Market Wrap: Sensex dives 351 points, Nifty settles at 10128 over US-China trade worries
6 min read.Updated: 04 Apr 2018, 04:50 PM ISTLivemint
BSE Sensex closed lower by 351.56 points at 33,019.07, while the Nifty 50 fell 116.60 points to close at 10,128.40. Here are the highlights from the markets
Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 declined over 1% as trade war fears escalated after China announced 25% tariff on 106 products in 14 categories imported from the US, including soybeans, automobiles and chemicals, Bloomberg reported. Also, the Reserve Bank of India kicked off its two-day policy meeting. According to a Mint poll, the central bank will keep interest rates unchanged in the first monetary policy review of the current fiscal year, amid a gradual recovery in growth and easing inflation. Here are the latest updates from the markets:
04 Apr 2018, 03:35:00 PM IST
BSE Sensex closed lower by 351.56 points, or 1.05%, to 33,019.07, while the Nifty 50 fell 116.60 points, or 1.14%, to close at 10,128.40. BSE MidCap and SmallCap declined 0.92% and 1.01%, respectively. All the sectoral indices on BSE ended lower with metal, consumer durables and basic materials shedding most at over 2%. Tata Motors, Hindustan Unilever, Adani Ports and Hero MotoCorp were top gainers, whereas Tata Steel, Axis Bank, L&T and NTPC were among the major losers.
04 Apr 2018, 03:03:00 PM IST
BSE Sensex traded lower by 395.15 points, or 1.18%, to 32,975.48, while the Nifty 50 fell 128.65 points, or 1.26%, to 10,116.35.
04 Apr 2018, 09:32:00 AM IST
China slaps duties on US goods, including soybeans, planes, autos
China hit back on Wednesday at the Trump administration’s plan to slap tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key US imports including soybeans, planes, cars, whiskey and chemicals. Beijing’s list of 25% additional tariffs on US goods covers 106 items with a trade value matching the $50 billion targeted on Washington’s list, China’s commerce and finance ministries said. The effective date will depend on when the US action takes effect. (Reuters)
04 Apr 2018, 02:25:00 PM IST
BSE Sensex traded lower by 283.66 points, or 0.85%, to 33,086.97, while the Nifty 50 fell 98.10 points, or 0.96%, to 10,146.90.
04 Apr 2018, 02:20:00 PM IST
Glenmark Pharma inks pact with Helsinn group
Glenmark Pharmaceuticals Ltd said it has signed an exclusive agreement with Swiss pharmaceutical group Helsinn to introduce Akynzeo, used for prevention of chemotherapy-induced nausea and vomiting, in India and Nepal. Shares were down 0.04% at Rs549.95.
04 Apr 2018, 02:13:00 PM IST
Sharika Enterprises shares jump 17% on receipt of new contract
Sharika Enterprises Ltd shares surged 16.87% to Rs57.50 after the company said it has received LoI for designing, supplying, installation and commissioning of solar street lighting systems worth Rs40.33 crore from a government renewable energy agency.
04 Apr 2018, 02:07:00 PM IST
Rupee erases gains, trades lower against US dollar
The Indian rupee erased all the morning gains and was trading weaker against US dollar after local equity markets fell over 300 points as trade war fears escalate. At 1.55pm, the home currency was trading at 65.08 a dollar, down 0.12% from its Tuesday’s close of 65.01. The rupee opened at 64.98 a dollar and touched a high and a low of 64.91 and 65.10 respectively. The 10-year bond yield was at 7.311% compared to its previous close of 7.331%.
04 Apr 2018, 01:30:00 PM IST
BSE Sensex traded lower by 271.43 points, or 0.81%, to 33,099.20, while the Nifty 50 fell 87.90 points, or 0.86%, to 10,157.10. All the sectoral indices on BSE, except auto and realty, declined with consumer durables, capital goods and bankex shedding most. BSE MidCap fell 0.37% and SmallCap was down 0.51%.
04 Apr 2018, 01:17:00 PM IST
BSE Sensex traded lower by 101.24 points, or 0.30%, to 33,269.39, while the Nifty 50 fell 22 points, or 0.21%, to 10,223.
04 Apr 2018, 01:13:00 PM IST
European shares steady
Europe’s main stock markets steadied at the start of trading following a recovery on Wall Street and in Tokyo. London’s benchmark FTSE 100 index inched up 0.1% to 7,034.93 points. In the eurozone, Frankfurt’s DAX 30 was flat at 12,000.47 points and the Paris CAC 40 won 0.1% to 5,155.47. European indices had slid Tuesday on trade war fears but Wall Street stocks bounced back from the prior session’s rout as tech shares gained. (AFP)
04 Apr 2018, 01:10:00 PM IST
Midhani shares decline 3% on stock market debut
Shares of speciality alloy maker Mishra Dhatu Nigam Ltd (Midhani) debuted at 3.33% discount to its issue price even after its Rs438 crore initial public offering (IPO) witnessed an overall subscription of 1.21 times last week. Midhani shares opened 3.33% lower on the BSE at Rs87 a piece , compared to the issue price of Rs90, which was the upper end of the price band between Rs87-Rs90 per share.
04 Apr 2018, 01:05:00 PM IST
ICICI Securities shares slump 17% on market debut
After a tepid response to the initial public offering (IPO) of ICICI Securities Ltd, the issue saw a weak listing. Shares of the brokerage and investment banking arm of ICICI Bank Ltd were listed at Rs431.10, down 17.09% from its issue price of Rs520. At 1.13pm, ICICI Securities shares were trading at Rs449.30 on BSE, down 13.60% from its issue price. The stock hit a high and a low of Rs462.70 and Rs431.10, respectively.
04 Apr 2018, 11:52:00 AM IST
Eicher Motors shares jump 3% after Royal Enfield capex plan
Eicher Motors Ltd shares jumped 3.34% to Rs28,990 after the announcement that Royal Enfield will invest Rs800 crore in FY19 as capital expenditure (capex) and is starting work on the second phase of its Vallam Vadagal plant in Tamil Nadu.
04 Apr 2018, 11:47:00 AM IST
Capacite Infra gets orders worth Rs365.50 crore
Capacite Infraprojects Ltd shares gained 1.39% to Rs332.50 after the company said it has received repeat orders worth Rs365.50 crore from Oberoi Realty Group.
04 Apr 2018, 11:43:00 AM IST
JSW Steel shares rise on March production data
JSW Steel Ltd shares rose 1.06% to Rs305.35 after the company reported that its March crude steel production rose 5% to 1.52 million tonnes compared to the same month last year. The company’s production for the fourth quarter also grew 5% to 4.31 million tonnes year over year.
04 Apr 2018, 11:40:00 AM IST
Ferro Alloys shares fall as lenders reject debt resolution plan
Ferro Alloys Corp Ltd shares fell 5% to Rs 7 after lenders’ panel rejected debt resolution plans.
04 Apr 2018, 10:58:00 AM IST
BSE Sensex traded higher by 125.55 points, or 0.38%, to 33,496.18, while the Nifty 50 gained 26.05 points, or 0.25%, to 10,271.05. BSE MidCap and SmallCap rose 0.80% and 1.13%, respectively. Among the sectoral indices on BSE, realty, auto, industrials were trading higher, while oil and gas, consumer durables and IT declined. Tata Motors, M&M, Yes Bank and Maruti Suzuki India were top gainers, whereas Dr. Reddy’s Labs, NTPC, HDFC and Coal India were among the major losers.
04 Apr 2018, 10:55:00 AM IST
Infibeam shares up over 3% on pact with TV18
Infibeam Incorporation Ltd shares added 3.4% to Rs164 after the company said it entered into an agreement with TV18 for advertising products, services and brands.
04 Apr 2018, 10:50:00 AM IST
Zensar Technologies shares rise 6% on new orders
Zensar Technologies Ltd shares gained 6% to Rs955.40 after the company said it won a multi-year contract with City of San Diego for network services, with value of order seen at about $79 million.
04 Apr 2018, 10:45:00 AM IST
Akzo Nobel shares jump 5% on buyback proposal
Akzo Nobel India Ltd shares rose 5.1% to Rs1,893 after the company said its board will meet on 6 April to consider buyback.
04 Apr 2018, 09:40:00 AM IST
ICICI Bank shares fall after I-T notice to Deepak Kochhar
ICICI Bank Ltd shares fell 1.1% to Rs266.60. The Income Tax Department has issued a notice to Deepak Kochhar, husband of ICICI Bank MD and CEO Chanda Kochhar, in connection with its tax evasion probe in the Videocon bank loan case
04 Apr 2018, 09:37:00 AM IST
Jet Airways shares gain over 1%
Jet Airways India Ltd shares rose 1.4% to Rs 622.45 after the company said it will buy 75 Boeing 737 max planes
04 Apr 2018, 09:35:00 AM IST
Tata Motors shares rise nearly 3%
Tata Motors Ltd shares were up 2.8% at Rs352.80. Tata Sons chairman Natarajan Chandrasekaran has asked Tata Motors Ltd to create value for the group, especially from its domestic business, in line with his objective of making Tata group companies more accountable.
04 Apr 2018, 09:33:00 AM IST
Defence PSUs: where big is not beautiful
Provisional revenues released by these companies imply that Bharat Electronics closed the previous fiscal year with a revenue growth of 13.3%, way more than the 2.2% rise reported by Hindustan Aeronautics.
The Indian rupee was trading marginally higher in morning hours against US dollar on Wednesday as the Reserve Bank of India kicked off its two-day monetary policy meeting. The rupee opened at 64.98 a dollar. At 9.15am, the home currency was trading at 64.95 a dollar, up 0.10% from its Tuesday’s close of 65.01. The 10-year bond yield was at 7.341% compared to its previous close of 7.331%. Bond yields and prices move in opposite directions.
04 Apr 2018, 09:25:00 AM IST
BSE Sensex traded higher by 49.94 points, or 0.15%, to 33,420.57, while the Nifty 50 gained 9.05 points, or 0.09%, to 10,254.05.