turnover on BSE amounted to Rs 6075.60 crore, higher than the turnover of Rs 5407.62 crore registered during the previous trading session.
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Overseas, shares in Europe and Asia dropped, mirroring overnight slide on Wall Street. US stocks closed sharply lower yesterday, 27 March 2018, erasing earlier gains, as a decline in the broader tech sector brought the major indices down. Last week, reports emerged alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without users' permission, raising concerns over data privacy.
Closer home, the breadth, indicating the overall health of the market, was weak. On the BSE, 1,696 shares declined and 935 shares advanced. A total of 198 shares were unchanged.
Metal and mining stocks slumped. Jindal Steel & Power (down 4.7%), Steel Authority of India (down 4.23%), Tata Steel (down 3.37%), Vedanta (down 3.08%), JSW Steel (down 3.97%), Hindustan Copper (down 2.64%), NMDC (down 2.31%), Hindalco Industries (down 2.04%), National Aluminium Company (down 2.29%) and Hindustan Zinc (down 2.18%) declined.
Telecom stocks tanked. Reliance Communications (down 8.21%), Idea Cellular (down 5.7%) and Bharti Airtel (down 3.56%) fell.
Index heavyweight Reliance Industries (RIL) was off 2%. Reliance Eagleford Upstream Holding LP (Reliance), a subsidiary of both Reliance Holding USA, Inc and RIL, announced the signing of a purchase and sale agreement with Sundance Energy Inc, to divest its interest in certain acreage, producing wells and related assets in the western portion of its Eagle Ford shale position for approximate consideration of US$100 million, subject to certain customary adjustments and closing terms and conditions. This transaction is in conjunction with sales made by Pioneer Natural Resources USA Inc and Newpek LLC, the other working interest owners in the joint development with Reliance.
The assets being sold are located in Atascosa, La Salle, Live Oak and McMullen Counties, Texas and were not part of near term development plan of the joint development. Reliance continues to retain its interest in the remaining Eagle Ford assets that are core to its development priorities. The sale is expected to close in Q1 June 2018 and is subject to customary closing conditions.
Sundance Energy Inc. doesn't belong to the promoter group and the transaction does not fall within related party transactions. The announcement was made after market hours yesterday, 27 March 2018.
On the macro front, the total revenue received under Goods and Services Tax (GST) for the month of February 2018 (received in February/March upto 26 March) has been Rs 85174 crore. 1.05 crore taxpayers have been registered under GST so far till 25 March 2018.
Meanwhile, the Lok Sabha was adjourned today, 28 March 2018 till 2 April 2018 amid protests by opposition. The budget session headed towards a washout amid clamour by parties to take up the no-confidence motion against the government. The session will conclude on 6 April 2018.
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