MARKET COMMENT Madan Sabnavis, chief economist at CARE Ratings The Indian economy has displayed varying signs this year and while the general direction is towards a possible recovery in 2018-19, the issue of overhang of NPA resolution would be a fundamental factor affecting future growth as investment would require finance which will emanate mainly from banks. The focus next year will be on ensuring that the process of solution is on the right track. Nifty Metal index declines 2.09%. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME JINDAL STEEL 219.10 229.75 -10.65 -4.64 9495220 S A I L 70.20 73.20 -3.00 -4.10 10421653 JSW STEEL 288.15 298.85 -10.70 -3.58 5121150 TATA STEEL 571.05 590.00 -18.95 -3.21 18642014 VEDANTA 277.85 287.00 -9.15 -3.19 14697397 Nifty PSU Bank index ends 2.13% lower. Top losers: COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME IDBI BANK 72.20 76.25 -4.05 -5.31 43260112 PUNJAB NATL.BANK 95.30 99.45 -4.15 -4.17 30081563 ORIENTAL BANK 91.60 94.45 -2.85 -3.02 4417827 SYNDICATE BANK 55.45 56.85 -1.40 -2.46 4885414 INDIAN BANK 299.80 306.70 -6.90 -2.25 1198361 Sectoral Trend BSE Sensex gainers and losers of the day Market at close The S&P BSE Sensex ended at 32,968, down 206 points while the broader Nifty50 index settled at 10,113, down 71 points.
The S&P BSE Sensex ended at 32,968, down 206 points while the broader Nifty50 index settled at 10,113, down 71 points. The indices posted a monthly loss of about 3.5 per cent, their steepest drop for the month of March since 2015. For FY18, the Nifty50 index gained around 10%.
"We expect the Indian equities to remain range bound in the coming sessions. Domestic macro data and global developments will dictate the further course of the market in the near term. In the coming week with the release of volume data for March, Auto stocks would remain in focus. Valuations at current levels are not cheap and India continues to trade at a premium to the other emerging markets. Hence, for this premium to sustain, continued reform implementation and revival in the corporate earnings is essential," said Jayant Manglik, President, Religare Broking.
Markets will remain closed on Thurday and Friday on account of Mahavir Jayanti and Good Friday, respectively. The bourses will now open on Monday, April 02. With effect from April 1, long-term capital gains— profits made on the sale of equity shares held for over 12 months—will be taxed at the rate of 10%.
Europe’s main bourses opened more than 1% weaker as the fifth sell-off in six days gathered momentum and sent risk-averse traders piling back to the safety of bond markets.