The BSE Sensex ended with modest gains while the Nifty ended almost flat. Gains in HDFC Bank, Larsen & Toubro and ITC boosted indices, while weakness in Infosys and HDFC capped gains. The barometer index, the S&P BSE Sensex, rose 89.32 points or 0.24% to 36,725.42, as per the provisional closing data. The Nifty 50 index rose 5.20 points or 0.05% to 11,058.20, as per the provisional closing data.
Indices rose in early trade and advanced further to hit fresh intraday high in morning trade. Benchmarks reversed gains in mid-morning trade. Indices were trading near flat line in early afternoon trade. Indices bounced back sharply and hit fresh intraday high in mid-afternoon trade. Barometers came off day's high in late trade as profit booking emerged at higher levels.
Among secondary barometers, the BSE Mid-Cap index fell 0.34%. The BSE Small-Cap index fell 0.11%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1305 shares rose and 1353 shares fell. A total of 161 shares were unchanged.
Axis Bank (up 1.61%), Mahindra & Mahindra (up 1.61%), ITC (up 1.59%), State Bank of India (up 1.21%), HDFC Bank (up 1.04%) and Power Grid Corporation of India (up 1.03%), were the major Sensex gainers.
Coal India (down 3.32%), NTPC (down 2.02%), Sun Pharmaceutical Industries (down 1.95%), ONGC (down 1.91%), Yes Bank (down 1.45%), Vedanta (down 1.34%), Infosys (down 1.11%) and HDFC (down 0.42%), were the major Sensex losers.
Engineering and construction major Larsen & Toubro (L&T) rose 2.77%. The construction arm of L&T has secured orders from prestigious clients across varied states in India. The announcement was made during trading hours today, 7 March 2019.
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Telecom major Bharti Airtel fell 0.37%. The company gave further details of its largest capital infusion plan involving a mix of rights issue and perpetual bond issue to raise a total of up to Rs 32000 crore to further bolster its capital structure. The board of Bharti Airtel has approved rights issue to raise up to Rs 25000 crore through issuance of fully paid up shares at a price of Rs 220 per share and to raise an additional Rs 7000 crore via the foreign currency perpetual bond issue.
The entire rights entitlement of promoter and promoter group of approximately Rs 16785.70 crore will be subscribed by them and GIC, with promoter and promoter group subscribing to Rs 11785.70 crore and GIC subscribing Rs 5000 crore by way of renouncement in their favour.
The board has additionally provided an in principle approval for the issuance of a foreign currency perpetual bond of up to Rs 7000 crore ($1 bn), subject to price, market conditions and terms and conditions as acceptable, and such conditions allowing for full accounting equity credit and subject to all applicable laws including under ECB Regulations. The company is in the process of appointing banks to take this forward.
Overseas, shares in Europe traded lower, while Asian shares ended mixed, following a third consecutive day of losses on Wall Street. Investors are taking a cautious approach as they wait for further details on a possible trade agreement between China and the US.
US stocks slid for a third consecutive session on Wednesday, as investors continue to wait for news of a trade deal between the US and China.
Payroll-service company ADP estimated that the US private sector added 183,000 jobs in February, according to FactSet.
US data released Wednesday showed the country's trade deficit soaring to a 10-year high of $59.8 billion in December. The US trade deficit soared to a 10-year high in 2018 of $621 billion, the Commerce Department said.
Meanwhile, the Organisation for Economic Co-operation and Development (OECD) in its latest interim economic outlook yesterday, 6 March 2019, said that the global economy is slowing and major risks persist, with growth weakening much more than expected in Europe. The OECD projects that the global economy will grow by 3.3% in 2019 and 3.4% in 2020. The outlook and projections cover all G20 economies. Downward revisions from the previous Economic Outlook in November 2018 are particularly significant for the euro area, notably Germany and Italy, as well as for the United Kingdom, Canada and Turkey.
Indian economic growth is seen improving to 7.2% in 2019 and 7.3% in 2020 after growing by 7% in 2018. However, the projections for 2019 and 2020 have been trimmed by 0.10% compared to the November estimate by the OECD. Business confidence and investment remain strong, and activity should benefit from easing financial conditions, lower oil prices, accommodative fiscal policy and recent structural reforms, OECD said in its report.
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