Market Wrap: Sensex down 130 points, Nifty at 10,114, telecom, banking stocks fall6 min read . Updated: 22 Mar 2018, 05:01 PM IST
BSE Sensex closed lower by 129.91 points at 33,006.27, while the Nifty 50 fell 40.50 points to close at 10,114.75. Here are the highlights from the markets
MUMBAI : Mumbai: Benchmark indices declined on Thursday amid mixed sentiment in global equities after the US Federal Reserve raised interest rates and maintained its view for three hikes this year. BSE Sensex closed lower by 130 points, while NSE’s Nifty 50 settled 40.50 points down dragged mainly by banking stocks offsetting gains in energy shares. Moreover, trade war fears also intensified after Bloomberg reported that US President Donald Trump plans to announce about $50 billion of tariffs against China over intellectual-property violations. Also, traders are cautious ahead of the expiry of monthly derivatives contracts. Here are the highlights from the markets:
BSE Sensex closed lower by 129.91 points, or 0.39%, to 33,006.27, while the Nifty 50 declined 40.50 points, or 0.40%, to close at 10,114.75. Sixteen out of 19 sectoral indices on BSE ended lower with telecom, realty, industrials and capital goods losing most. BSE MidCap declined 0.75%, while SmallCap ended 1.05% down. ONGC, IndusInd Bank, Tata Motors and RIL were top gainers, whereas SBI, Wipro, M&M and ICICI Bank were among the major losers.
Borosil Glass Works shares gain over 1%
Borosil Glass Works Ltd said the board of director will consider in an upcoming meeting “acquisition of 100% shares of two existing closely held non-listed domestic public limited companies.” The company’s shares traded 1.15% up at Rs833.90
Donald Trump is said to plan to impose $50 billion in China tariffs
President Donald Trump is set to announce about $50 billion of tariffs against China over intellectual-property violations on Thursday, according a person familiar with the matter. The president is considering targeting more than 100 different types of Chinese goods, according to the person, who spoke on the condition of anonymity. The value of the tariffs was based on US estimates of economic damage caused by intellectual-property theft by China, the person said. (Bloomberg)
BSE Sensex traded lower by 31.88 points, or 0.10%, to 33,104.30, while the Nifty 50 declined 12.35 points, or 0.12%, to 10,142.90. BSE MidCap and SmallCap fell 0.62% and 0.75%, respectively. Among the sectoral indices on BSE, metal, energy and capital goods traded higher, while realty, telecom and industrials declined.
HCC says news about Lavasa bankruptcy misleading
Hindustan Construction Co. Ltd said the news item published in DNA that the company’s unit Lavasa Corp. may file bankruptcy was misleading and without any basis. “Lavasa Corp. Ltd has been working jointly with the consortium of lenders for a financial solution for Lavasa,” said HCC in a BSE filing. HCC shares traded 13.84% down at Rs24.90.
Foreign investors sell $2.33 billion of debt in February
Foreign institutional investors (FIIs) have sold nearly $2.33 billion in debt over the last one month as worries that widening current account deficit, higher fiscal deficit target and prospects of further rate hikes in the US may led to monetary tightening by the Reserve Bank of India.
Rupee trades higher against US dollar
The Indian rupee and Asian currencies on Thursday strengthened against US dollar after the Federal Reserve stuck to its outlook of three rate hikes this year. The home currency was trading at 65.05 a dollar, up 0.26% from its Wednesday’s close of 65.21. The rupee opened at 65.12 a dollar and touched a high and a low of 65.02 and 65.14, respectively. The 10-year bond yield was at 7.595% compared to its previous close of 7.583%.
BSE Sensex traded lower by 99.44 points, or 0.30%, to 33,036.74, while the Nifty 50 declined 29.40 points, or 0.29%, to 10,125.85.
Asian stocks mixed
China stocks fell as investors digested the impact of a rate hike by the US Federal Reserve and as concerns over a potential trade war between the world’s largest and second-largest economies intensified. At the close, the Shanghai Composite index was down 0.5%, while the CSI300 index was down 1%. Meanwhile elsewhere in Asia, MSCI’s Asia-Pacific index was flat, while Japan’s Nikkei gained 1.0%. (Reuters)
Dish TV India, Videocon D2H completes merger
Dish TV India Ltd said that the merger of Videocon D2H Ltd into the company has been completed effective 22 March. Dish TV India shares rose 2.65% to Rs67.70.
BSE Sensex traded lower by 29.08 points, or 0.09%, to 33,107.10, while the Nifty 50 declined 9.65 points, or 0.10%, to 10,145.60.
AIA Engineering declares Rs8 interim divident
AIA Engineering Ltd said its board of directors declared an Interim dividend of Rs8 per share for the financial year 2017-18. Shares traded 0.56% lower at Rs1396.
Cox and Kings unit sells stake in Prometheon Holdings UK
Cox and Kings Ltd said that its unit Prometheon Enterprises Ltd has sold 11.58% stake in Prometheon Holdings (UK) Ltd to SSG Capital Management. Shares fell 1.32% to Rs239.90.
Bandhan Bank sets issue price at Rs375
Bandhan Bank Ltd has set the issue price for its initial public offering at Rs375, Reuters reports. The Rs4,470 crore Bandhan Bank IPO witnessed an overall subscription of 14.6 times. The proceeds from the fresh issue will be used to augment the bank’s tier-I capital base to meet future capital requirements of the bank.
Brooks Labs gets WHO-GMP certificate
Brooks Laboratories Ltd shares rose 1.62% to Rs87.70 after the company said its Vadodara, Gujarat, facility received WHO-GMP certificate.
ITI shares rise 5%
ITI Ltd shares rose 5% to Rs122 after the government approved selling 18 crore shares of the company.
BSE Sensex traded higher by 126.40 points, or 0.38%, to 33,262.58, while the Nifty 50 rose 34.50 points, or 0.34%, to 10,189.75. Among the sectoral indices on BSE, energy, consumer durables and FMCG traded higher, whereas power, utilities and metal traded lower. ONGC, Tata Motors, Sun Pharma and RIL were top gainers, while Tata Steel, Wipro, Adani Ports and ICICI Bank were among the major losers.
ONGC shares rise 2%
Oil & Natural Gas Corp Ltd shares rose 2% to Rs179 after international crude oil prices jumped past $65 a barrel mark
HCC shares sink 12% on report of possible bankruptcy of unit Lavasa
HCC Ltd shares fell 12% to Rs25.45. According to DNA newspaper, Lavasa Corp Ltd, arm of HCC, is planning to declare bankruptcy and considering approaching the National Company Law Tribunal (NCLT) owing to challenges faced in raising money for project completion.
SBI shares decline on report of Rs842.15 crore fraud
State Bank of India shares fell 0.6% to Rs246 following a news report that Kanishk Gold has defrauded a loan amount worth Rs842.15 crore, lent by a SBI-led consortium of 14 public and private banks
BSE Sensex traded higher by 122.41 points, or 0.37%, to 33,258.59, while the Nifty 50 rose 49 points, or 0.48%, to 10,204.25.
Sun Pharma shares gain after USFDA nod for plaque psoriasis drug
Shares of Sun Pharmaceuticals Industries Ltd rose 3% to Rs520 after the company said it has received USFDA approval for an innovative medicine, marking a milestone in the company’s bid to diversify out of generic drugs by building a portfolio of novel ones protected by patents. Sun Pharma’s drug Ilumya was approved by the US regulator to treat adults with moderate to severe cases of the skin condition plaque psoriasis, who are also candidates for systemic therapy or phototherapy
Oil equipment companies trade higher as oil prices surge
Oil equipment companies were trading higher after international crude oil surged. Aban Offshore Ltd rose 3%, Dolphin Offshore Enterprises India Ltd rose 5%, Oil Country Tubular Ltd rose 2.2%.
Fertiliser stocks trade higher
Fertiliser stocks trading higher. Rashtriya Chemicals & Fertilizers Ltd rose 4%, Nagarjuna Fertilizers gains 3%, Gujarat State Fertilizers 1%, National Fertilizers 3%, Fertilizers & Chemicals Travancore 3%, Mangalore Chemicals 1.5% and Chambal Fertilisers 1%
US Fed goes for 25bps rate hike in Jerome Powell’s 1st meeting as chairman
US Federal Reserve officials, meeting for the first time under chairman Jerome Powell, raised the benchmark lending rate a quarter-point and forecast a steeper path of rate hikes in 2019 and 2020, citing an improving economic outlook.
US Fed goes for 25bps rate hike in Jerome Powell's first meeting as chair https://t.co/Lw5vXWG02M— Livemint (@livemint) March 21, 2018
Rupee strengthens against US dollar
The Indian rupee and Asian currencies on Thursday strengthened against US dollar after the Federal Reserve stuck to its outlook of three rate hikes this year. The rupee opened at 65.12 a dollar. The home currency was trading at 65.14 a dollar, up 0.11% from its Wednesday’s close of 65.21. The 10-year bond yield was at 7.573% compared to its previous close of 7.583%
BSE Sensex traded higher by 31.23 points, or 0.09%, to 33,167.41, while the Nifty 50 rose 13.05 points, or 0.13%, to 10,168.30.