Sensex ended 100 points lower at 38,132
Sensex ended 100 points lower at 38,132

Sensex ends volatile session lower; RIL, HDFC drag, midcaps outperform

  • Some selling pressure was seen in energy, pharma and auto stocks
  • Bank Nifty today hit a record high; Yes Bank, IndusInd Bank surge over 5% each

Reversing strong intra-day gains, Indian markets ended lower today amid some selling pressure in energy, FMCG, pharma and auto stocks. The Sensex, which earlier rose nearly 250 points intra-day, ended 100 points lower at 38,132. The Nifty settled 0.33% lower at 11,445, after rising to 11,546 at day's high.

Earlier in the session, banking index Bank Nifty hit a record high of 30,262. It closed 0.46% higher at 30,019.

Among the Sensex stocks, heavyweights RIL and HDFC fell over 1% each. Other major losers included PowerGrid, Bharti Airtel, Tata Motors and NTPC, down between 1.4% and 2%. 

Among the major gainers, Yes Bank and IndusInd Bank surged over 5% while SBI rose 1.5%.

Midcap and smallcap stocks outperformed today, though they ended off day’s highs. The BSE midcap and smallcap indices rose 0.60% and 0.63% respectively.

Jayant Manglik of Religare Broking, said: “In the absence of key positive triggers domestically and fear of global economic slowdown, we expect the consolidation in the market to continue in the coming sessions. Global developments and movement of crude oil prices and currency would remain on market radar. Any correction in quality large/ midcap companies with strong growth prospects should be considered as a good buying opportunity for long term investors. With Lok Sabha elections round the corner, volatility and nervousness is expected to remain high in the coming weeks. Hence, traders should avoid risky leveraged positions."

Indian markets have seen sharp gains this month on the back of strong inflows from foreign institutional investors. "Nifty is trading with significant gains for the March series and is expected to hold on to the same. Banking space has outperformed with a significant margin while auto and metals have underperformed in the recent past. We continue to maintain a positive bias for the broader markets with bouts of correction to be used for accumulation. For the near term, support on the downside is seen at 11,200 levels while targets seen at 11800/12,200," said Sahaj Agrawal of Kotak Securities.

Global equity markets were flat today, hoping central bank action in the world's biggest economies could temper some of the slowdown in world growth, even though bond yields continued to flag recessionary fears.

MSCI's all-country world equity index, which tracks shares in 47 countries, was down around 0.1%.

The US yield curve inversion triggered a sharp stock selloff last week. The drop in yields picked up pace after the US Federal Reserve signalled a halt to its rate increases.

Markets got a reminder of global growth risks after Chinese data showed industrial profits shrank the most since late-2011 in the first two months of the year. That came after lacklustre economic data on Tuesday from Germany and the United States. (With Agency Inputs)

27 Mar 2019, 01:34:39 PM IST

Defence stocks gain after PM Modi’s address to the nation

Defence stocks were in the limelight after PM Modi in his address to the nation said India had successfully targeted a live satellite on low earth orbit and registered itself as a space power. The mission, which was completed in three minutes, was named 'Mission Shakti'. Shares of Hindustan Aeronautics gained 3% to 743, BEL advanced 2% to 93.75 while Bharat Dynamics rose 3% to 290

27 Mar 2019, 01:18:47 PM IST

Raamdeo Agrawal sees room for more stock market gains

The joint managing director of Motilal Oswal and ace stock-picker said there are chances that a stable government will be elected in upcoming general elections. “The market is on fire," he said in an interview with Bloomberg. (Read more)

27 Mar 2019, 12:48:35 PM IST

India shoots down satellite, joining space 'super league': PM Modi

India today destroyed a low-orbiting satellite in a missile test that puts the country in the space "super league", Prime Minister Narendra Modi said, in his address the nation.

India became the fourth country after the United States, Russia and China to have carried out the feat, he said.

"A while ago our scientists shot down a live satellte at a low-earth orbit," Modi said in a rare televised address to the nation. "This is a proud moment for India," he added.

The satellite was in orbit at 300 km.

27 Mar 2019, 11:58:26 AM IST

PM Modi to make an 'important' announcement soon

Prime Minister Narendra Modi will today address the nation shortly with an "important message". "Do watch the address on television, radio or social media," he said.

27 Mar 2019, 11:15:50 AM IST

Jet Airways shares rise 6%

Jet Airways Ltd's shares rose about 6% to 286.7 to a near 10-week high, after a top aviation ministry official ruled out grounding more planes and said the carrier would fly 40 more aircraft by the end of April. Jet is in talks with leasing companies to restart operating several of its grounded aircraft, Pradeep Singh Kharola, secretary at the civil aviation ministry, told a news conference on Tuesday. The airline has had to ground more than two-thirds of its fleet as it struggles to pay lenders, suppliers, pilots and leasing companies. Earlier this week, Jet Chairman and founder Naresh Goyal stepped down from the company's board with lenders seizing control in a bid to save the airline from bankruptcy. Jet has a debt of over $1 billion.

27 Mar 2019, 10:46:45 AM IST

ICICI Pru Life shares surge 8%

Shares of ICICI Pru Life surged 8% to 346.

27 Mar 2019, 09:42:32 AM IST

GMR Infra announces investment of Rs. 8,000 crore by Tata Group, others; shares surge

GMR Infrastructure Limited today announced a proposed investment of 8,000 crore by Tata Group, an affiliate of Singapore’s sovereign wealth fund and SSG Capital Management in its airports business. According to the deal, the consortium will pump in 1,000 crore to GMR Airports, a unit of GMR Infrastructure and purchase of 7,000 crore worth of shares in the airport operator’s parent company. GMR Infra also proposes to demerge its energy, highways, urban infrastructure & transportation businesses, leading to separation of its airport business, subject to regulatory and corporate approvals. Shares rose as much as 9% to 21.25.

27 Mar 2019, 09:30:50 AM IST

Mindtree shares fall after board decides not to go ahead with buyback offer

Mindtree Ltd’s board on Tuesday scrapped a share buyback proposal that was aimed at preventing a hostile takeover by the country’s largest engineering company, Larsen and Toubro Ltd (L&T). Shares were down about 2% at 933.50.

27 Mar 2019, 09:25:48 AM IST

Bank Nifty hits new high

 The index for banking stock, Bank Nifty, rose 0.75% to hit a record high of 30,127, overtaking its earlier high of 30,00. Among banking stocks, IndusInd Bank, PNB, Yes Bank, Axis Bank, RBL Bank and IDFC First Bank were up between 1% and 1.5%. Other top gainers included ICICI Bank, Kotak Mahindra Bank, HDFC Bank and SBI.

27 Mar 2019, 09:22:48 AM IST

Asian shares lose steam as investors grapple with US recession risk

Asian shares slipped on Wednesday, giving up their small gains made the previous day, as investors tried to come to terms with a sharp shift in US bond markets and the implications for the world's top economy. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2% while Japan's Nikkei lost 0.6%.

Wall Street's main indexes tallied solid gains on Tuesday but finished below their session highs in a reflection of the underlying concerns about the economic outlook.

The S&P 500 gained 0.72% while the Nasdaq Composite added 0.71%.

The 10-year U.S. Treasuries yield inched up to 2.425% from Monday's 15-month low of 2.377%, though the yield curve remained inverted, with three-month bills yielding 2.461%, more than 10-year bonds.

27 Mar 2019, 08:33:49 AM IST

Oil heads for its best first quarter since 2002 

Oil held Tuesday’s gain to trade near a four-month high after Russia reaffirmed its commitment to the OPEC production cuts and disruptions in Venezuela added to supply concerns.

Futures in New York were steady after rising 1.9 percent in the previous session. Russia, the world’s second-biggest crude producer, is on track to reach its pledged output cut of 228,000 barrels a day by the end of March, Energy Minister Alexander Novak said. Venezuela’s main oil ports were said to remain shut on Tuesday after a power outage halted exports a day earlier.

Oil is poised for the best quarterly gain since 2009 as the Organization of the Petroleum Exporting Countries and its allies curbed production to clear excess inventories. Signs the U.S. shale boom is running out of steam, power outages in Venezuela and U.S. sanctions on Iran are also supporting prices, while the demand side is still uncertain as investors wait to see if the U.S. and China can resolve their trade war. (Bloomberg)