Sensex ends lower, Nifty holds 11,000; Tata Motors falls 4%3 min read . Updated: 08 Mar 2019, 04:05 PM IST Staff Writer
- BSE midcap and smallcap indices ended on a flat note.
- Global markets were weak today after European Central Bank slashed its growth forecasts
Indian markets fell today, snapping four straight sessions of gains, as recent global data and forecasts deepened concerns about the world economy.
Sensex ended 54 points lower at 11,035. Nifty settled at 11,030, down 0.20%, but added 1.6% for the week. However, both indexes posted their best weekly gain since November 30.
Among the Sensex stocks, Tata Motors fell 4% to end at ₹181 after its luxury car unit Jaguar Land Rover posted a 4.1% fall in February retail sales in February.
Metal stocks also witnessed selling, with Vedanta and Tata Steel falling over 2% each.
Other Asian markets fell sharply today after shockingly weak export data from China heightened market fears about a global economic slowdown, a day after European policymakers slashed growth forecasts for the bloc. Shanghai markets tumbled over 4%.
VA Tech Wabag bags ₹575 crore order, shares rise
Water Technology firm VA Tech Wabag said it has secured an order worth ₹575 crore under the National Mission for Clean Ganga scheme in Kolkata. Shares were up around 2% at ₹332, before they pared some gains. The order is to design, build, rehabilitate and operate sewage treatment facilities and associated infrastructure in Kolkata, West Bengal, VA Tech Wabag said in a BSE filing. Wabag will build the sewage treatment plants over a period of 24 months and then operate and maintain them over a period of 15 years, the company added.
Advanced Enzyme Tech surges
Shares of Advanced Enzyme Technologies were up 17% at ₹190.40. Over one crore shares of the company changed hands on NSE.
Arvind Fashions shares locked in upper circuit after listing at ₹591/share
Shares of Arvind Fashions, which debuted today on exchanges, were locked in upper circuit of 5% at ₹620.50 on NSE today. Shares of Arvind Fashions, which was hived off from denim maker Arvind Ltd, debuted at ₹592 on NSE on the first day of listing. Meanwhile, shares of parent company Arvind Ltd were down 5% at ₹84.65. Till 11:43 am, 20,303 shares of Arvind Fashions had changed hands on NSE. (Read more here)
China shares fall nearly 3% after exports tank
Asian stocks shuddered lower today after shockingly weak export data from China heightened market fears about a global economic slowdown, a day after European policymakers slashed growth forecasts for the bloc. Beijing reported exports in February tumbled 20.7 percent from a year earlier, far beneath forecasts of a 4.8 percent drop and more than erasing January's surprise jump. Shanghai blue chips quickly extended early losses to be down 2.9 percent, the sharpest daily fall since October, while the dollar climbed on the yuan.
Tata Motors shares fall 3%
Shares of Tata Motors were down 3.5% at ₹182 in pre-noon trade. The auto major on Thursday said its British arm Jaguar Land Rover has posted a 4.1% decline in its global sales to 38,288 units in February. China continues to impact overall performance despite strong sales growth in North America and UK markets, according to a company filing to the BSE.
Arvind Fashions lists at ₹591/share on NSE
Arvind Fashions, an entity which was hived off from the denim maker Arvind Ltd, listed at ₹591 on NSE. The firm retails mid-premium, premium, luxury and value brands such as GAP, Calvin Klein, Arrow and US Polo. Arvind Ltd shareholders got 1 share of Arvind Fashions for every 5 shares held in Arvind Ltd. Shares later jumped to ₹620.45 on NSE.
Wipro shares fall 4% after huge block deal
Shares of Wipro fell nearly 4% to ₹258 on NSE after a huge block deal. Around 0.4% stake of the company changed hands in a single block deal.
ECB move sends global stocks lower
Global stock markets stumbled as the European Central Bank postponed interest rate hikes to 2020 and launched a new round of cheap loans to banks in an effort to spark the euro zone economy. The ECB's move puts it in sync with other central banks around the world that have been taking a dovish tack, including the Bank of Canada earlier this week. The ECB also cut its growth and inflation estimates for 2019 as well as those for 2020 and 2021, raising alarm bells for investors once again over global growth. Overnight, the Dow fell 0.78%, while the S&P 500 lost 0.81% and the Nasdaq 1.13%. Asian markets are also near two week low with MSCI's broadest index of Asia-Pacific shares outside Japan skidding over 1%.
Jet Airways grounds three more planes
Jet Airways Ltd said on Thursday it grounded three more aircraft as it failed to make payments to its lessors, taking the tally of planes hit by the defaults to 28.
Arvind Fashions to list today
Arvind Fashions, an entity which was hived off from the denim maker Arvind Ltd, will list on the bourses today. The firm retails mid-premium, premium, luxury and value brands such as GAP, Calvin Klein, Arrow and US Polo. Arvind Ltd shareholders got 1 share of Arvind Fashions for every 5 shares held in Arvind Ltd.
China shares down 2%
Shanghai blue chips slid 2% to retrace some of their recent stellar gains, while the dollar climbed on the yuan. Japan's Nikkei dropped 1.6% and Australia 0.8%. Overnight, the Dow fell 0.78 percent, while the S&P 500 lost 0.81 percent and the Nasdaq 1.13 percent. The closely watched Dow Jones Transport Average fell for a 10th straight session, the longest streak since February 2009.