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Sensex ends 740 pts lower; Nifty at 14,325; telecom, auto, metals top drags

Stock market today: Benchmark Indian equity indices are set to open lower. (PTI)Premium
Stock market today: Benchmark Indian equity indices are set to open lower. (PTI)

  • Market closing: Benchmark Indian equity indices plunged for the second straight trading session on cues from Asian peers. The Sensex closed at 48,440.12, down -740.19 points, or 1.51%, while the Nifty was at 14,324.90, down 224.50 points or 1.54%. Telecom, metals, auto and power were top drags

Indian stocks closed lower for the second straight session on Thursday. RIL, Infosys and HUL were the top index contributors to the Sensex' plunge. Asian markets were steady, even as Chinese tech stocks were spooked by renewed inquiry indications from US regulators.

25 Mar 2021, 03:49:52 PM IST

Market closing

Benchmark Indian equity indices ended the day lower for the second straight session. The Sensex closed at 48,440.12, down -740.19 points, or 1.51%, while the Nifty was at 14,324.90, down 224.50 points or 1.54%. Telecom, metals, auto and power were top drags. Among broader indices the BSE midcap and small cap ended 2.22% and 1.85% lower, respectively. The Nifty midcap100 and smallcap100 also ended 2.04% and 2.16% lower, respectively. Among Nifty sectoral indices metal ended marginally better while other sectors ended in green, Media, Auto and PSU Banks being the top losers. On the 30-share Sensex, Dr Reddy, HDFC, ICICI Bank and L&T were the only stocks that ended in green. Maruti, Bharti Airtel, HUL and Bajaj Finance were the top losers on the 30-share gauge.

Global equities were trading lower, as the dollar climbed up amid fears that Europe's covid-19 response was falling behind that of the US. U.S. crude fell 1.6% to $60.22 per barrel, and Brent fell 1.3% to $63.56 a barrel. Benchmark 10-year U.S. Treasury yields rose to 1.6209%, supported by positive data on the U.S. manufacturing sector.

Sensex at close
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Sensex at close
25 Mar 2021, 03:42:45 PM IST

Gold futures ease on low demand

Gold futures on Thursday fell 0.15% to 44,792 per 10 gm as participants offloaded their holdings on a low spot demand.

On the Multi Commodity Exchange, gold prices for April delivery slipped by 68, or 0.15%, to 44,792 per 10 gm in a business turnover of 6,874 lots.

In the international market, gold was trading 0.10 per cent lower at $1,733.70 per ounce in New York. (PTI)

25 Mar 2021, 03:25:16 PM IST

DLF raises ₹500 cr via NCD issue

Realty firm DLF on Thursday said it has raised 500 crore through the issue of non-convertible debentures (NCD) to investors.

In a regulatory filing, DLF informed that the allotment committee has allotted 5000 senior, secured rated listed redeemable non-convertible debentures (NCDs) with a face value of 10 lakh each.

The tenure of the NCDs is three years and the coupon rate is 8.25%. The NCDs will be listed on the BSE. (PTI)

25 Mar 2021, 03:13:06 PM IST

Narendra Solanki, head—Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers on markets

"Indian markets opened weak following selloff in global markets and weaker Asian markets trade. During the afternoon session selling pressure continued to take toll on markets and it traded at day lows amid monthly expiry. However, in late afternoon session markets trimmed their losses but continued to trade below the neutral lines. Weakness was also visible in the broader markets with the BSE Mid-cap and the BSE Small-cap indices losing above a percent each in trade. Sentiments remained down-beat even after central bank chief has said that India's revival of economic activity is expected to be ‘unabated’, despite a rise in coronavirus infections in many areas and 2022 growth projections might not need to be cut."

25 Mar 2021, 03:01:21 PM IST

Banks, auto, metals improve

Nifty sectoral indices
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Nifty sectoral indices
25 Mar 2021, 02:48:05 PM IST

Polycab India incorporates new entity

The company has incorporated a wholly owned subsidiary in India under the name Uniglobus Electricals and Electronics Pvt. Ltd and received the

certificate of incorporation from registrar of companies on 24 March.

25 Mar 2021, 02:32:47 PM IST

Sequoia India closes $195 mn seed fund to foster startups

Sequoia Capital India raised $195 million to back Indian and Southeast Asian startups, doubling the capital the venture-capital firm is investing through an accelerator programme created two years ago.

The programme, called Surge and a brainchild of managing director Shailendra Singh, began in 2019 to give upstarts $1 million to $2 million in upfront capital as well as coaching and time with luminaries such as Sequoia partner Michael Moritz and Stripe Inc. co-founder Patrick Collison. Since then, 69 startups in four cohorts have received a combined $172 million, and 30 companies from the first three cohorts have gone on to raise a total of $390 million after the program. (Bloomberg)

25 Mar 2021, 02:23:06 PM IST

Zydus Cadila gets tentative nod from USFDA to market HIV drug

Zydus Cadila on Thursday said it has received a tentative nod from the US health regulator to market Emtricitabine and Tenofovir Disoproxil Fumarate tablets used for controlling human immunodeficiency virus (HIV) infection, in America. The company has received tentative approval from the US Food and Drug Administration (USFDA) to market Emtricitabine and Tenofovir Disoproxil Fumarate tablets 100 mg/150 mg, 133 mg/200 mg and 167 mg/250 mg, Zydus Cadila said in a statement. The drug will be manufactured at the group's formulation manufacturing facility at the SEZ Ahmedabad, it added. (PTI)

25 Mar 2021, 02:14:29 PM IST

Recovery to continue for India’s telecom sector in FY22

India’s telecom sector will continue to show signs of recovery in the next financial year starting 1 April amid consolidation that will lead operators to focus on digital transformation of their businesses.

According to India Ratings and Research, the second round of consolidation in the industry, which has started kicking in, will drive telecom companies from being providers of traditional voice-only services to complete digital solutions for households that would enable customer retention.

Consolidation in the industry along with conducive regulatory environment will improve the sector’s performance. The credit rating agency has maintained a stable outlook for the telecom sector in FY22. (Read more)

25 Mar 2021, 02:01:33 PM IST

Auto stocks plunge

BSE Auto
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BSE Auto
25 Mar 2021, 01:50:28 PM IST

Shriram Transport Finance Co

The company's board declared a second interim dividend of 6 per equity share of 10 for FY21. This is in addition to the first interim dividend of 6 per share paid to the eligible shareholders in November 2020.

The board has fixed 6 April as the record date for the second interim dividend, the company said in a regulatory filing.

25 Mar 2021, 01:38:00 PM IST

All sectors in red

Nifty sectoral indices
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Nifty sectoral indices
25 Mar 2021, 01:13:43 PM IST

Wabco India plunges 10% as promoter begins stake sale via OFS

Shares of Wabco India Ltd slipped nearly 10% as the company's two-day stake sale through an offer for sale (OFS) began today. The floor price for the offer has been fixed at 5450 a share, an 11% discount to Wednesday's closing price of 6101.90.

25 Mar 2021, 01:06:01 PM IST

S&P raises India's FY22 GDP growth forecast to 11% from 10%

S&P Global Ratings on Thursday raised India's growth forecast for financial year 2021-22 to 11% from 10% earlier, led by an expansionary fiscal policy aimed at boosting domestic private spending. (Read more)

25 Mar 2021, 12:48:19 PM IST

LIC Housing Finance to waive off six EMIs under a home loan scheme

LIC Housing Finance on Thursday announced the waiver of six equated monthly instalments (EMIs) under its special home loan product Griha Varishtha meant for salaried borrowers as well as pensioners covered under the Defined Benefit Pension Scheme (DBPS). (Read more)

25 Mar 2021, 12:36:45 PM IST

Sensex heatmap

Sensex post noon
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Sensex post noon
25 Mar 2021, 12:21:33 PM IST

Privatisation of PSBs: RBI in discussions with govt, says Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das today said that discussions are underway with the Government on the privatisation of Public Sector Banks (PSBs). In her Budget Speech on February 1, Sitharaman had announced that the government will privatise two more public sector banks going forward. (Read more)

25 Mar 2021, 12:09:50 PM IST

Steel sector outlook remains strong; valuations, deleveraging to drive prospects

Strong demand for steel and, in turn, rising prices since the easing of lockdown restrictions have continued to drive the profitability of Indian steel manufacturers. Analysts expect the cycle to sustain longer and the improved cashflows may lead to deleveraging, providing fresh triggers for stocks. Further, the fresh capex cycle may start with continued strength in demand and prices of the commodity. (Read more)

25 Mar 2021, 11:58:31 AM IST

Telecom sector loses more than 2.5%

BSE Telecom index
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BSE Telecom index
25 Mar 2021, 11:44:01 AM IST

Slippages could rise, recoveries gain pace in March quarter for banks

While Indian lenders are likely to higher-than-expected slippages in the March quarter now that the Supreme Court has lifted the stay on classification of bad loans, banks can now go ahead with their recovery plans and improve collections.

Banks have been hoping that the undeclared moratorium would be withdrawn as any further extension could lead to a distortion in repayment behaviour of borrowers. According to the December quarter data, there exists a difference of about 1.2 trillion between the reported and the proforma bad loan numbers of 22 lenders. This means that at least 1.2 trillion of unreported soured loans will flow into the NPA category in Q4. That said, banks have already set aside provisions to cover future covid-19 losses, somewhat softening the blow. (Read more)

25 Mar 2021, 11:35:20 AM IST

Nifty Bank down 486 points

Nifty Bank index
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Nifty Bank index
25 Mar 2021, 11:27:13 AM IST

Maintaining banking sector health with strong capital base, ethics-driven governance remains policy priority: RBI Guv Shaktikanta Das

25 Mar 2021, 11:12:26 AM IST

India's second covid wave may last up to 100 days: SBI report

India is currently seeing a spike in daily coronavirus cases with over 50,000 new infections were reported over the past 24 hours. The entire duration of second wave might last up to 100 days counted from 15 February, says a report from SBI's research team, which is authored by Soumya Kanti Ghosh, the bank's chief economic adviser. The report said that that India is better placed this time to control the pandemic with vaccinations gaining pace. (Read more)

25 Mar 2021, 10:57:30 AM IST

RIL, TCS, HDFC twins pull Sensex down

Index contribution
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Index contribution
25 Mar 2021, 10:46:44 AM IST

Craftsman Automation lists at 9% discount to issue price

Shares of auto component maker Craftsman Automation made a tepid stock listing on Thursday. The stock was listed at 1,359, 8.79% lower from its issue price of 1,490.

The 823 crore initial public offering (IPO) was subscribed 3.82 times during share sale on 15-17 March. Net proceeds of the IPO will be utilised to make repayment and pre-payment of company's borrowing fully or partially and to meet general corporate purposes.

25 Mar 2021, 10:27:22 AM IST

Laxmi Organics gets listed, debuts at 20% premium to issue price

Laxmi Organics Ltd debuted on the stock exchanges on Thursday, listing at a 20% premium to the issue price. The company's initial public offering (IPO) had garnered a robust response, with the issue subscribed a whopping 107 times. (Read more)

25 Mar 2021, 10:12:20 AM IST

Metals gain

Nifty sectoral indices
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Nifty sectoral indices
25 Mar 2021, 10:09:54 AM IST

Bank of India

Bank of India was trading at 70.00 a piece, down 2.20 points or 3.05%. The lender said it will raise up to 750 crore by issuing Basel III compliant bonds. The bidding for the Basel III compliant additional tier I bonds will start on March 26 and end on March 30 (settlement date), the bank said in a regulatory filing.

25 Mar 2021, 09:51:59 AM IST

Gold rises on Europe virus worries, strong dollar caps gains

Gold prices rose on Thursday as surging covid-19 cases across Europe fuelled economic growth concerns, although a strong US dollar checked gains in bullion. Spot gold was up 0.1% at $1,736.31 per ounce by 03:46 GMT. US gold futures were also up 0.2% at $1,735.90 per ounce. (Reuters)

25 Mar 2021, 09:39:38 AM IST

Apple Faces Indian Engineer’s Bias Lawsuit Over Her Heritage

Apple Inc. lost an early round in a discrimination lawsuit brought in the US by a female engineer from India who says her two managers—one from her country, the other from Pakistan—treated her as they would in their own countries: as a subservient. The woman’s case in California state court is the latest to allege workplace bias in Silicon Valley that arises from the prevalent cultural prejudices of tech workers from South Asia. Anita Nariani Schulze said she was forced to resign her job as a technical engineer at Apple in 2019 after tolerating years of discriminatory treatment at the hands of her senior and direct managers. (Bloomberg)

25 Mar 2021, 09:31:33 AM IST

Market opening

The Sensex opened at 48,874.76, down -305.55 points, or 0.62%, while the Nifty was at 14,457.45, down 91.95 points, or 0.63%. The benchmark Indian equity indices were down on mixed cues from Asian peers, amid volatility triggered by fears around rising covid-19 cases, which also led to a slide in oil prices. All sectors on the NSE were in red. ONGC, Titan, Nestle India and L&T were the only stocks in green on the 30-share Sensex at 9:23 am.

Sensex at open
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Sensex at open
25 Mar 2021, 09:10:30 AM IST

Market pre-opening

The Sensex was at 49,232.12, up 51.81 points, or 0.11%, while Nifty was at 14,549.40, down 265.35 points, or 1.79% at market pre-opening. Asian markets had a mixed opening on Thursday owing to uncertainty springing from rising covid-19 cases.

25 Mar 2021, 09:01:01 AM IST

Petrol, diesel prices today slashed for 2nd time in 2021

Petrol and diesel prices were slashed for the second time this year after a sharp fall in global crude oil prices. State-run oil marketing companies (OMCs) on Thursday cut petrol and diesel prices by 21 paise and 20 paise, respectively. (Read more)

25 Mar 2021, 08:47:37 AM IST

Facebook, Google CEOs suggest ways to reform key internet law

Facebook chief executive Mark Zuckerberg has laid out steps to reform a key internet law, saying that companies should have immunity from liability only if they follow best practices for removing damaging material from their platforms.

In testimony prepared for a joint hearing before two House Energy and Commerce subcommittees, Zuckerberg acknowledged the calls from lawmakers for changes to a law called Section 230 of the Communications Decency Act, which gives companies like Facebook immunity from liability over content posted by users. The chief executives of Google and Twitter will also testify at the hearing. (Reuters)

25 Mar 2021, 08:34:09 AM IST

Africa can play central role in India's oil diversification: Dharmendra Pradhan

African nations could play a central role in efforts by India to diversify its sources of oil and gas, oil minister Dharmendra Pradhan said, as the nation strives to reduce its energy reliance on the Middle East. (Read more)

25 Mar 2021, 08:20:28 AM IST

Market outlook

Markets are likely to be volatile on Thursday while trends in SGX Nifty suggest a slightly positive opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 49,180.31, down 871.13 points or 1.74%. The Nifty closed at 14,549.40 , down 265.35 points or 1.79%.

Asian markets were mixed on Thursday after global equities dipped and US investors considered which stock market sectors would most benefit from strengthening growth.

25 Mar 2021, 08:07:47 AM IST

Goldman Sachs asks Indian employees to WFH as covid-19 cases surge

Investment banking company Goldman Sachs has asked all but the critical employees at its operation in Bengaluru to return to working from home on Wednesday, reversing moves to get staff back to one of its biggest global offices as Covid-19 cases in the Indian IT capital grew. (Read more)

25 Mar 2021, 07:55:17 AM IST

Stocks to Watch

Bank of India, TVS Motors, Cadila Healthcare, Adani Group, among other stocks, may be in the news today. (Read more)

25 Mar 2021, 07:47:54 AM IST

Oil prices slide as lockdown concerns outweigh Suez Canal disruptions

Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal. Brent crude futures slid $1.14, or 1.8%, to $63.27 a barrel at 0139 GMT, after jumping 6% overnight. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.27, or 2.1%, to $59.91 a barrel, after climbing 5.9% overnight. (Reuters)

25 Mar 2021, 07:33:42 AM IST

Asian equities fluctuate

Asian stocks and US equity futures were mixed Thursday as investors weighed economic reopening against concerns about inflation. Oil pared a rally triggered by disruption to shipping after a giant container vessel blocked the Suez Canal.

Equities slid in China and Hong Kong with technology under pressure. Stocks advanced in Japan. S&P 500 and Nasdaq 100 futures fluctuated after AstraZeneca Plc reported a slightly lower efficacy for its vaccine in a U.S. study. A technology slide overnight dragged down the Nasdaq 100 amid a rotation into cyclicals. The dollar steadied around two-week highs.

SGX Nifty was at 14,613.50, up 54.25 points, or 0.37% at 7:30 am.

S&P 500 futures were little changed as of 10:41 a.m. in Tokyo. The S&P 500 Index fell 0.6%.

Japan’s Topix Index rose 0.9%.

China’s Shanghai Composite shed 0.5%.

Hong Kong’s Hang Seng index fell 1.2%.

Australia’s S&P/ASX 200 Index rose 0.2%.

South Korea’s Kospi Index edged up 0.1%.

25 Mar 2021, 07:33:38 AM IST

Wall Street closes lower on news of higher taxes

Global equities dipped and the dollar hovered near four-month highs on Wednesday as concerns about extended economic lockdowns in Europe and the potential for higher taxes in the United States weighed on investor sentiment. In afternoon trading on Wall Street, the Dow Jones Industrial Average rose 178.07 points, or 0.55%, to 32,601.22, the S&P 500 gained 5.67 points, or 0.14%, to 3,916.19 and the Nasdaq Composite dropped 138.92 points, or 1.05%, to 13,088.77. Benchmark 10-year notes last rose 6/32 in price to yield 1.6172%, from 1.638% late on Tuesday. Bitcoin rose 2.5% as Tesla Inc chief Elon Musk said the company's electric vehicles can now be bought using bitcoin.

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