Nifty ends 1% lower, fails to hold 10,100 mark, Sensex down 252 points

All that happened in the market today

3:46 PM

Nifty Metal ends 2.67% lower

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
NMDC	117.85	126.30	-8.45	-6.69	9696169
HIND.COPPER	67.30	71.70	-4.40	-6.14	2724668
JINDAL STAIN .HI	177.50	188.85	-11.35	-6.01	273471
S A I L	68.85	72.85	-4.00	-5.49	22150121
TATA STEEL	574.00	600.20	-26.20	-4.37	12540239

3:44 PM

Nifty Realty cracks 2.94%

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
DLF	214.15	226.30	-12.15	-5.37	6787728
UNITECH	6.10	6.35	-0.25	-3.94	16893168
INDBULL.REALEST.	196.60	204.65	-8.05	-3.93	3682537
PHOENIX MILLS	586.65	608.65	-22.00	-3.61	97687
OBEROI REALTY	493.65	511.20	-17.55	-3.43	207255

3:37 PM

Sectoral

3:35 PM

BSE Sensex: Power Grid Corporation of India top gainer while Tata Steel top loser for the day

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 32,923, down 253 points while the broader Nifty50 index settled at 10,094, down 101 points.

3:26 PM

TV Today Network falls 13% after board nod for sale of radio business

TV Today Network (TVTNL) has dipped 13% to Rs 460 on the BSE in noon deal trade after the company said its board granted in principle approval for sale of radio business of the company to Entertainment Network India (ENIL) as a going concern, by way of a slump sale. READ MORE

3:15 PM

Gold loses sheen on subdued global cues, muted demand

Gold prices drifted lower by Rs 110 to Rs 31,180 per 10 grams at the bullion market, tracking a weak trend overseas amid slackened demand from local jewellers. READ MORE

3:00 PM

UltraTech to buy Binani Cement, seeks end to insolvency proceedings

UltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings.

 

In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to Binani Industries Ltd for ending insolvency proceedings against Binani Cement. READ MORE

2:51 PM

Europe Trade

European markets were lower, as investors looked ahead to a trading week in which the Federal Reserve is likely to hike interest rates.

 

France's CAC, Germany's DAX and Britain's FTSE were down around 1 per cent each.

2:36 PM

Buy into international funds when Indian equity returns run dry

 

At a time when the trailing three-month return for most equity fund categories have turned negative, one category that is still in the positive is international funds (return 4.22 per cent; source: Value Research), underlining the ability of these funds to act as portfolio diversifiers.

 

Like most investors globally, Indian investors too have a home bias. The bulk of their portfolio is invested in India and they are often reluctant to invest abroad. The home bias tends to get more pronounced when the Indian markets are doing well. According to experts, however, having a 10-20 per cent (of the equity portfolio) exposure to international funds can make your investment journey smoother by counterbalancing the underperformance in Indian markets. READ MORE

2:19 PM

IPO Subscription

The initial public offer (IPO) of Bandhan Bank has been oversubscribed 2.30 times so far on the final day of bidding.

 

The Rs 4,473-crore IPO has received bids for 19.17 crore equity shares against the total offer size of 8.35 crore shares, as per data available on the NSE website.

 

The reserved portion of qualified institutional buyers has oversubcribed 6.08 times while the portion set aside for non-institutional investors has subscribed 0.67 times and retail 0.83 times.

2:02 PM

Market Check

 

S&P BSE Sensex	32,937.03		-0.72%
Nifty 50	10,108.60		-0.85%
S&P BSE 200	4,417.88		-1.14%
Nifty 500	8,901.10		-1.15%
S&P BSE Mid-Cap	15,957.60		-1.61%
S&P BSE Small-Cap	17,223.31		-2.01%

1:49 PM

BSE Smallcap: Shilpa Medicare, United Bank of India among top gainers, JBP industries top loser

1:36 PM

Accrual funds: Rates are usually 150-200 bps more than bank fixed deposits

Indian bond market and debt fund investors have suffered reverses over the past six months. The interest rate cycle reversed in Q3, 2017-18, and started rising, after a long period when rates fell. Crude oil prices started falling in September 2014 and by December 2014, the Reserve Bank of India (RBI) was in rate-cutting mode. READ MORE

1:18 PM

Gateway Distriparks hits 52-week low on FPI selling

Shares of Gateway Distriparks hit a 52-week low of Rs 187 per share, down 3.6%, extending their Friday’s 5% decline on the BSE, after the foreign portfolio investor (FPI) Morgan Stanley reduced its stake in the company through open market. READ MORE

1:00 PM

BSE Midcap: Vakrangee top gainer, while SAIL, Central Bank of India among top losers

12:47 PM

What makes Au Small Finance Bank possibly India's most expensive bank?

The bad news in India has been banks. The good news in India is Au Small Finance Bank. The bank was not in existence a year ago. The day it listed, it was valued in excess of Rs 15 billion. The promoter’s holding of 32 per cent was now worth more than Rs 50 billion. READ MORE

12:30 PM

Companies are launching IPOs in March ahead of introduction of LTCG tax

This month will go down as one of the busiest month for maiden offerings. Around eight initial public offerings (IPOs), cumulatively raising nearly Rs 160 billion, are being launched. In terms of the number of deals, this is the most since September 2011, when nine IPOs were launched in a single month. READ MORE

12:16 PM

HG Infra extends gain after winning EPC project in Rajasthan

HG Infra Engineering (HGIEL) was trading 2% higher at Rs 302, extending its 10% rise in past two sessions on the BSE, after the company said it has been declared lowest bidder (L-1) for a new EPC project under Ministry of Road Transportation & Highway (MORTH) for upgradation to two lanes with paved shoulder configuration of the Kundal-Jhadol section of NH-58E in Rajasthan. READ MORE

12:01 PM

Market Check

 

S&P BSE Sensex	33,056.35		-0.36%
Nifty 50	10,141.90		-0.52%
S&P BSE 200	4,432.19		-0.82%
Nifty 500	8,927.30		-0.86%
S&P BSE Mid-Cap	15,990.39		-1.41%
S&P BSE Small-Cap	17,295.02		-1.60%

11:45 AM

PFC, REC, NTPC could form joint venture to bid for stressed assets

 

Two leading public sector lenders in the power business and a state-owned power-generating giant are likely to come together and bid for stressed assets that will go through resolution under the Insolvency and Bankruptcy Code (IBC).

 

Power Finance Corporation (PFC), which has a considerable debt exposure to the sector; Rural Electrification Corporation, which lends to development power schemes; and maharatna public sector undertaking (PSU) NTPC are thinking of forming a company that will buy out power projects. READ MORE

11:39 AM

STOCKS IN NEWS

·         Videocon Industries clarified that it is evaluating process to sell stake in Brazil oil block

 

·         Zee Entertainment calls off deal to acquire 100% equity stake in 9X entities

 

·         Grasim Industries increased epoxy resin production capacity at Gujarat plant to 1.23 lakh metric tonnes per annum

 

·         Max Financial to raise funds for making investment in subsidiary, Max Life Insurance

 

·         Gujarat Fluorochemicals approves offer for sale for 6.1% equity of Inox Wind at price of Rs 115 each

 

·         Thermax won order worth Rs. 503cr for co-generation plants In Haryana and Punjab

 

·         UPL’s stake in Brazil’s Sinagro Group falls to 45% from 49%

 

·         TV Today to sell three radio stations with ISHQ 104.8FM to ENIL

 

·         Orchid Pharma received three bids under insolvency proceedings

 

·         Sona Koyo Engineering’s promoter JTEKT Corporation to sell about 47 lakh shares on March 19,20 via offer for sale route

 

·         Cadila Health received final approval from the U.S. FDA for omeprazole and sodium bicarbonate capsules

 

·         PNC Infratech emerged as the lowest bidder for Rs. 1,197cr Aligarh-Kanpur project

 

·         Indian Oil, BPCL might buy 26% stake each in GAIL

 

·         Liberty House’s bid for ABG Shipyard rejected

(Source: IIFL report)

11:34 AM

INTERVIEW OF THE DAY Economic upturn aiding markets, but no shortage of risks: Lambregts, Erken

As global financial markets look forward to the outcome of the US Federal Reserve (US Fed) meeting this week, London-based JAN LAMBREGTS, managing director and global head of financial markets research at Rabobank International, and HUGO ERKEN, its senior economist and country analyst for North America, Mexico and India, tell Puneet Wadhwa India is on course to achieve 8.3 per cent GDP growth in the September quarter READ MORE HERE

11:32 AM

MARKET COMMENT Saurabh Mukherjea, chief executive officer, Ambit Capital

The narrative that the stock market has rallied post May 2014 because the NDA was elected is an example of the “availability heuristic”, i.e. a mental shortcut wherein faced with a decision or an analysis, we prefer to recall recent, easy-to-access information/news. A more convincing narrative of this unique rally is that benign inflation conditions allowed the RBI to provide unprecedented liquidity support (to the economy and to financial markets). Now, with that liquidity support likely to ebb away, both the stock and bond market are in more uncertain territory. That being said, provided the economy continues its cyclical recovery and liquidity does not dry up, I don’t see bear market conditions returning to India

Saurabh Mukherjea

11:30 AM

Volume Toppers

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
JP ASSOCIATES	19.80	-1.10	-5.26	5868978
IDBI BANK	78.25	-0.70	-0.89	3292525
REL. COMM.	23.05	-0.40	-1.71	2497022
SUZLON ENERGY	11.44	-0.25	-2.14	1757885
UNITECH	6.13	-0.23	-3.62	1641148

11:16 AM

Top 5 losers in Nifty Metal Index

COMPANY	LATEST	PREV CLOSE	LOSS( )	LOSS(%)	VOLUME
S A I L	67.95	72.85	-4.90	-6.73	11239459
NMDC	118.10	126.30	-8.20	-6.49	4100124
HIND.COPPER	68.45	71.70	-3.25	-4.53	911637
JINDAL STAIN .HI	182.45	188.85	-6.40	-3.39	121155
COAL INDIA	269.80	278.20	-8.40	-3.02	1335953

11:00 AM

BSE PSU index hits 52-week low; SAIL, NMDC down over 5%

Shares of state-owned companies were trading under pressure with the S&P BSE PSU Index hitting 52-week low after more than 3% decline in stocks of metals and oil marketing companies (OMCs). READ MORE

10:45 AM

Interview of the Day Economic upturn aiding markets, but no shortage of risks: Lambregts, Erken

As global financial markets look forward to the outcome of the US Federal Reserve (US Fed) meeting this week, London-based JAN LAMBREGTS, managing director and global head of financial markets research at Rabobank International, and HUGO ERKEN, its senior economist and country analyst for North America, Mexico and India, tell Puneet Wadhwa India is on course to achieve 8.3 per cent GDP growth in the September quarter. READ MORE

10:30 AM

ITC: Volume recovery in cigarettes, scaling up of FMCG biz are positives

Traction for its fast moving consumer goods (FMCG) portfolio led by new launches, receding threat of higher taxation on cigarettes as well as attractive valuations are expected to lead to a rerating of the ITC stock. READ MORE

10:17 AM

Shilpa Medicare gains 7% on EIR for Jadcherla formulations unit

Shilpa Medicare has gained 7% to Rs 488 on the BSE in early morning trade after the company said that it has received Establishment Inspection Report (EIR) from the US drug regulator for its formulation manufacturing facility in Telangana following the audit in November last year. READ MORE