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PremiumMUMBAI :Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 closed lower for the third straight session on Thursday following losses in global equity markets, offsetting better-than-expected local economic data. Government data on Wednesday showed India’s gross domestic product (GDP) expanded 7.2% in the third quarter of 2017-18—the fastest in five quarters. Shares in US and Asia fell as traders are cautious ahead of Federal Reserve chair Jerome Powell appearance before senate banking committee following hits hawkish comments on Tuesday. Here are the highlights from the markets:
BSE Sensex closed lower by 137.10 points, or 0.40%, to 34,046.94, while the Nifty 50 fell 34.50 points, or 0.33%, to close at 10,458.35. BSE MidCap and SmallCap fell 0.61% and 0.24%, respectively. All the sectoral indices on BSE, except FMCG and oil and gas, ended lower with metal, bankex, realty and consumer durables falling most.
BSE Sensex traded lower by 13.35 points, or 0.04%, to 34,170.69, while the Nifty 50 edged up 3.70 points, or 0.04%, to 10,496.55. BSE MidCap was down 0.09%, while SmallCap gained 0.22%. Among the sectoral indices on BSE, oil and gas, auto, FMCG and telecom traded higher, bankex, IT, healthcare and teck declined.
The Indian rupee was trading little changed against the US dollar ahead of as traders avoided taking huge positions ahead of the long weekend. At 2pm, the rupee was trading at 65.16, up 0.01% from its previous close of 65.18. The home currency opened at 65.25 and touched a high and a low of 65.10 and 65.27, respectively. Yields on 10-year government bonds were at 7.74% compared to Wednesday’s close of 7.726%. Bond yields and prices move in opposite directions.
KNR Constructions Ltd said it has received its first hybrid annuity project worth Rs1,020.60 crore from National Highways Authority of India in the state of Tamil Nadu. Shares traded 1.91% down at Rs303
Natco Pharma Ltd said it has filed an abbreviated new drug application for Sofosbuvir Tablets, 400mg, with the USFDA. Shares were down 1.69% to Rs785.70.
Stovec Industries Ltd said its board of directors approved divestment of the company’s 100% equity investment in Atul Sugar Screens Pvt. Ltd. Shares gained 2.32% to Rs3046
BSE Sensex traded lower by 35.27 points, or 0.10%, to 34,148.77, while the Nifty 50 edged down 3.15 points, or 0.03%, to 10,489.70.
The Narendra Modi government raised its growth forecast for the year through March 2018 to 6.6% on Wednesday from 6.5% in January.
RBI could turn more hawkish as growth quickens https://t.co/Ve9EkeJHYC
— Livemint (@livemint) March 1, 2018
Asian stocks were mostly lower on Thursday after Wall Street marked its worst monthly performance in two years as hawkish-sounding comments from new Federal Reserve Chair Jerome Powell reverberated across the broader risk asset markets. MSCI’s broadest index of Asia-Pacific shares was down 0.5%. Chinese shares bucked the trend and edged up. Shanghai shares were 0.15% higher. Australian stocks fell 0.7%, South Korea’s KOSPI shed 1.2% and Japan’s Nikkei dropped 1.55%. The losses in Asia came amid a broad selloff on Wall Street, where the Dow and S&P 500 capped their worst months since January 2016 overnight after suffering sharp losses early in February. (Reuters)
Ashok Leyland Ltd has recorded a 29% increase in its total sales at 18,181 units in February 2018 from 14,067 units during the same month previous year. Ashok Leyland shares gained 0.35% to Rs141.80.
Ant Financial Services, a unit of China’s Alibaba Group, invests $150 million in Zomato, valuing the Indian company at more than $1 billion. Zomato, which provides services across 24 countries, said it will use the funds to improve products and technology. (Reuters)
Banking stocks fell. Indian Bank declined 2.7%, Corporation Bank 2.5%, Bank of India 2.1%, ICICI Bank 2.1%, State Bank of India 1.8%, Allahabad Bank 1.7%, Punjab National Bank 1.7%, Canara Bank 1.6%, Union Bank of India 1.6%, Andhra Bank 1.4%, Uco Bank 1.4%, Oriental Bank of Commerce 1.3%, South Indian Bank 1.3%, Syndicate Bank 1.3%.
Fortis Healthcare Ltd reported a net loss for the September and December quarters late on Wednesday, after it sought an extension to approve results for the two reporting periods. Fortis posted a net loss of Rs23.61 crore for the quarter ending 30 September, compared with a profit of Rs38.24 crore a year ago, mainly on a one-time charge due to the closure of a hospital, it said in a stock exchange filing. For the December quarter, it reported a net loss of Rs19.1 crore, compared with a profit of Rs453 crore on a one-off gain by an associate company in the year-ago period. (Reuters)
BSE Sensex traded lower by 43.65 points, or 0.13%, to 34,140.39, while the Nifty 50 edged down 7.75 points, or 0.07%, to 10,485.10. BSE MidCap was down 0.07%, while SmallCap gained 0.31%. Among the sectoral indices on BSE, auto, metal, industrials and capital goods were leading the gains, whereas IT, Teck, Bankex and utilities shed most.
Larsen and Toubro Ltd said its construction unit has won orders worth Rs1,593 crore. L&T shares traded 0.13% up at Rs1,320.70.
Maruti Suzuki India Ltd said its total vehicle sales in February rose 15% to 149,824 units from 130,280 units in the same month last year. Shares gained 0.25% to Rs8,895.
Dilip Buildcon Ltd said the company was declared L1 bidder by the National Highways Authority of India for three new hybrid annuity projects valued at Rs5,390 crore in Karnataka and Jharkhand. Shares rose 1.56% to Rs959.15.
Metal stocks gains. JSW Steel Ltd rose 1.6%, Tata Steel Ltd rose 1.5%, Jindal Steel & Power Ltd 1.3%, Steel Authority Of India 1.3%, Hindustan Zinc 1%, NMDC Ltd 0.9% and Vedanta Ltd 0.8%
Bajaj Auto Ltd shares rose 1.5% to Rs3,063 after the company reported 31% increase in its February sales to 3.58 lakh units.
Ashoka Buildcon Ltd shares were up 6.3% at Rs232 after the company said it won road order worth Rs860 crore.
There’s a favourable base effect, because demonetisation lowered growth in the December 2016 quarter, but even so, India’s GDP growth has improved.
Is the economy recovering from the slowdown?
— Mint Mark to Market (@livemint_m2m) March 1, 2018
Which sectors contributed how much to GVA growth?
Has the manufacturing sector recovered from the pain of GST introduction?
Manas Chakravarty decodes Q3 GDP data here: https://t.co/wmhLPrqtop
The Indian rupee was trading little changed against the US dollar on Thursday as traders avoided taking huge positions ahead of the long weekend. The home currency opened at 65.25 and touched a low of 65.27 a dollar. The rupee was trading at 65.19, down 0.01% from its previous close of 65.18. Yields on 10-year government bonds were at 7.697% compared to Wednesday’s close of 7.726%. Bond yields and prices move in opposite directions.
BSE Sensex traded higher by 69.58 points, or 0.20%, to 34,253.62, while the Nifty 50 rose 26.40 points, or 0.25%, to 10,519.25.
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