Market Wrap: Sensex, Nifty close marginally lower, banking stocks recover
BSE Sensex closed lower by 21.04 points at 33,835.74, while the Nifty 50 fell 15.95 points to close at 10,410.90. Here are the latest updates from the markets
Last Modified: Wed, Mar 14 2018. 04 55 PM IST
- 3.32 pm ISTClosing bell
- 3.13 pm ISTRBI may cut key policy rates by 25 bps in August: BofAML
- 2.25 pm ISTMarket update
- 2.20 pm ISTRupee trades lower against US dollar
- 2.17 pm ISTThirumalai Chemicals shuts production at Ranipet site
- 2.15 pm ISTDhanlaxmi Bank plans to raise Rs150 crore via debt
- 2.10 pm ISTYes Bank acquires 17.31% stake in Fortis Healthcare
- 1.10 pm ISTDilip Buildcon gets letter of award from NHAI
- 1.07 pm ISTMCX signs MoU with Confederation of Indian Textile Industry
- 1.05 pm ISTRBI issues no objection to IBN18 Mauritius merger into TV18 Broadcast
- 1 pm ISTBudget passed without discussion in Lok Sabha as protests continue
- 12.57 pm ISTWPI inflation eases to 2.48% in February
- 12.30 pm ISTMarket update
- 12.27 pm ISTBharat Dynamics IPO sees 32% subscription on first day
- 11.25 am ISTMarket update
- 11.20 am ISTAsian shares trade lower
- 10.35 am ISTPNB shares fall 3%
- 10.33 am ISTCoal India shares down after Citi downgrade
- 10.05 am ISTBanking stocks trade lower
- 10.00 am ISTFortis Healthcare shares gain 5%
- 09.55 am ISTRCom shares decline nearly 3%
- 9.53 am ISTBank of India hits pay dirt on recoveries, helps lift sentiment for public sector peers
- 9.50 am ISTRupee weakens against US dollar
- 9.43 pm ISTMarket update
- Mumbai: The benchmark BSE Sensex fell by 21 points in a choppy trade, extending its losses for the second day due to selling in oil and gas, realty, auto and metal stocks amid a global sell-off on heightened trade war fears. Asian stocks declined following an overnight slide in US equities after President Donald Trump fired his secretary of state Rex Tillerson. The Sensex trimmed losses on a firm trend in Europe and a recovery in major banking stocks following a benign wholesale inflation data. On a net basis, DIIs bought shares worth Rs1,613.39 crore while FPIs also bought shares worth Rs7,028.42 crore on Tuesday, provisional data showed. (PTI) Here are the latest update from the markets:
- 3.32 pm IST Closing bellBSE Sensex closed lower by 21.04 points, or 0.06%, to 33,835.74, while the Nifty 50 fell 15.95 points, or 0.15%, to close at 10,410.90. Among the sectoral indices on BSE, bankex, consumer durables, finance and IT gained, while oil and gas, telecom, energy and realty declined. BSE MidCap was up 0.28% and SmallCap inched up 0.06%.
- 3.13 pm IST RBI may cut key policy rates by 25 bps in August: BofAMLThe Reserve Bank of India (RBI) is expected to cut key policy rates by 25 bps in August, which will lead to lending rate cuts, and in turn support growth, says a report. “We continue to expect RBI to cut 25 bps in August, if rains are normal, to cool yields and signal lending rate cuts, BofAML said in a research note.
- 2.25 pm IST Market updateBSE Sensex traded lower by 159.23 points, or 0.47%, to 33,697.55, while the Nifty 50 fell 59.70 points, or 0.57%, to 10,367.15. All the sectoral indices on BSE, except consumer durables, traded lower with oil and gas, energy, telecom and metal losing most. BSE MidCap was up 0.01%, while SmallCap was down 0.23%.
- 2.20 pm IST Rupee trades lower against US dollarThe rupee weakened marginally due to heavy demand for the US currency from importers amid foreign fund outflows. The rupee was at 64.94 a dollar, down 0.08% from its previous close of 64.90. The home currency opened at 64.88 a dollar and touched a low of 65.05. Yields on 10-year government bonds were at 7.676% compared to Monday’s close of 7.653%.
- 2.17 pm IST Thirumalai Chemicals shuts production at Ranipet siteThirumalai Chemicals Ltd said it will shut production at the Ranipet site from 23 March for about 2 weeks for maintenance and catalyst change. “This will have an impact on the Company’s production and sales,” said the company in a BSE filing. Shares were up 0.43% to Rs1883.
- 2.15 pm IST Dhanlaxmi Bank plans to raise Rs150 crore via debtDhanlaxmi Bank Ltd said its board of directors will consider the proposal to issue unsecured redeemable non-convertible Basel III compliant subordinated tier II bonds of up to Rs150 crore on private placement basis. Shares were trading 0.69% lower at Rs21.60
- 2.10 pm IST Yes Bank acquires 17.31% stake in Fortis HealthcareYes Bank Ltd has acquired 17.31% stake in Fortis Healthcare Ltd following invocation of nearly 9 crore pledged shares last month. Yes Bank shares were trading 1.96% up at Rs319.25 on BSE, while Fortis Healthcare shares gained 4.13% to Rs158.80.
- 1.07 pm IST MCX signs MoU with Confederation of Indian Textile IndustryMulti Commodity Exchange of India Ltd said it has signed a memorandum of understanding with Confederation of Indian Textile Industry for joint cooperation on a host of objectives such as jointly organising awareness events for cotton value chain participants including farmers, price ticker board installation at textile parks.
- 1 pm IST Budget passed without discussion in Lok Sabha as protests continueFinance minister Arun Jaitley moved the Finance Bill 2018 as well as the Appropriation Bill that details spending in various departments, amid din by slogan-shouting opposition.
Budget passed without discussion in Lok Sabha as protests continue https://t.co/iuwWPHclQ3— Livemint (@livemint) March 14, 2018
- 12.57 pm IST WPI inflation eases to 2.48% in FebruaryAnnual wholesale price inflation eased in February for the third straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices, government data showed on Wednesday. Annual wholesale price inflation last month slowed to 2.48% from a year earlier, from a provisional 2.84% rise in January.
- 12.27 pm IST Bharat Dynamics IPO sees 32% subscription on first dayThe Rs960 crore initial public offering (IPO) of public sector unit (PSU) Bharat Dynamics Ltd witnessed an overall subscription of 32% on Tuesday, the first day of the share sale, data from stock exchanges showed. As of 5pm, the portion of shares reserved for institutional investors in the Bharat Dynamics IPO saw a subscription of 50%, while those kept aside for retail investors and high net-worth individuals (HNIs) were subscribed to the extent of 21% and 2%, respectively.
- 11.25 am IST Market updateBSE Sensex traded lower by 174.25 points, or 0.51%, to 33,682.53, while the Nifty 50 fell 53.70 points, or 0.52%, to 10,373.15. Among the sectoral indices on BSE, bankex, telecom, finance and energy traded lower, while IT, teck and consumer durables were down. BSE MidCap and SmallCap were down 0.01% and 0.06%, respectively.
- 11.20 am IST Asian shares trade lowerShares faltered and the dollar skidded as investors fretted over the threat of new US tariffs on Chinese imports, brushing aside data that showed the Asian economy got off to a solid start in 2018. MSCI’s Asia index stumbled 0.7%, retreating from a 1-1/2 month high on Tuesday, with the technology sector the biggest drag. Japan’s Nikkei dropped 0.8%. China’s SSE Composite index and the blue-chip CSI 300 fell 0.5% each. In a sign the equity market sell-off would extend elsewhere, S&P E-Mini futures were down 0.1% while FTSE futures slipped 0.3%. (Reuters)
- 10.35 am IST PNB shares fall 3%Punjab National Bank shares fell 3.06% to Rs95 after the bank has told police it has uncovered additional exposure of about Rs942 crore ($145.2 million) in connection with a huge alleged fraud.
- 10.05 am IST Banking stocks trade lowerBanking stocks fell. Punjab National Bank was down 3.7%, Canara Bank 3%, IDBI Bank 2.8%, Allahabad Bank 2.7%, Bank of India 2%, Union Bank of India 2%, Oriental Bank of Commerce 1.9%, Indian Bank 1.8%, Bank of Baroda 1.8%, Syndicate Bank 1.7% and State Bank of India fell 1.4%.
- 9.53 am IST Bank of India hits pay dirt on recoveries, helps lift sentiment for public sector peersThough the good news on Bank of India’s bad loan recoveries lifted sentiment, it does not materially change the fortunes of public sector banks.
- 9.50 am IST Rupee weakens against US dollarThe rupee on Wednesday weakened due to heavy demand for the US currency from importers amid foreign fund outflows. At 9.30am, the rupee was at 65.04 a dollar, down 0.22% from its previous close of 64.90. The home currency opened at 64.88 a dollar and touched a low of 65.05. Importers rushed to buy dollars after the Reserve Bank of India (RBI) on late Tuesday barred banks from issuing letters of undertaking (LoUs) and letters of comfort with immediate effect.