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Cement stocks outperform in weak market

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Key benchmark indices hovered in negative zone in morning trade after an initial slide triggered by negative Asian stocks. At 10:25 IST, the barometer index, the Sensex, was down 116.10 points or 0.34% at 33,740.68. The index was down 33.25 points or 0.32% at 10,393.60. Telecom stocks saw mixed trend. gained. The market sentiment was impacted after the Reserve of (RBI) banned letters of undertaking (LoUs) for seeking overseas loans.

Domestic stocks began trading on a subdued note on negative Asian stocks.

The Mid-Cap index was up 0.07%. The Small-Cap index was up 0.15%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,041 shares fell and 1,004 shares rose. A total of 109 shares were unchanged. Breadth was weak in early trade.

Overseas, Asian stocks declined following an overnight slide in US equities after a fresh personnel shakeup in the spurred concerns about a unilateral approach to trade, national security and foreign affairs.

Chinese industrial-production, fixed-asset investment and data showed the grew much faster than expected in the first two months of 2018. releases combined data for January and February to limit distortions caused by the Lunar New Year holiday, which was in January last year but February this year.

Value-added industrial output, a rough proxy for economic growth, expanded by 7.2% in January and February from a year earlier, compared with a 6.2% on-year increase in December, the said today, 14 March 2018. Industrial production rose 0.57% on-month in February, compared with December's 0.52% growth.

Fixed-asset investment outside rural households climbed 7.9% in the first two months of 2018 from a year earlier, quickening from a 7.2% increase in 2017. grew 9.7% on-year in January and February, accelerating from a 9.4% rise in December.

Minutes from the of Japan's January meeting, released today, 14 March 2018 showed that some board members warned the central should keep a close eye on unexpected side effects from the current monetary policy.

US equities fell in choppy trade yesterday, 13 March 2018 after tech shares pulled back amid concerns trade tensions between the US and could increase. The sudden firing of US took some by surprise less than a week after top resigned from the US has nominated CIA Mike Pompeo, an ex-congressman, to replace Tillerson.

Back home, (down 1.29%), (down 1.22%) and (down 1.01%) edged lower from the Sensex pack.

Telecom stocks saw mixed trend. (down 1.44%), (down 0.43%) and (down 0.64%) declined. MTNL (up 0.75%) and (Maharashtra) (up 4.97%) rose.

Shares of fell 0.95%. is a provider of and is a unit of

gained. (up 1.46%), ACC (up 1.17%), (up 1.28%) and (up 0.26%) edged higher.

was up 0.81%. Grasim has exposure to the through its holding in

rose 2.02% after the company said it has fixed 29 March 2018 as the record date for issue of bonus shares in the ratio of 1:2. The announcement was made after market hours yesterday, 13 March 2018.

Meanwhile, the (RBI) in a press release issued yesterday, 13 March 2018 said that on a review of the extant guidelines, it has been decided to discontinue the practice of issuance of Letters of Undertaking (LoUs) / Letters of Comfort (LoCs) for Trade Credits for imports into India by Authorised Dealer Category - I banks with immediate effect. Letters of Credit and for Trade Credits for imports into India may continue to be issued.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 14 2018. 10:29 IST