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Sensex, Nifty slide after volatile session

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Capital Market

Key equity benchmarks ended with modest losses after a volatile session. Investors booked profits amid mixed cues from other Asian shares and negative cues from European market. The Nifty retracted after crossing 10,500 mark in morning trade.

The Sensex fell 100.53 points or 0.26% to settle at 38,132.88. The index rose 242.52 points, or 0.63% at the day's high of 38,475.93. The index fell 232.07 points, or 0.61% at the day's low of 38,001.34.

The Nifty 50 index fell 38.20 points or 0.33% to settle at 11,445.05. The index rose 62.95 points, or 0.55% at the day's high of 11,546.20. The index fell 70.25 points, or 0.61% at the day's low of 11,413.

 

Stocks drifted higher in early trade on buying demand in index pivotals. The market hovered near day's high in morning trade. Firmness prevailed on the bourses in mid-morning trade. Indices trimmed gains in early afternoon trade. Stocks reversed intraday gains and hit intraday low in negative zone in mid-afternoon trade. Indices hovered in negative zone in late trade.

The S&P BSE Mid-Cap index rose 0.59%. The S&P BSE Small-Cap index rose 0.64%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1203 shares rose and 1549 shares fell. A total of 150 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Bankex (up 0.7%), the S&P BSE Consumer Durables index (up 0.51%) and the S&P BSE Metal index (up 0.05%), outperformed the Sensex. The S&P BSE Energy index (down 1.01%), the S&P BSE Power index (down 0.95%) and the S&P BSE Auto index (down 0.77%), underperformed the Sensex.

Among index pivotals, Reliance Industries (down 1.25%), HDFC (down 1.30%) and HDFC Bank (down 0.43%), declined.

Tata Motors (down 1.85%), Bharti Airtel (down 1.49%), Power Grid Corporation of India (down 1.36%), Hero MotoCorp (down 1.21%) and Mahindra & Mahindra (down 1.14%), were the major Sensex losers.

Yes Bank (up 5.62%), IndusInd Bank (up 5.27%), State Bank of India (up 1.57%), Bajaj Auto (up 1.18%) and Vedanta (up 1.12%), were the major Sensex gainers.

Axis Bank gained 0.39%. Axis Bank's board will consider FY19 results on 25 April 2019. The announcement was made during market hours today, 27 March 2019.

NTPC fell 2.25%. NTPC has launched and priced an issue of 3.75% U.S.D 450,000,000 notes due 2024 on 26 March 2019. The Notes carry a coupon of 3.75% per annum payable semi-annually. The Notes are expected to be settled by 3 April 2019. The Notes will mature on 3 April 2024 and all principal and interest payments will be made in U.S. Dollars. The announcement was made during market hours today, 27 March 2019.

Most pharmaceutical shares declined. Divi's Laboratories (down 1.89%), Alkem Laboratories (down 1.26%), Sun Pharmaceutical Industries (down 1.1%), Cadila Healthcare (down 1.01%), Cipla (down 0.79%), Glenmark Pharmaceuticals (down 0.76%), Aurobindo Pharma (down 0.75%), Piramal Enterprises (down 0.56%) and IPCA Laboratories (down 0.07%), edged lower. GlaxoSmithKline Pharmaceuticals (up 0.12%) and Wockhardt (up 1.73%), edged higher.

Lupin fell 1.35%. The company announced during trading hours today, 27 March 2019, that it has received the 'European Good Manufacturing Practice' (EU GMP) certificate for its Mammalian Facility in Pune where Etanercept Biosimilar is intended to be manufactured.

In a separate announcement during trading hours today, 27 March 2019, Lupin said that it received approval for its Tadalafil Tablets USP, 2.5 mg, 5 mg, 10 mg, and 20 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Eli Lilly and Company's Cialis Tablets, 2.5 mg, 5 mg, 10 mg, and 20 mg.

Dr. Reddy's Laboratories fell 0.41%. Dr. Reddy's Laboratories announced appointment of Allan Grant Oberman as an additional director, categorized as independent, on the board of the company for a period of five years, effective 26 March 2019. The announcement was made after market hours yesterday, 26 March 2019.

Strides Pharma Science rose 3.40% after the company announced that it has received US Food and Drug Administration approval for its greenfield oral dosage facility in Singapore. The announcement was made during trading hours today, 27 March 2019.

Meanwhile, Prime Minister Narendra Modi on Wednesday, 27 March 2019, announced successful launch of the country's Anti-Satellite Missile System (A-SAT). Defence Research and Development Organisation (DRDO) successfully conducted an A-SAT missile test 'Mission Shakti' from the Dr AP J Abdul Kalam Island in Odisha. A DRDO-developed Ballistic Missile Defence (BMD) Interceptor Missile successfully engaged an Indian orbiting target satellite in Low Earth Orbit (LEO) in a 'Hit to Kill' mode. The interceptor missile was a three-stage missile with two solid rocket boosters. Tracking data from range sensors has confirmed that the mission met all its objectives.

The test has demonstrated the Nation's capability to defend its assets in outer space. It is a vindication of the strength and robust nature of DRDO's programmes. With this India joins a select group of nations, which have such capability. The test has once again proven the capability of indigenous weapon systems, Ministry of Defence said in a statement.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.88, compared with its close of 68.86 during the previous trading session.

In the global commodities markets, Brent for May 2019 settlement was down 15 cents at $67.82 a barrel. The contract rose 76 cents, or 1.13% to settle at $67.97 a barrel during the previous trading session.

Overseas, European stocks were trading lower, with investors unnerved over fears of a potential U.S. recession. Asian stocks ended mixed after US stocks finished broadly higher on Wall Street.

Brexit uncertainty continues to weigh on sentiment. U.K. Prime Minister Theresa May is set to address lawmakers of her own Conservative Party Wednesday. British lawmakers are due to hold a round of so-called indicative votes - essentially votes on what the course of Brexit should look like - later in the day. This comes after parliamentarians took control of the Brexit process from May's government.

US stocks closed higher Tuesday as the energy and financial sectors buoyed the market, but main indexes came off their intraday highs on tepid housing and consumer-confidence data as well as lingering uncertainties over global growth and Brexit.

US-China trade negotiations resumed, reigniting some optimism that the high-stakes dispute was coming to a close. Cabinet-level trade negotiations between Beijing and Washington were scheduled to kick off, with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin due in China later this week to help conclude long-running discussions between the world's two largest economies.

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First Published: Mar 27 2019 | 4:36 PM IST

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