Market Wrap: Sensex sinks 430 points, Nifty at 10,249 dragged by banking stocks
BSE Sensex closed lower by 429.58 points at 33,317.20, while the Nifty 50 declined 109.60 points to close at 10,249.25. Here are the latest updates from the markets
Last Modified: Tue, Mar 06 2018. 08 16 PM IST
- 3.35 pm ISTClosing bell
- 3 pm ISTMarket update
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- 2.47 pm ISTRupee trades marginally higher against US dollar
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- 1.50 pm ISTPNB fraud: Chanda Kochhar, Shikha Sharma summoned over loans to Gitanjali Gems
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- 12.37 pm ISTArbitration court restrains RCom from selling assets
- 12.33 pm ISTPritika Auto Industries to buy assets of Amrita Duraparts
- 11.58 am ISTMarket update
- 11.55 am ISTRBI imposes Rs3 crore penalty on Axis Bank
- 11.50 am ISTRipple pares gains as Coinbase shoots down trading speculation
- 11.43 am ISTGitanjali Gems shares fall 5%
- 10.28 am ISTMarket update
- 10.25 am ISTJain Irrigation Systems bags Rs287.66 crore order
- 10.23 am ISTBitcoin rises above 50-day average for first time since January
- 9.47 am ISTMetal stocks trade higher
- 9.45 am ISTSun Pharma shares gain as Credit Suisse holds rating
- 9.43 am ISTWhat would a trade war mean for overall corporate earnings?
- 9.40 am ISTRupee gains for second session against US dollar
- 9.30 am ISTMarket update
- Mumbai: Benchmark indices closed lower for a fifth straight session on Tuesday, dragged by banking stocks despite strong trades in Asian and European equities. BSE Sensex and NSE’s Nifty 50 opened higher on positive cues from Asian markets after concerns eased over Donald Trump’s plan to impose tariffs on steel and aluminium imports, but settled 1.3% lower dragged by selloffs in banking stocks. The Nifty PSU Bank fell 2.87% and the Nifty Bank was down 1.49% after investigative agency SFIO issued summons to ICICI Bank and Axis Bank, seeking explanation over loans given to Gitanjali Gems in connection with the PNB fraud case. Here are the latest updates from the markets:
- 3.35 pm IST Closing bellBSE Sensex closed lower by 429.58 points, or 1.27%, to 33,317.20, while the Nifty 50 declined 109.60 points, or 1.06%, to close at 10,249.25. All the sectoral indices on BSE ended lower with realty, bankex and telecom shedding most. BSE MidCap and SmallCap fell 0.84% and 1.32%, respectively. IndusInd Bank, Tata Steel, Hero MotoCorp and Coal India were top gainers, whereas Sun Pharma, SBI, ICICI Bank and M&M were among the major losers.
- 2.50 pm IST European shares trade higherEurope’s main stock markets rebounded in opening deals, mirroring a broad rally in Asia, as concerns eased over Donald Trump’s planned trade tariffs. In initial deals, London’s benchmark FTSE 100 rose 0.8% to 7,171.37 points. In the eurozone, Frankfurt’s DAX 30 jumped 1.1% to 12,229.29 points and the Paris CAC 40 won 0.7% to 5,203.11. And in Italy, the FTSE MIB in Milan opened 1.0% higher at 22,049.90 points. (AFP)
- 2.47 pm IST Rupee trades marginally higher against US dollarThe Indian rupee on Monday strengthened marginally against the US dollar on Monday, tracking gains in its Asian peers. The rupee was trading at 65.02, up 0.15% from its previous close of 65.11. The home currency opened at 64.96 and touched a high of 64.93 a dollar. Yields on 10-year government bonds were at 7.769% compared to Monday’s close of 7.776%.
- 1.55 pm IST Market updateBSE Sensex traded higher by 76.70 points, or 0.23%, to 33,823.48, while the Nifty 50 rose 35 points, or 0.34%, to 10,393.85. BSE Midcap was up 0.65%, while SmallCap rose 0.15%. Among the sectoral indices on BSE, consumer durables, oil and gas, and metal traded higher, whereas FMCG, telecom and auto declined.
- 1.53 pm IST Bandhan Bank gets Sebi nod for Rs2,500 crore IPOPrivate sector lender Bandhan Bank Ltd has received approval from the Securities and Exchange Board of India (Sebi) to raise an estimated amount of over Rs2,500 crore through an initial public offering. The Kolkata-based bank had filed draft papers with Sebi on 1 January and obtained “observations” from the regulator on 28 February, as per the latest update with the markets watchdog.
- 1.50 pm IST PNB fraud: Chanda Kochhar, Shikha Sharma summoned over loans to Gitanjali GemsThe Serious Fraud and Investigation Office (SFIO), an investigative agency which probes white collar crimes, has issued summons to ICICI Bank Ltd and Axis Bank Ltd, seeking explanation on loans given to Gitanjali Gems Ltd in connection with the Punjab National Bank (PNB) fraud case, said two people with direct knowledge of the matter, including an SFIO official.
- 12.37 pm IST Arbitration court restrains RCom from selling assetsAn Indian arbitration court has restrained Reliance Communications Ltd (RCom) and two of its companies from transferring or selling any assets without its permission, in an interim order after Ericsson moved the tribunal to recover unpaid dues. Shares rose 1.08% to Rs28.05. (Reuters)
- 11.58 am IST Market updateBSE Sensex traded higher by 72.96 points, or 0.22%, to 33,819.74, while the Nifty 50 rose 30.70 points, or 0.30%, to 10,389.55. Among the sectoral indices, metal rose 1.11%, consumer durables 1.05%, realty 0.94% and basic materials 0.77%. IndusInd Bank, Tata Steel, Dr. Reddy’s Labs and HDFC were among the major gainers, whereas ICICI Bank, Sun Pharma and M&M were top losers.
- 11.55 am IST RBI imposes Rs3 crore penalty on Axis BankAxis Bank Ltd disclosed that the Reserve Bank of India has imposed a penalty of Rs3 crore on the bank for noncompliance of RBI directions issued under IRAC norms. The penalty will not have any material impact on the bank, said Axis Bank in a regulatory filing. Shares traded 0.27% up at Rs525.05.
- 11.50 am IST Ripple pares gains as Coinbase shoots down trading speculationRipple, the third most valuable digital token by market value, pared gains after Coinbase, one of the biggest US cryptocurrency exchanges, reiterated that it hasn’t decided whether it will add new coins to its marketplace. Ripple had gained as much as 20% to $1.08 on Monday amid speculation that Coinbase will enable trading of the asset. It’s now up 6.5%.
- 11.43 am IST Gitanjali Gems shares fall 5%Gitanjali Gems shares were trading 4.92% lower at Rs18.35. The Central Bureau of Investigation (CBI) detained Vipul Chitalia, vice president of Gitanjali Group of Companies, in connection with the agency’s probe into the multi-crore Punjab National Bank (PNB) fraud.
- 10.28 am IST Market updateBSE Sensex traded higher by 169.64 points, or 0.50%, to 33,916.42, while the Nifty 50 rose 54.25 points, or 0.52%, to 10,413.10. BSE MidCap and SmallCap gained 0.65% and 0.56%, respectively. All the sectoral indices on BSE, except telecom, traded higher led by consumer durables, realty and metal.
- 10.23 am IST Bitcoin rises above 50-day average for first time since JanuaryBitcoin bulls may have just got the technical signal they’ve been hoping for. Bitcoin prices rose above its 50-day moving average for the first time since mid-January, up as much as 5.8% on Monday, the most in two weeks.
- 9.47 am IST Metal stocks trade higherMetal stocks trades higher amid a rebound in risk appetite driven by speculation that US President Donald Trump will soften his proposed trade tariffs on steel and aluminium. JSW Steel Ltd rose 3.1%, Jindal Steel and Power rose 2.7%, Steel Authority of India Ltd gained 2.7%, Vedanta Ltd 2.5%, Tata Steel Ltd 2%, National Aluminum Co Ltd 1.9%, NMDC Ltd 1.9%, Hindalco Industries Ltd 1.6%, Hindustan Zinc 1%.
- 9.45 am IST Sun Pharma shares gain as Credit Suisse holds ratingSun Pharmaceuticals Industries Ltd shares rose 1.1% to Rs554 after brokerage firm Credit Suisse said that the observations at its Halol plant is not very serious. The brokerage firm maintained its Outperform rating on the stock with price target of Rs 640 a share.
- 9.43 am IST What would a trade war mean for overall corporate earnings?In the admittedly extreme event of a global trade war, earnings of companies could be at risk, impacting the overall Nifty earnings estimates.
What would a trade war mean for overall corporate earnings? https://t.co/Uwa6I3mCg2— Livemint (@livemint) March 6, 2018
- 9.40 am IST Rupee gains for second session against US dollarThe Indian rupee strengthened for the second session against the US dollar on Monday, tracking gains in its Asian peers. The rupee was trading at 64.97, up 0.23% from its previous close of 65.11. The home currency opened at 64.96 and touched a high of 64.94 a dollar. Yields on 10-year government bonds were at 7.790% compared to Monday’s close of 7.776%. Bond yields and prices move in opposite directions.