Back
PremiumMUMBAI :Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed lower for the fourth straight session on Monday dragged by telecom, realty, metal and IT stocks. Moreover, India’s current account deficit widened to 2% of gross domestic product, or $13.5 billion driven by higher imports. Traders are now looking forward to Wednesday’s FOMC meeting for guidance on the US Federal Reserve’s rate hike path. Meanwhile, foreign portfolio investors sold shares worth Rs150.46 crore on net basis, while domestic institutional investors sold shares worth Rs770.53 crore on Friday, provisional data showed. Here are the highlights from the markets:
BSE Sensex closed lower by 252.88 points, or 0.76%, to 32,923.12, while the Nifty 50 fell 100.90 points, or 0.99%, to close at 10,094.25. All the sectoral indices on BSE ended lower with telecom losing most at 3.40% followed by realty 3.01%, metal 2.65% and basic materials 2%. BSE MidCap and SmallCap declined 1.58% and 1.98%, respectively.
BSE Sensex traded lower by 271.82 points, or 0.82%, to 32,904.18, while the Nifty 50 fell 106.55 points, or 1.05%, to 10,088.60.
UltraTech Cement Ltd (UCL) has entered into an in-principle agreement with Binani Industries Ltd (BIL) to pick up 98.43% stake in its subsidiary Binani Cements Ltd (BCL), subject to termination of insolvency proceedings, the company informed the stock exchanges on Monday.
BSE Sensex traded lower by 209.98 points, or 0.63%, to 32,966.02, while the Nifty 50 fell 77.60 points, or 0.76%, to 10,117.55.
Bitcoin traded at $8,235 as of 11:20am in Hong Kong, up 12% from its low reached over the weekend, according to prices on Bitstamp. Rival coins Ripple and Ether also pared weekend losses.
Many startups with roots in India have either moved base to overseas markets or registered their companies in countries that legally allow trading in cryptocurrencies.
Blockchain startups in India shift to overseas markets to raise ICOshttps://t.co/kSFSsuDw9B
— Livemint (@livemint) March 19, 2018
Europe’s major stock markets declined in opening deals, with London’s benchmark FTSE 100 index losing about 0.1% to reach 7,157.58 points. In the eurozone, Frankfurt’s DAX 30 index reversed almost 0.4% to 12,346.51 points and the Paris CAC 40 also shed 0.4% to 5,282.75 compared with Friday’s closing level. (AFP)
The Indian rupee on Monday weakened against the US dollar after the country’s current account deficit widened sharply, driven by higher imports. At 2pm, the home currency was trading at 65.10 a dollar, down 0.28% from its Friday’s close of 64.94. The rupee opened at 65.04 a dollar and touched a low of 65.14. The 10-year bond yield was at 7.587% compared to its previous close of 7.557%.
BSE Sensex traded lower by 211.87 points, or 0.64%, to 32,964.13, while the Nifty 50 fell 78.05 points, or 0.77%, to 10,117.10. BSE MidCap and SmallCap were down 1.58% and 1.87%, respectively. All the sectoral indices on BSE traded lower with metal falling most at 3.05% followed by telecom 2.85% and basic materials 2.07%
Lupin Ltd said it has received final approval for its Desoximetasone topical spray, 0.25%, 30 ml, 50 ml, and 100 ml from the USFDA to market a generic version of Taro Pharmaceuticals USA Inc.’s Topicort Topical Spray, 0.25%. Shares rose 0.995 to Rs769.80
Bharat Heavy Electricals Ltd said it has successfully commissioned the first 110 MW generating unit of the prestigious 330 MW Kishanganga Hydro-Electric Project in Jammu and Kashmir, being developed by NHPC Ltd. Shares were trading 2.14% lower at Rs84.40.
BSE Sensex traded lower by 119.61 points, or 0.36%, to 33,056.39, while the Nifty 50 fell 34.90 points, or 0.34%, to 10,160.25.
The Initial public offering of Bandhan Bank Ltd was subscribed 1.17 times on the last day of the shares sale on Monday. As of 11.15am, the IPO received bids for 97,487,160 shares against the total issue size of 83,496,347, according to NSE data.
PNC Infratech Ltd shares rose 2.3% to Rs158 after the company said it emerged as the lowest bidder for Rs1,197 crore Aligarh-Kanpur project.
BSE Sensex traded lower by 49.06 points, or 0.15%, to 33,126.94, while the Nifty 50 fell 31.05 points, or 0.30%, to 10,164.10. Seventeen out of 19 sectoral indices traded lower on BSE with metal, oil and gas, basic materials and realty shed most. Capital goods and consumer durables traded higher. BSE MidCap and SmallCap declined 1.22% and 1.11%, respectively.
Orchid Pharma Ltd shares rose 2.1% to Rs15 after the company said it received three bids under insolvency proceedings.
Va Tech Wabag Ltd shares were up 2.4% to Rs515 after Porinju Veliyath Equity Intelligence bought 0.35% stake or about 1.9 lakh shares in the company.
Banking stocks were trading higher. Corporation Bank 3%, Uco Bank 2.8%, IDBI Bank rose 2%, Andhra Bank 1.4%, Indian Bank 1%, Oriental Bank of Commerce 1%, Canara Bank 1%, Bank of India 1%, Union Bank of India 0.9%, Punjab National Bank 0.8%, Syndicate Bank 0.7%, Allahabad Bank 0.7%, Bank of Baroda 0.6%
Ashoka Buildcon Ltd shares rose 2.3% to Rs231.15 after the company said its arm Ashoka Concessions Ltd emerged lowest bidder for NHAI’s Rs1,687-crore project.
Oil marketing companies traded lower. Bharat Petroleum Corp. Ltd fell 2.3%, Indian Oil Corp Ltd 1.9%, Hindustan Petroleum Corp Ltd 1.5%.
The US Federal Reserve is preparing to raise key lending rate as economic conditions converge to put upward pressure on prices, including massive new tax cuts, a weaker dollar and even the threat of a trade war.
US Fed to raise rates with trade tensions on horizon https://t.co/r4yfQlzf5Y
— Livemint (@livemint) March 18, 2018
The Indian rupee on Monday weakened against the US dollar after India’s current account deficit widened sharply driven by higher imports. The rupee opened at 65.04 a dollar. At 9.15am, the home currency was trading at 65.04 a dollar, down 0.16% from its Friday’s close of 64.94. The 10-year bond yield was at 7.576% compared to its previous close of 7.557%. Bond yields and prices move in opposite directions.
BSE Sensex traded lower by 24.05 points, or 0.07%, to 33,151.95, while the Nifty 50 fell 8.65 points, or 0.08%, to 10,186.50.
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
