Market tumbles as key index heavyweights slide

Domestic stocks suffered steep losses on last trading day of the week in a broad-based sell-off. The barometer index, the S&P BSE Sensex, lost 509.54 points or 1.51% at 33,176, as per the provisional closing data. The Nifty 50 index dropped 165 points or 1.59% at 10,195.15, as per the provisional closing data. Today's slide on the bourses was led by index heavyweights HDFC, HDFC Bank, Reliance Industries (RIL) and ITC. Sentiment took a hit after Telegu Desam Party (TDP) reportedly decided to quit the ruling NDA government.

The Sensex rose 5.78 points or 0.02% at the day's high of 33691.32 at onset of the day's trading session. The index lost 565.62 points or 1.68% at the day's low of 33,119.92 in late trade, its lowest level since 8 March 2018. The Nifty fell 13.85 points or 0.13% at the day's high of 10,346.30 at onset of the day's trading session. The index lost 179.90 points or 1.74% at the day's low of 10,180.25 in late trade, , its lowest level since 8 March 2018.

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 slide as the day's trade progressed.

The S&P BSE Mid-Cap index provisionally lost 1.07%. The S&P BSE Small-Cap index provisionally lost 1%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was weak. On the BSE, 1,755 shares declined and 926 shares advanced. A total of 175 shares were unchanged.

The total turnover on BSE amounted to Rs 3675.60 crore, lower than the turnover of Rs 5,282.06 crore registered during the previous trading session.

Index heavyweight Reliance Industries (RIL) lost 1.29% to Rs 900.50.

Index heavyweight and cigarette major ITC dropped 1.85% to Rs 260.65.

Index heavyweight and housing finance major HDFC declined 1.48% to Rs 1,803.

HDFC Bank fell 1.2%. 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.

Metal and mining stocks declined. Vedanta (down 1.42%), JSW Steel (down 1.63%), Tata Steel (down 1.54%), Steel Authority of India (Sail) (down 3.39%), Hindustan Zinc (down 0.8%), Jindal Steel & Power (down 2.1%), Hindalco Industries (down 1.71%) and Hindustan Copper (down 3.64%) edged lower.

National Aluminium Company (up 0.99%) and NMDC (up 1.32%) rose.

Copper edged higher in the global commodities market. High Grade Copper for May 2018 delivery was currently up 0.45% at $3.1415 per pound on the COMEX.

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 trading with small gains even as investors remained cautious about US plans to raise tariffs on imports of steel and aluminum. Most Asian stocks fell as reports of more chaos in the Trump administration tested investors' nerves, already frayed by fears that US tariffs could hurt the global economy and trigger a trade war.

US stocks ended mixed yesterday, 15 March 2018 as industrial and tech gains were offset by losses in the consumer and energy sector. Investors are looking ahead to the Federal Reserve's monetary policy meeting next week. The fed-fund futures market is betting there is a high chance of a 0.25% point rate increase on 21 March 2018, reports indicated.

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