Indian markets closed largely unchanged on Wednesday and were closed on Thursday
Indian markets closed largely unchanged on Wednesday and were closed on Thursday

Sensex falls over 200 points; RIL, banking shares drag

  • Bank Nifty today hit 30,000 but later erased early gains
  • Reliance Industries shares fell over 2%

Reversing early gains, Indian markets ended lower today amid profit-taking after recent gains. The Sensex ended 222 points lower at 38,164 while Nifty settled 0.56% lower at 11,456. However, both indexes gained for the fifth consecutive week. Banking shares were among the top losers, with the sectoral index, Bank Nifty, ending 0.84% lower at 29,582. Earlier in the day, the index hit the 30,000 mark for the first time.

Bank of Baroda fell 4%, PNB declined 2.6% while lost SBI 2%. HDFC Bank, which earlier in the day hit record high, fell 1%.

Energy stocks were also a drag, with RIL falling over 2%.

The broader markets also saw some profit-taking. BSE midcap index fell 0.60% while smallcap index lost 0.45%. Overall, on the BSE, 1,012 stocks advanced while 1,704 declined.

"Indian equities have posted one of the sharpest gains recently, and today is a case of the markets taking a breather, especially with it being a holiday-shortened week," said Sunil Sharma, chief investment officer, Sanctum Wealth Management.

Sameet Chavan, chief analyst at Angel Broking, said: “It was more of a week of consolidation for markets after recent relentless run from lower levels. In fact, we saw some tiredness on the last day of the week."

As far as levels are concerned, Nifty faces resistance at 11520 followed by 11,600 while on the downside, it has support at 11,420-11383, he added. 

(With agency inputs)

22 Mar 2019, 03:29:35 PM IST

Tata Power SED bags ₹1,200 crore contract from defence ministry

Tata Power Strategic Engineering Division (SED) has bagged a 1,200 crore contract from the defence ministry for supply of ship-borne 3D Air Surveillance Radars.

Tata Power SED has signed a deal with the Ministry of Defence to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next 10 years, a Tata Power statement said. Tata Power shares were trading 0.43% higher at 72.30.

22 Mar 2019, 03:28:04 PM IST

GVK Group company to acquire 12 crore shares in Mumbai airport for ₹924 crore

GVK Power & Infrastructure Friday said its step-down subsidiary GVK Airport Holdings will acquire 12 crore shares of Mumbai International Airport (MIAL) for 924 crore from ACSA Global. After completion of this 10 per cent stake buy from ACSA along with the earlier purchase of 13.5% from Bidvest, GVK Group's shareholding in MIAL will increase to 74% from the existing 50.5%, a company statement said. GVK Power and Infra shares were up 3% at 7.27 in late trade.

22 Mar 2019, 03:29:35 PM IST

22 Mar 2019, 01:11:21 PM IST

Realty stocks buzz, Prestige Estates surges 12%

The Nifty realty index was up 2% in afternoon trade. Prestige Estates surged 12% while Brigade Enterprises, Godrej Properties and Oberoi Realty gained over 4% each.  

22 Mar 2019, 12:44:11 PM IST

Fed goes dovish, expect 25 bps cut from RBI in April: Kotak Institutional Equities

“With the Fed on hold, the monetary policy committee of the RBI can focus solely on inflation and growth concerns in India. February CPI inflation at 2.57% remains well within the RBI’s target of 4% and inflation is likely to remain so in the near term. We continue to believe that the MPC would cut the repo rate by 25 bps in April. With inflationary expectations remaining muted and with growth indicators showing signs of cyclical slowdown, we do not rule out further rate cuts. Upside risks could, however, emanate from volatility in food and fuel prices, monsoon, and fiscal slippages," Kotak Institutional Equities said in a note. 

22 Mar 2019, 11:31:25 AM IST

Alembic Pharmaceuticals gets FDA nod for eye drug

Alembic Pharmaceuticals Limited today announced that the company has received

approval from the US drug regulator for its Abbreviated New Drug Application (ANDA) Azelastine Hydrochloride Ophthalmic Solution, 0.05%. Azelastine Hydrochloride Ophthalmic Solution, 0.05%, has an estimated market size of $8.5 million for twelve months ending December 2018, according to IQVIA, the company said. Alembic Pharma shares were trading 0.55% lower at 537 on BSE. Azelastine

Hydrochloride Ophthalmic Solution 0.05% is indicated for the treatment of itching of

the eye associated with allergic conjunctivitis. 

22 Mar 2019, 10:35:54 AM IST

IDFC First Bank rises 3% after divesting stake in ARCIL

Shares of IDFC First Bank rose nearly 3% to 53.70 after the bank informed stock exchanges on Wednesday that it has sold its entire stake of about 8.37% in ARCIL.

22 Mar 2019, 09:56:02 AM IST

Bank Nifty hits 30,000

Continuing its record run, the index for banking stocks, Bank Nifty, rose 0.50% to 30,008. IDFC First Bank, Bank of Baroda, Yes Bank, RBL Bank, Bank of Baroda were among the top gainers.

22 Mar 2019, 09:26:56 AM IST

SpiceJet shares surge 14%

Shares of SpiceJet surged 14% to 104.60, extending their Wednesday's 16% surge. Bloomberg, citing sources, had earlier reported that the government is mulling options to save jobs at Jet Airways India Ltd. including asking low-cost carrier SpiceJet Ltd. to consider taking over some of the debt-laden company’s aircraft.

22 Mar 2019, 09:23:30 AM IST

Mindtree board to meet again on 26 March

The board of Mindtree, which Wednesday deferred a decision on share buyback, will meet again on March 26 even as it faces a 10,800-crore hostile takeover bid from L&T. The board of the IT company had met on Wednesday too, but no decision was taken on the agenda item at hand - the proposed buyback of equity shares - and the firm had informed the stock exchange that the meeting has been adjourned to a future date. In a fresh filing on BSE on Thursday, Mindtree said, "This is to inform that the adjourned board meeting is scheduled to be held on Tuesday, 26 March, 2019".

22 Mar 2019, 08:41:38 AM IST

Asian shares hit 6-1/2-month high, tracking Wall Street gains

Asian shares hit 6-1/2-month highs on Friday after upbeat US data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve's cautious outlook on the world's biggest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3%, led by 0.5% gains in the info tech sector, while Japan's Nikkei bucked the trend and lost 0.2%. On Wall Street, the S&P 500 gained 1.09% while the Nasdaq Composite rallied 1.42%, both hitting five-month highs. (Reuters)

22 Mar 2019, 08:31:22 AM IST

Dollar holds gains, sterling up on Brexit deadline extension

The dollar largely held onto the previous session's gains in early Asian trade on Friday, while sterling edged up on news that Britain could leave the European Union without a Brexit deal at a slightly later date. Against a basket of key rival currencies, the dollar was about 0.1% lower at 96.394.

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