Sensex ends 300 pts down, Nifty 1% lower; Metal, auto stocks decline
All that happened in the markets today.
 "Markets down, Stocks, Shares")
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The domestic indices ended nearly 1% lower on Monday taking cues from its Asian counterparts.
The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,359, down 99 points.
Among sectoral indices, the Nifty Metal index settled 3.28% lower led by a fall in shares of Jindal Steel & Power, Jindal Stainless (Hisar) and Steel Authority of India Limited. The Nifty Auto index too slipped 1.57% due to a fall in Tata Motors and Motherson Sumi Systems.
US President Donald Trump said on Thursday that he would impose tariffs on imports of steel and aluminium products, in a move he said would protect US industry. Experts say the move could hurt US producers and face legal challenges from trade partners.
Asian investors dumped shares and drove to the safety of the yen and gold on Monday amid fears of a global trade war and worries of political uncertainty in Italy, risks that cloud the outlook for world growth.
The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,359, down 99 points.
Among sectoral indices, the Nifty Metal index settled 3.28% lower led by a fall in shares of Jindal Steel & Power, Jindal Stainless (Hisar) and Steel Authority of India Limited. The Nifty Auto index too slipped 1.57% due to a fall in Tata Motors and Motherson Sumi Systems.
US President Donald Trump said on Thursday that he would impose tariffs on imports of steel and aluminium products, in a move he said would protect US industry. Experts say the move could hurt US producers and face legal challenges from trade partners.
In economic data, business conditions in India’s service sector deteriorated modestly in February, Nikkei PMI data for services showed on Monday. Activity and new work declined for the first time since November, with rates of contraction the fastest since August. The seasonally adjusted Nikkei India Services Business Activity Index fell from 51.7 in January to 47.8 in February, its lowest level since August. The headline figure signalled the first fall in output for three months, but one that was modest. Panellists commented that poor underlying demand conditions had weighed on activity.
GLOBAL MARKETS
GLOBAL MARKETS
Asian investors dumped shares and drove to the safety of the yen and gold on Monday amid fears of a global trade war and worries of political uncertainty in Italy, risks that cloud the outlook for world growth.
The specter of a global trade war hit risk appetite, sending MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.8 per cent to the lowest since mid-February. Japan’s Nikkei ended 0.7 percent lower at 21,042.09 while South Korea’s KOSPI faltered 1.1 per cent.
(with wire inputs)
(with wire inputs)
3:37 PM
Nifty Auto falls over 1%
3:36 PM
Metal stocks lead fall, Nifty Metal index down over 3%
3:34 PM
Sectoral Trend
3:33 PM
Sensex heatmap
3:31 PM
Markets at Close
The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,358, down 99 points
The S&P BSE Sensex ended at 33,747, down 300 pts while the broader Nifty50 index settled at 10,358, down 99 points
3:20 PM
Geojit on Larsen & Toubro
We project Sales/PAT CAGR of 12.2/17.5% over FY17-20E. Recovery in domestic business, strong order pipeline, sale of non-core assets, focus on improving RoE & working capital and healthy execution of large order backlog will drive the stock going forward. Hence, we upgrade the stock to BUY as we roll forward our valuation to FY20 with a SOTP based TP of Rs. 1,515.
3:11 PM
IDBI Bank bucks trend in weak market; zooms 51% in one month
IDBI Bank hit a fresh 52-week high of Rs 91.50, up 14% on the National Stock Exchange (NSE) in intra-day trade, extending its past one month rally, after the credit rating agencies revised the upwards outlook of the bank to stable from negative.
In past one month, the stock of state-owned bank has zoomed 51% from Rs 60.40, as compared to 2.8% decline in the Nifty 50 index. READ MORE
2:58 PM
US import tariff likely to have limited impact: Analysts
Metal stocks bore the brunt of US President Donald Trump’s plans of imposing 25 per cent import tariff on steel and 10 per cent on aluminium with the Nifty Metal index slipping 3.7 per cent in intra-day deals. By comparison, the Nifty 50 index lost 1.2 per cent.
Among individual stocks, NMDC, Jindal Steel, Jindal Stainless (Hisar), National Aluminium (NALCO), JSW Steel and SAIL slipped 4.6 per cent to 6.4 per cent during the day. READ MORE
2:43 PM
Sector watch: Infrastructure
We maintain our positive stance on the sector and see EPC companies delivering superior returns over the next 12-18 months, after a muted FY17. Our top picks are NCC, Ahluwalia Contracts, and Ashoka Buildcon.
We also like PNC Infratech and KNR Construction but while PNC is likely to remain subdued in the near termdue to its stuck projects in UP/Bihar, KNR appears expensive on valuations. ITD Cementation appears expensive, especially with its execution track record of last few quarters and its unattractive positioning with respect to segments with maximum opportunity
(Source: Phillip Capital)
2:31 PM
Market Check
| S&P BSE Sensex | 33,793.93 | -0.74% | |
| Nifty 50 | 10,363.35 | -0.91% | |
| S&P BSE 200 | 4,531.86 | -0.88% | |
| Nifty 500 | 9,137.00 | -0.96% | |
| S&P BSE Mid-Cap | 16,319.60 | -0.86% | |
| S&P BSE Small-Cap | 17,884.87 | -1.11% | |
2:26 PM
The change in long-term capital gains (LTCG) tax on equity coupled to the related tax on equity-oriented funds could lead to significant changes in investment strategies for investors. To recap, the tax-meter starts ticking only from a base date of January 31, 2018 due to the ‘grandfathering’ concept. The price of a stock on January 31, 2018 is used for calculating LTCG. (A more complicated formula is used for mutual funds where systematic investment plans (SIPs) complicate the question of acquisition price). READ MORE
LTCG tax: Gold, real estate may see revival over the next year
The change in long-term capital gains (LTCG) tax on equity coupled to the related tax on equity-oriented funds could lead to significant changes in investment strategies for investors. To recap, the tax-meter starts ticking only from a base date of January 31, 2018 due to the ‘grandfathering’ concept. The price of a stock on January 31, 2018 is used for calculating LTCG. (A more complicated formula is used for mutual funds where systematic investment plans (SIPs) complicate the question of acquisition price). READ MORE
2:18 PM
Sugar shares hit 52-week lows; Balrampur Chini down 10%
Shares of most sugar companies were trading at their respective 52-week lows on concerns of renewed pressure on the sweetener prices, if the final production would be higher than the current estimates.
Balrampur Chini Mills, Dwarikesh Sugar Mills, Bannari Amman Sugars, Bajaj Hindustan, Mawana Sugars and Thiru Arooran Sugars are among 12 sugar stocks that hit their respective 52-week lows on the BSE in intra-day trade on Monday. READ MORE
2:08 PM
Reliance Infrastructure (RInfra), along with its subsidiary issued an arbitration notice against founder promoters of Pipapav Defence and Engineering for claims aggregating to Rs 54.40 billion for breach of warranties under the purchase agreement. READ MORE
RInfra serves notice to Pipapav Defence promoters for Rs 54.40 bn claims
Reliance Infrastructure (RInfra), along with its subsidiary issued an arbitration notice against founder promoters of Pipapav Defence and Engineering for claims aggregating to Rs 54.40 billion for breach of warranties under the purchase agreement. READ MORE
1:59 PM
Merchandise exports must grow 27% CAGR to capture 5% world mkt: ex-advisor
While the average peak customs duty is 10 per cent, the effective rate is just 2.8 per cent due to various concessions and exemptions given to exports. This is a double-edged sword, since India is losing on negotiations in the World Trade Organisation because of its high tariff, whereas in practice the effective rate is very low. READ MORE
While the average peak customs duty is 10 per cent, the effective rate is just 2.8 per cent due to various concessions and exemptions given to exports. This is a double-edged sword, since India is losing on negotiations in the World Trade Organisation because of its high tariff, whereas in practice the effective rate is very low. READ MORE
1:51 PM
Sectoral Trend
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First Published: Mar 05 2018 | 3:30 PM IST
