Sensex, Nifty end lower after choppy trade; PSU banks continue to slide
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Benchmark indices ended lower after a choppy session on Thursday with financial stocks continuing their downtrend, while fertiliser stocks gained after the continuation of a government subsidy for urea.
The S&P BSE Sensex ended at 33,686, down 150 points while the broader Nifty50 index settled at 10,360, down 51 points.
Banking shares were subdued with revelations of yet another fraud at Punjab National Bank compounding the already-gloomy sentiment on public-sector lenders.
Fertilizer stocks rose after the Indian government decided to continue a urea subsidy scheme till 2020 and implemented the direct benefit transfer scheme. National Fertilizers, Rashtriya Chemicals and Fertilizers and Madras Fertilizers gained about 4-6 per cent
Globally, stock markets across Asia slipped broadly in tandem with Wall Street, which fell for a third session overnight after US President Donald Trump sought to impose fresh tariffs on China, intensifying fears of a trade war. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.45 per cent.
(with inputs from Reuters)
4:05 PM
Market rundown by Vinod Nair, Head of Research, Geojit Financial Services
Market continued to consolidate in a narrow range following mixed trend in global market. World Bank prediction of 7.3% growth in FY19 will give a positive long term sentiment but global trade concerns and skepticism on upcoming state election will refrain market for a decisive up move. Mid & small cap outperformed as investors started accumulating stock in the oversold levels.
4:05 PM
Top PSU Bank losers
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) | VOLUME |
|---|---|---|---|---|---|
| BANK OF BARODA | 143.75 | 145.75 | -2.00 | -1.37 | 13300362 |
| ST BK OF INDIA | 253.70 | 257.05 | -3.35 | -1.30 | 18337435 |
| PUNJAB NATL.BANK | 98.55 | 99.30 | -0.75 | -0.76 | 42910773 |
| UNION BANK (I) | 101.25 | 102.00 | -0.75 | -0.74 | 8989464 |
| ORIENTAL BANK | 100.85 | 101.15 | -0.30 | -0.30 |
6731559 |
3:47 PM
BSE Smallcap: MMTC top gainer, TPL Plastech top loser
3:44 PM
BSE Midcap: Central Bank of India top gainer of the day, Rajesh Exports top loser
3:37 PM
Sectoral Trend
3:34 PM
BSE Sensex gainers and losers for the day
3:32 PM
Market at close
The S&P BSE Sensex ended at 33,686, down 150 points while the broader Nifty50 index settled at 10,360, down 51 points.
3:17 PM
Buzzing Stock
Birla Corporation rose 6.03% to Rs 796 on BSE on bargain hunting after a recent slide. On the BSE, 15,000 shares were traded in the counter so far compared with average daily volumes of 9,069 shares in the past two weeks. The stock had hit a high of Rs 824 and a low of Rs 752 so far during the day.
3:01 PM
Shares of HG Infra Engineering have moved higher by 8% to Rs 294 per share on the BSE in noon deal in otherwise subdued market after the company said it has been declared, lowest bidder (L-1) for new EPC project under Ministry of Road Transportation & Highway (MORTH) for upgradation to two lane with paved shoulder configuration from Kundal to Jhadol in the state of Rajasthan. The completion period is 18 months. READ MORE
HG Infra rises 8% after emerging as lowest bidder for EPC project
Shares of HG Infra Engineering have moved higher by 8% to Rs 294 per share on the BSE in noon deal in otherwise subdued market after the company said it has been declared, lowest bidder (L-1) for new EPC project under Ministry of Road Transportation & Highway (MORTH) for upgradation to two lane with paved shoulder configuration from Kundal to Jhadol in the state of Rajasthan. The completion period is 18 months. READ MORE
2:46 PM
IPO WATCH: HAL
Reco: Subscribe
Revenue CAGR of 5.5% over FY14-17 was led by robust growth of 13% CAGR in services business. During this period, share of service revenues jumped from 23% to 32%. With the upgrade of major fleets of the Indian Defence forces on the anvil, we believe this segment would continue to witness robust growth going forward. Growth would also be led by the execution of LCA (Tejas), Sukhoi, LCH, UAV and development of indigenous spares and engines. Orderbook of Rs.684bn provides strong revenue visibility for the company over the next five years.
We believe the stock is attractively priced given strong earnings potential and humungous domestic aero defence opportunities.
(Source: IIFL)
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First Published: Mar 15 2018 | 3:30 PM IST