Sensex ends below 36,000 mark

Domestic shares declined for a second straight session as caution crept into the market ahead of the Union Budget, due tomorrow, 1 February 2018. The barometer index, the S&P BSE Sensex, fell 68.71 points or 0.19% to 35,965.02, as per the provisional closing data. The Nifty 50 index fell 19.75 points or 0.18% to 11,029.90, as per the provisional closing data. The Sensex provisionally settled below the psychological 36,000 mark. The Nifty provisionally settled above the psychological 11,000 level after flirting with that level in intraday trade.

Sharp volatility was witnessed in today's trade. Key indices opened lower. After displaying some volatility in early trade, the key benchmarks hit more than one week low in mid-afternoon trade. The barometers sharply pared losses in late trade as bargain hunting emerged at lower levels.

Among secondary barometers, the BSE Mid-Cap index provisionally fell 1.29%. The BSE Small-Cap index provisionally fell 0.83%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,731 shares fell and 1,092 shares rose. A total of 149 shares were unchanged.

The total turnover on BSE amounted to Rs 5936.78 crore, higher than turnover of Rs 5285.39 crore registered during the previous trading session.

Most pharmaceutical shares declined. Divi's Laboratories (down 4.13%), Dr Reddy's Laboratories (down 3.82%), Strides Shasun (down 2.58%), Wockhardt (down 2.49%), Cipla (down 2.35%), Sun Pharmaceutical Industries (down 2.22%), Lupin (down 2.21%), Glenmark Pharmaceuticals (down 1.9%), Alkem Laboratories (down 1.26%), Piramal Enterprises (down 0.49%), Aurobindo Pharma (down 0.22%) and Cadila Healthcare (down 0.18%), edged lower. GlaxoSmithKline Pharmaceuticals (up 0.20%) and IPCA Laboratories (up 2.03%), edged higher.

GHCL dropped 4.50% after net profit fell 11.63% to Rs 71.17 crore on 16.39% rise in total income to Rs 718 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 31 January 2018.

The company said that based on the recommendation of the Nomination & Remuneration Committee, the board of directors of the company approved re-appointment of Raman Chopra, as CFO & Executive Director (Finance) of the company for a period of 5 years with effect from 1 April 2018, subject to the approval of shareholders in the ensuing Annual General Meeting.

Nocil advanced 3.79% after net profit surged 80.67% to Rs 44.97 crore on 27.25% growth in total income to Rs 252.45 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 31 January 2018.

EIH Associated Hotels dropped 5.25% after net profit fell 5.18% to Rs 19.81 crore on 0.99% rise in total income to Rs 87 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 31 January 2018.

Kajaria Ceramics tumbled 6.80% after consolidated net profit fell 3.36% to Rs 53.11 crore on 2.39% decline in total income to Rs 662.93 crore in Q3 December 2017 over Q3 December 2016. The result was announced during market hours today, 31 January 2018.

The Budget Session of the parliament began on 29 January 2018. The first phase of the budget session of the parliament is being held from 29 January 2018 to 9 February 2018. After a recess, Parliament will meet again from 5 March 2018 to 6 April 2018, as per reports.

The Economic Survey 2017-18 was tabled in Parliament on 29 January 2018. The survey estimated that India's economy should grow between 7% and 7.5% in the 2018/19 (April-March) with exports and private investment set to rebound. The survey estimated that gross domestic product will have grown 6.75% in the current fiscal year ending in March 2018.

Overseas, European stocks were trading higher as investors monitored corporate earnings.

Figures from the European Union's statistics agency showed that annual consumer price inflation across the Eurozone fell to 1.3% in January from the previous month's 1.4%.

Asian shares settled on a mixed note as traders studied US President Donald Trump's call for infrastructure investment in his State of the Union address.

China's Shanghai Composite fell 0.21%. A monthly index showed that Chinese manufacturing started the year off at a slower pace as factory activity eased on softer demand, especially for exports. The official purchasing managers' index for January, released on Wednesday, slipped to 51.3, down from December's 51.6 and the weakest reading in eight months. The index is based on a 100-point scale where the 50 mark separates expansion from contraction.

US stocks declined on Tuesday, as heavy losses in health-care and energy shares weighed on the main indexes. Climbing US bond yields, which imply a rise in borrowing costs, also put pressure on stocks.

US Federal Reserve's Federal Open Market Committee (FOMC) commenced its two-day meeting on monetary policy yesterday, 30 January 2018, with a policy decision due later in the global day today, 31 January 2018. The Fed, in a widely expected move, had raised interest rates by 25 basis points (bps) to a range of 1.25-1.5% in its December monetary policy meeting.

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