Sensex pares early gains to end 430 pts lower; Nifty PSU Bank index dips 3%

All that happened in the markets today.

4:21 PM

Market Analysis for Tuesday, 6th March 2018 by Jayant Manglik, President, Religare Broking

 

The equity benchmark indices started the day on a strong note, following positive global cues. However, it failed to sustain at higher levels, as the Nifty index slipped from an intra-day high of 10,441 to end the session sharply lower at 10,249 levels, down 1.1%. The broader market indices ‘BSE- Midcap and Smallcap’ also registered a sharp fall, closing the session with losses of 0.8% and 1.3% respectively. Barring Consumer durables, which closed marginally higher, all the other sectoral indices closed on a negative note with Auto, Banks, Capital Goods, FMCG and IT being the major losers.

4:01 PM

Market rundown by Vinod Nair, Head of Research, Geojit Financial Services: 

 

Market gave up gains despite positive trade in global market. Consolidation continues led by broad selling across all sector. Market has broken yesterday’s low while banks continue to struggle due to NPA issue, higher bond yield & cost of funds. Investors are little nervous to start accumulating and are waiting for major triggers to get direction."

3:36 PM

Nifty Bank index drags, falls for fifth straight session

3:35 PM

Nifty Realty index falls over 2%

3:33 PM

Sectoral Trend

3:32 PM

Sensex heatmap

3:31 PM

Markets at Close

The S&P BSE Sensex ended the day at 33,317, down 429 points, while the broader Nifty50 index settled at 10,249, down 109 points

3:25 PM

MARKET STRATEGY Time to buy dividend yield stocks, says Centrum Broking

As markets are somewhat under the weather, and as we are in the middle of fourth quarter of the financial year, Q4FY18, it’s good time to look at “Dividend” yielding stocks. In the current economy, where bank fixed deposits offer interest rates to the tune of 6-7%, there are stocks which are giving dividend yields similar to that. Further, the interest on bank fixed deposits is taxable whereas the dividend from equity is completely exempt from tax (except when the dividend income in a financial year exceeds Rs 1 million). In that context, post-tax dividend yields of some of the stocks is way higher than the post-tax interest yield on bank fixed deposits. So, investors can consider some of the high dividend yield stocks to bring in regular inflows.
 

3:14 PM

Nifty Auto slips over 1%, M&M, TVS Motors drag

3:14 PM

Nifty PSU Bank index slips over 2%

3:05 PM

Economy watch: Nomura on PMI numbers

 

The sudden dip in the services PMI back into contractionary territory is a negative surprise. The drop could be a data quirk – there have been many times in the past when the services PMI has fallen only to recover the following month. Or, it could reflect something more fundamental due to tighter lending standards (especially for trade financing) due to recent banking sector developments. 

 

We currently expect the cyclical growth recovery to continue, including in services, and will wait for the March PMI data and other leading indicators for services to assess whether this is a blip or not

2:54 PM

Asia's biggest currency gain in 20 years may be about to end

 

Asian currencies may be on the verge of a correction after completing the best year in at least two decades. The warning sign? Indonesia’s rupiah slumped to a two-year low last week.

 

The rupiah is seen as a bellwether of sorts for Asia given the high foreign ownership of the nation’s bonds. The currency is typically among the first in the region to be sold when sentiment sours, and this often heralds a broader decline among its peers. READ MORE

2:44 PM

Market Check

S&P BSE Sensex	33,684.22		-0.19%
Nifty 50	10,346.00		-0.12%
S&P BSE 200	4,528.72		0.04%
Nifty 500	9,128.75		-0.08%
S&P BSE Mid-Cap	16,355.23		0.31%
S&P BSE Small-Cap	17,857.54		-0.17%

2:28 PM

RBI set to give govt Rs 100 billion interim dividend, say sources

Government expects to receive Rs 100 billion ($1.5 billion) as interim dividend from the Reserve Bank of India this month, people with knowledge of the matter said. The amount has been calculated for the six month through Dec 31, the people said asking not to be identified as the information is private. Reserve Bank of India’s financial year runs from July to June READ MORE

A woman walks past the Reserve Bank of India (RBI) head office in Mumbai | Photo: Reuters

2:18 PM

Dilip Buildcon nears record high on strong order inflow

 

Shares of Dilip Buildcon moved up by 7% to Rs 1,030 on the BSE in noon deal, extending its 2% gain in past three trading sessions, after winning projects worth of about Rs 75.36 billion from the National Highways Authority of India (NHAI). The stock is trading close to its record high of Rs 1,059 touched on December 27, 2017 in intra-day trade. READ MORE