MARKET WRAP: Sensex down 101 pts, Nifty slips below 11,450; pharma declines
All that happened in markets today
 "(Photo: Kamlesh Pednekar)")
(Photo: Kamlesh Pednekar)
Benchmark indices Sensex and Nifty ended in the negative territory on Wednesday as investors booked profits in recent outperformers such as Reliance Industries (RIL) and financial counters.
The S&P BSE Sensex lost 101 points or 0.26 per cent to end at 38,133, with NTPC being the top drag and YES Bank the biggest gainer. RIL, HDFC Bank, HDFC, TCS, and Infosys contributed the most to the index's loss.
In the broader market, the S&P BSE MidCap index gained 88 points or 0.59 per cent to close at 15,168, while the S&P BSE SmallCap index ended at 14,778, up 95 points or 0.64 per cent.
The Nifty50 index of the National Stock Exchange (NSE) closed below 11,450 level at 11,445, down 38 points or 0.33 per cent.
Volatility index India VIX rose nearly 4 per cent to 17.07.
Volatility index India VIX rose nearly 4 per cent to 17.07.
On the sectoral front, pharma stocks bled the most followed by auto and realty stocks. The Nifty Pharma index fell 1.04 per cent to 9,149, with all the 12 components ending in the red. On the other hand, Nifty PSU Bank index gained 1.59 per cent to settle at 3,229.
BUZZING STOCKS
Shares of ICICI Prudential Life Insurance Company rallied 9 per cent to Rs 349 on the BSE as the promoter’s share sale programme received good response from non-retail investors.
Shares of Vodafone Idea hit a new low of Rs 28.30, down 4 per cent, in the intra-day trade, thus falling 14 per cent in four days on the BSE, ahead of rights issue. The stock eventually closed at Rs 28.45, down 3.89 per cent.
GLOBAL CUES
Asian shares held steady on Wednesday as investors tried to come to terms with a sharp shift in US bond markets and the implications for the world’s top economy. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.1 per cent, while Japan’s Nikkei average lost 0.2 per cent.
(With inputs from Reuters)
3:42 PM
Sectoral gainers and losers on NSE
3:41 PM
Top gainers and losers on S&P BSE Sensex
3:40 PM
CLOSING BELL
The S&P BSE Sensex shed 100.53 points or 0.26 per cent to settle at 38,133 while NSE's Nifty50 index ended at 11,445, down 38 points or 0.33 per cent.
3:29 PM
Nifty PSU Bank index hits over 6-month high, SBI gains 6% in two days
Shares of State Bank of India (SBI) were up 2.4 per cent at Rs 311 on the NSE in intra-day trade on Wednesday. The stock of state-owned lender was up 6 per cent in the past two days, after the banks, led by SBI, said they will convert their debt into equity and take a controlling stake in the Jet Airways for a token sum of 1 rupee. The stock is 5 per cent away from its 52-week high level of Rs 326 on August 10, 2018. READ MORE
3:15 PM
Motilal Oswal Securities on Alkem Laboratories
We lower ALKEM’s P/E multiple to 22x (from 24x earlier) to factor in the increased competition in the US generics space and gradual downtrend in the domestic formulation industry. We arrive at PT of INR2,170 (from INR2,368 earlier). Based on 23% earnings CAGR expected over FY19-21E and led by healthy performance in the DF segment, enhanced margins in the US generics business, and attractive valuation, we maintain a BUY rating on the stock.
3:00 PM
NEWS ALERT | Kenichi Ayukawa re-appointed as Maruti Suzuki MD, CEO for 3 yrs: TV
2:49 PM
Masala bond market revives as rupee gains and tax cut lures buyers
A rebound in the rupee and a government policy to boost the currency are helping to revive sales in the small market for masala bonds. HDFC, India’s largest mortgage lender, last week raised Rs 10 billion ($145 million) through a sale of the offshore rupee notes, the first in the market since November. READ MORE
2:33 PM
SpiceJet rises 5%
2:24 PM
Market check
2:09 PM
Sectoral trends on NSE
1:57 PM
Tata Motors down 1.44%
1:56 PM
Power Grid slips 1.8%
1:50 PM
Sun Pharma slips 1.6%
1:39 PM
Here's how you can make money in RIL, SBI, Maruti and Axis Bank
The upward rising trend line on Nifty50 chart showed resistance around 11,550. It witnessed minor sell-off, before strongly reversing towards 11,500 level yesterday. A jump of 129 points or 1.14 per cent has brought back the positive sentiment. READ MORE
1:27 PM
SML Isuzu nears 52-week high; stock zooms 50% in March
SML Isuzu shares surged 20 per cent to Rs 851 in intra-day trade on the BSE on expectations of better sales volume in the month of March. Thus far in the current month, the stock has rallied 50 per cent from the level of Rs 569 on February 28, after the company reported strong 33 per cent year-on-year (YoY) growth in total sales at 1,282 units in February. READ MORE
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First Published: Mar 27 2019 | 7:40 AM IST