Market hits fresh intraday low

A sell-off in index pivotals dragged the key benchmark indices to fresh intraday low in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 421.34 points or 1.25% at 33,264.20. The Nifty 50 index dropped 134.50 points or 1.3% at 10,225.65. Today's slide on the bourses was led by index heavyweights Reliance Industries (RIL), HDFC and ITC. Many FMCG stocks declined.

Trading for the day began on a dull note as the key benchmark indices edged lower in early trade on negative Asian stocks. Indices kept on extending decline as the day's trade progressed.

The S&P BSE Mid-Cap index fell 0.69%. The S&P BSE Small-Cap index dropped 0.6%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,708 shares declined and 883 shares advanced. A total of 173 shares were unchanged.

Index heavyweight Reliance Industries (RIL) lost 2.27% to Rs 891.50.

Index heavyweight and cigarette major ITC dropped 1.77% to Rs 260.85.

Index heavyweight HDFC declined 1.78% to Rs 1,797.55.

HDFC Bank shed 0.49%. HDFC Bank said that the bank has completed the issue of Rs 2300 crore, Rupee Denominated Bonds (RDB) with coupon of 8.10% fixed annually and maturity of 22 March 2025. The announcement was made after market hours yesterday, 15 March 2018.

Many FMCG stocks declined. Godrej Consumer Products (down 2.04%), Hindustan Unilever (down 0.81%), GlaxoSmithkline Consumer Healthcare (down 0.12%), Colgate-Palmolive (India) (down 0.31%), Nestle India (down 0.31%), Tata Global Beverages (down 1.8%), Procter & Gamble Hygiene and Health Care (down 2.12%) fell.

Britannia Industries (up 0.34%), Dabur India (up 0.02%), Marico (up 0.18%), Jyothy Laboratories (up 0.18%) and Bajaj Corp (up 0.34%) rose.

Steel Strips Wheels rose 2.19% after the company said it bagged an order of 130,000 caravan wheels from Europe. The announcement was made during trading hours today, 16 March 2018.

Steel Strips Wheels (SSWL) announced bagging an exports order for supplying steel wheels for European Union (EU) Caravan market. Order comprises of approximately 130,000 steel wheels to be shipped from SSWL's Chennai plant from May 2018 onwards until period of 6 months. The company is expected to close some more export orders with another European customers in recent future.

Gravita India rose 0.29% after the company received orders worth Rs 300 crore from Singapore-based Kyen Resources. The announcement was made after market hours yesterday, 15 March 2018.

Gravita India, a leading recycling company having its manufacturing presence around the globe, informed that it received orders worth Rs 300 crore for supplying 18000 MT of pure lead and lead bullion from Kyen Resources Pte, Singapore. Gravita India said this order will help the company strengthen its top line and bottom line in coming FY 2018-2019. The said order will be executed during FY 2018-2019.

Phoenix Mills lost 1.1% to Rs 614.25, with the stock extending recent sharp losses on selling pressure. Shares of Phoenix Mills have tumbled 13.74% in six trading sessions to its ruling price, from its closing of Rs 702 on 8 March 2018.

Meanwhile, India's trade deficit for February 2018 was estimated at $11,979.21 million, 25.8% higher than the $9,521.73-million deficit reported during February 2017, government data released after market hours yesterday, 15 March 2018 showed. Exports during February 2018 stood at $25,834.36 million compared to $24,726.71 million during February 2017. Imports during February 2018 were pegged at $37,813.57 million, compared to $34,248.44 million in February 2017.

On the political front, Andhra Pradesh's Telugu Desam Party (TDP) reportedly pulled out of its alliance with the BJP-led NDA at the Centre. The N Chandrababu Naidu-led TDP, as well as other local parties, expressed their discontent over Centre not granting special category status to Andhra Pradesh.

Overseas, Europe's major stock markets were little changed in early deals. Most Asian stocks fell as weak volumes in the US session overnight gave little impetus for traders ahead of next week's Federal Reserve meeting. US stocks ended mixed yesterday, 15 March 2018 as industrial and tech gains were offset by losses in the consumer and energy sector.

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