Key benchmark indices logged modest losses in volatile session of trade. The barometer index, the S&P BSE Sensex, fell 150.20 points or 0.44% at 33,685.54, as per the provisional closing data. The Nifty 50 index fell 50.75 points or 0.49% at 10,360.15, as per the provisional closing data. Index heavyweight Reliance Industries dropped. Oil & gas stocks fell.
The Sensex gained 30.54 points or 0.09% at the day's high of 33,866.28 in mid-morning trade. The index lost 198.46 points or 0.59% at the day's low of 33,637.28 in late trade. The Nifty gained 9.10 points or 0.09% at the day's high of 10,420 in mid-morning trade. The index lost 64.70 points or 0.62% at the day's low of 10,346.20 in late trade.
Key indices drifted lower in early trade tracking negative Asian stocks. Indices reversed initial declines and turned positive in morning trade. Volatility ruled the roost in mid-morning trade as the key benchmark indices once again slipped in negative zone. Indices pared some intraday losses and hovered in a narrow range in in afternoon trade. After trading with weakness in mid-afternoon trade, fresh selling pushed the key benchmark indices to intraday lows in late trade.
Among secondary indices, the S&P BSE Mid-Cap index provisionally rose 0.49%. The S&P BSE Small-Cap index provisionally rose 0.8%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On the BSE, 1,634 shares advanced and 1,058 shares declined. A total of 155 shares were unchanged.
The total turnover on BSE amounted to Rs 5267.94 crore, higher than the turnover of Rs 3388.04 crore registered during the previous trading session.
Oil & gas stocks fell. Among oil exploration and production (E&P) stocks, Reliance Industries (down 1.84%), ONGC (down 0.08%) and Oil India (down 0.79%) edged lower.
Among PSU OMCs, HPCL (down 1.21%) and Indian Oil Corporation (down 2.71%) declined. BPCL (up 0.01%) rose.
ICICI Bank lost 1.75%. ICICI Bank informed that the IPO of its subsidiary, ICICI Securities, will open for subscription on 22 March 2018 and shall close on 26 March 2018. The price band for the IPO has been fixed at Rs 519 to Rs 520 per share. The announcement was made after market hours yesterday, 14 March 2018.
Wipro fell 0.48%. The company announced a strategic partnership with Trintech to deliver digital solutions that help simplify and automate business finance functions at enterprises. Trintech is a leading global provider of integrated, cloud-based Record to Report (R2R) finance software solutions for the office of finance. The announcement was made after market hours yesterday, 14 March 2018.
MMTC jumped 20% to Rs 62.10 after the company said its board will meet on 19 March 2018 to consider bonus issue. The announcement was made after market hours yesterday, 14 March 2018.
Meanwhile, the Indian economy is set to revert to its trend growth rate of 7.5% in the coming years as it bottoms out from the impact of the Goods and Services Tax (GST) and demonetization, a World Bank report released yesterday, 14 March 2018 showed. India's GDP growth is projected to reach 6.7% in 2017-18 and accelerate to 7.3% and 7.5% in 2018-19 and 2019-20 respectively.
While services will continue to remain the main driver of economic growth; industrial activity is poised to grow, with manufacturing expected to accelerate following the implementation of the GST, and agriculture will likely grow at its long-term average growth rate, the report said.
Overseas, European stocks rose as investors gauge the implications of the latest personnel changes in the Trump administration. Asian markets saw mixed trend.
US stocks fell yesterday, 14 March 2018 after lackluster retail sales figures fanned concern that consumer spending is cooling. US president Donald Trump reportedly planned to impose fresh tariffs on China, intensifying concerns of a global trade war. Larry Kudlow, a free trade advocate, is set to replace Gary Cohn as White House economic adviser. Cohn resigned last week after losing his fight against tariffs on steel and aluminum imports.
In economic data, the producer-price index showed wholesale inflation rose 0.2% in February, down from the 0.4% advance in January. US retail sales fell 0.1% in February, the third straight monthly decline. However, sales grew 0.3% if autos and gas are stripped out.
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