Key benchmark indices logged small losses in volatile session of trade amid divergent trend in index pivotals. The barometer index, the S&P BSE Sensex, fell 21.04 points or 0.06% at 33,835.74, as per the provisional closing data. The Nifty 50 index fell 15.95 points or 0.15% at 10,410.90, as per the provisional closing data. PSU OMCs declined.
Domestic stocks began trading on a subdued note on negative Asian stocks. The market sentiment also took a hit after the Reserve Bank of India (RBI) banned letters of undertaking (LoUs) for seeking overseas loans. Key benchmark indices hovered in negative zone in morning trade. Indices extended fall and hit fresh intraday lows in early afternoon trade. Key indices made a partial recovery in afternoon trade after hitting intraday lows in early afternoon trade. Stocks staged a recovery in mid-afternoon and late trade, erasing almost entire intraday losses.
The Sensex rose 18.37 points or 0.05% at the day's high of 33,875.15 in late trade. The index lost 276.09 points or 0.82% at the day's low of 33,580.69 in early afternoon trade, its lowest level since 12 March 2018. The Nifty fell 6.50 points or 0.06% at the day's high of 10,420.35 in late trade. The index lost 90.55 points or 0.87% at the day's low of 10,336.30 in early afternoon trade, its lowest level since 12 March 2018.
The S&P BSE Mid-Cap index was provisionally up 0.28%. The S&P BSE Small-Cap index was provisionally up 0.06%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,349 shares declined and 1,331 shares advanced. A total of 161 shares were unchanged.
The total turnover on BSE amounted to Rs 3370.20 crore, lower than the turnover of Rs 4468.75 crore registered during the previous trading session.
Among shares of oil exploration and production (E&P) companies, Reliance Industries rose 0.04%. ONGC lost 1.47%.
Oil India rose 3.17% after the company said it has fixed 29 March 2018 as the record date for issue of bonus shares in the ratio of 1:2. The announcement was made after market hours yesterday, 13 March 2018.
Among PSU OMCs, HPCL (down 1.84%), BPCL (down 0.42%) and Indian Oil Corporation (down 3.2%) declined.
State Bank of India (SBI) rose 0.82%. SBI during market hours today, 14 March 2018 clarified that the bank has not received any notice from the Serious Fraud Investigation Office (SFIO) or Enforcement Directorate (ED) in respect of any investigation into the loans granted by the bank to Usha Martin. Meanwhile, Usha Martin also confirmed of not having received any notice either from the SFIO or the ED.
Usha Martin jumped 4.97%. Usha Martin issued a clarification to the stock exchanges with respect to media news article captioned "Enforcement Directorate, SFIO waded into Rs 54-bn loans to Usha Martin group". The company said it has not been contacted by either SFIO or Enforcement Directorate in respect of any investigation into the loans granted to the company by its lenders and therefore, to the best of its knowledge and understanding no such investigation is going on. The announcement was made after market hours yesterday, 13 March 2018.
IT major TCS shed 0.22% to Rs 2,886. Tata Sons sold 3.12 crore shares, or 1.63% equity, of TCS in two separate bulk deals on NSE yesterday, 13 March 2018. Tata Sons offloaded 2.05 crore shares at Rs 2,876.46 each. Another 1.06 crore shares were sold at Rs 2,872.19 each. As on 31 December 2017, Tata Sons held 73.52% stake in TCS.
Index heavyweight and housing finance major HDFC lost 0.61% to Rs 1,851.95. A meeting of the board of directors of the corporation is scheduled to be held on 16 March 2018, to consider and approve payment of interim dividend, if any, on the equity shares for the financial year ending 31 March 2018. The objective of payment of interim dividend is to distribute dividends received by the corporation from its subsidiary companies during the year to the shareholders. The record date is 24 March 2018. The announcement was made after market hours yesterday, 13 March 2018.
Bharti Airtel lost 1.06%. The company informed that within the authority of the special resolution passed by the shareholders of the company, the committee of directors of the company has approved the allotment of 30,000 listed, unsecured, rated, redeemable, non-convertible debentures (Series I and II) of face value Rs 10 lakh each, at par aggregating to Rs 3000 crore on private placement basis. The announcement was made during market hours today, 14 March 2018.
The proceeds of the issue will be used for general corporate purpose including routine treasury activities of refinancing of existing debt and spectrum liabilities etc.
Hero MotoCorp lost 1.79%. Close on the heels of launching the new Super Splendor, Hero MotoCorp commenced retail sales of the new 'Passion PRO and Passion XPRO' across markets in the country.
The two new products are set to further consolidate the leadership of Hero MotoCorp in the domestic motorcycle market, where the company commands over 50% market share, Hero MotoCorp said.
L&T rose 0.3%. The company announced that its wholly owned subsidiary viz. L&T Hydrocarbon Engineering, has won orders worth above Rs 1600 crore across various business segments. The announcement was made during market hours today, 14 March 2018.
On the macro front, India's annual wholesale price inflation eased in February, government data showed today, 14 March 2018. Annual wholesale price inflation last month slowed to 2.48% from a year earlier, from a provisional 2.84% rise in January.
Meanwhile, the Reserve Bank of India (RBI) in a press release issued yesterday, 13 March 2018 said that on a review of the extant guidelines, it has been decided to discontinue the practice of issuance of Letters of Undertaking (LoUs)/Letters of Comfort (LoCs) for Trade Credits for imports into India by Authorised Dealer Category - I banks with immediate effect. Letters of Credit and Bank Guarantees for Trade Credits for imports into India may continue to be issued.
Overseas, European stocks were trading with small gains buoyed after European Central Bank President Mario Draghi said its bond-buying program will likely continue if underlying inflation in the region remains subdued.
Asian stocks declined following an overnight slide in US equities after fresh personnel shakeup in the US President Donald Trump's administration spurred concerns about a unilateral approach to trade, national security and foreign affairs.
Among economic data, Chinese industrial-production, fixed-asset investment and retail sales data showed the economy grew much faster than expected in the first two months of 2018. China releases combined data for January and February to limit distortions caused by the Lunar New Year holiday, which was in January last year but February this year.
Value-added industrial output, a rough proxy for economic growth, expanded by 7.2% in January and February from a year earlier, compared with a 6.2% on-year increase in December, the National Bureau of Statistics said today, 14 March 2018. Industrial production rose 0.57% on-month in February, compared with December's 0.52% growth.
Fixed-asset investment outside rural households climbed 7.9% in the first two months of 2018 from a year earlier, quickening from a 7.2% increase in 2017. Retail sales grew 9.7% on-year in January and February, accelerating from a 9.4% rise in December.
Minutes from the Bank of Japan's January meeting, released today, 14 March 2018 showed that some board members warned the central bank should keep a close eye on unexpected side effects from the current monetary policy.
US equities fell in choppy trade yesterday, 13 March 2018 after tech shares pulled back amid concerns trade tensions between the US and China could increase. The sudden firing of US Secretary of State Rex Tillerson took some by surprise less than a week after top economic adviser Gary Cohn resigned from the White House. US President Donald Trump has nominated CIA director Mike Pompeo, an ex-congressman, to replace Tillerson.
The consumer-price index rose a mild 0.2% in February after a 0.5% increase in January. The year-over-year rate for CPI edged up to 2.2% in February from 2.1% in January.
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