Sensex ends 284 points down, Nifty at 10,154; PSU bank index crack over 3%
All that happened in the markets today.
 "Markets, Stocks, BSE, NSE")
Markets, Stocks, BSE, NSE
The domestic indices ended nearly 1% lower on Wednesday taking cues from recent developments in the banking sector. That apart, global developments are also kept market sentiment in check.
The S&P BSE Sensex ended the day at 33,033, down 284 points while the broader Nifty50 index settled at 10,154, down 95 points.
Among sectoral indices, the Nifty PSU Bank index declined 3.57% on Wednesday led by a fall in the shares of Andhra Bank, Canara Bank and Allahabad Bank.
GLOBAL MARKETS
Global stocks and the dollar slumped on Wednesday after a strong White House advocate for free trade resigned, fanning fears that US President Donald Trump will proceed with protectionist tariffs and risk a trade war.
White House economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the Trump administration, said on Tuesday he was leaving.
The S&P BSE Sensex ended the day at 33,033, down 284 points while the broader Nifty50 index settled at 10,154, down 95 points.
Among sectoral indices, the Nifty PSU Bank index declined 3.57% on Wednesday led by a fall in the shares of Andhra Bank, Canara Bank and Allahabad Bank.
Senior officials from Axis Bank on Tuesday appeared before the Serious Fraud Investigation Office (SFIO), which has started seeking details from lenders with exposure to firms promoted by Nirav Modi and Mehul Choksi with regard to the Rs 127-billion Punjab National Bank (PNB) scam.
A team from Axis Bank, led by Deputy Managing Director V Srinivasan and executives from the trade and transactions department, went to the SFIO’s office in Mumbai, after the investigating agency called them to help in the probe, sources said. The SFIO is understood to have also called officials from other banks, including ICICI Bank, they added.
Global stocks and the dollar slumped on Wednesday after a strong White House advocate for free trade resigned, fanning fears that US President Donald Trump will proceed with protectionist tariffs and risk a trade war.
White House economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the Trump administration, said on Tuesday he was leaving.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.65 per cent on Wednesday, while Japan’s Nikkei retreated 0.77 per cent. South Korea’s KOSPI surrendered morning gains to slip 0.45 per cent.
(with inputs from Reuters)
(with inputs from Reuters)
3:41 PM
BSE Smallcap: Teamlease, Sagar Cements top gainers for the day, NECC top loser
3:36 PM
Nifty PSU Bank index extends losses, ends over 3% lower
3:36 PM
BSE Midcap: Vakrangee, Central Bank of India among top gainers of the day, Adani Enterprises top loser
3:34 PM
Sectoral Trend
3:33 PM
Sensex Heatmap
3:31 PM
Markets at Close
Th S&P BSE Sensex ended the day at 33,033, down 284 points while the broader Nifty50 index settled at 10,154, down 95 points
Th S&P BSE Sensex ended the day at 33,033, down 284 points while the broader Nifty50 index settled at 10,154, down 95 points
3:14 PM
IIFL on Cement sector
Although dealers indicate scepticism on price increases in March, producers have increased prices in March every year following increased availability of labour after Holi since 2003.
While higher input costs, heightened competition, and increased stringency in overloading restrictions are likely to put some pressure on margins, higher-than-expected volume growth is likely to partially offset the same.
We expect utilisation to cross the 70% mark in FY19 after a five-year gap and enhance pricing power of producers over the next two years. However, robust demand growth over the past two quarters has renewed optimism and led to producers considering capacity expansions. Utilisation crossing the 75% mark for the industry remains elusive
3:05 PM
FDC, V-Mart Retail hit record highs in weak market
FDC and V-Mart Retail have hit their respective record highs by surging up to 11% on the BSE in intra-day trade in otherwise weak market.
FDC has rallied 11% to Rs 319 in early morning trade on back of heavy volumes. The trading volumes on the counter jumped more than 10-fold with a combined 1.05 million shares changed hands on the BSE and NSE.
2:52 PM
TeamLease Services surges 17% as RBI raises FPI investment limit
TeamLease Services surged 17% to Rs 2,387 on the BSE in intra-day trade on Wednesday, in an otherwise weak market after the Reserve Bank of India (RBI) raised the investment limit for foreign portfolio investors (FPIs) in the company to 75% on Tuesday.
Currently, FPIs hold 24.64% stake in TeamLease Services, one of India’s leading human resource service companies in the organized segment.
“The Reserve Bank of India has notified that the Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in TeamLease Services has increased from 24% to 75% of its paid up capital,” the RBI said in a press release.
2:40 PM
Edelweiss on GMR Infra
We have valued GMR at Rs 29/share, using SOTP approach. While near-term weakness in airport division’s performance is likely due to implementation of tariff order in Delhi airport, steady traffic spurt in airports and improving volumes in power/road assets are envisaged to boost the company’s fortunes. Regulatory upsides in existing airports, new airport wins in India and asset monetisation will be key stock drivers, in our view. We initiate coverage with ‘BUY’ recommendation.
2:27 PM
BSE 500 index: Top five losers
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) | VOLUME |
| JP ASSOCIATES | 14.85 | 16.15 | -1.30 | -8.05 | 12812392 |
| ADVANCE. ENZYME. | 215.00 | 233.75 | -18.75 | -8.02 | 50990 |
| VA TECH WABAG | 479.90 | 521.60 | -41.70 | -7.99 | 40998 |
| DEEPAK NITRITE | 240.35 | 259.10 | -18.75 | -7.24 | 48269 |
| FORTIS HEALTH. | 150.00 | 161.20 | -11.20 | -6.95 | 2998008 |
2:11 PM
NEWS WATCH Coal India misses production target again; imports likely to increase
The import of thermal coal is likely to increase in the coming months, as Coal India is set to miss its production target again – for an 11th straight month – causing a fuel shortage at the country’s thermal power plants. This is particularly worrisome as the demand for coal is likely to increase further as summer approaches. READ MORE
The import of thermal coal is likely to increase in the coming months, as Coal India is set to miss its production target again – for an 11th straight month – causing a fuel shortage at the country’s thermal power plants. This is particularly worrisome as the demand for coal is likely to increase further as summer approaches. READ MORE
1:47 PM
PFC, REC may be close to bottom: Credit growth, asset quality may improve
Share prices of power sector financiers Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) have hit new lows this week after significantly underperforming on the S&P BSE Sensex for the last one year.
The Q3 results were bad, with the companies reporting a yoy decline in net interest income (difference between interest earned and expended) and a double-digit fall in net profit. READ MORE
1:39 PM
Market Check
| S&P BSE Sensex | 33,110.92 | -0.62% | |
| Nifty 50 | 10,185.95 | -0.62% | |
| S&P BSE 200 | 4,446.46 | -0.74% | |
| Nifty 500 | 8,964.05 | -0.84% | |
| S&P BSE Mid-Cap | 15,971.73 | -1.21% | |
| S&P BSE Small-Cap | 17,338.50 | -1.78% | |
1:29 PM
It has been six months since market regulator Securities and Exchange Board of India’s (Sebi’s) diktat of not allowing participatory notes (p-notes) to take unhedged positions in Indian derivative markets took effect. Contrary to industry concerns at the time the decision was taken, however, the volumes in Indian futures market have only increased since August 2017. READ MORE
Sebi's P-note derivative ban fails to dent Indian futures market volumes
It has been six months since market regulator Securities and Exchange Board of India’s (Sebi’s) diktat of not allowing participatory notes (p-notes) to take unhedged positions in Indian derivative markets took effect. Contrary to industry concerns at the time the decision was taken, however, the volumes in Indian futures market have only increased since August 2017. READ MORE
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First Published: Mar 07 2018 | 3:30 PM IST
