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Market off day's low

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Domestic stocks continued recovery in mid-afternoon trade as European stocks were trading higher in early trade. At 14:26 IST, the barometer index, the Sensex, was down 177.26 points or 0.52% at 33,679.52. The index was down 62.10 points or 0.6% at 10,364.75. Oil & declined. Many pharma shares fell. 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. Key benchmark indices hovered in negative zone in morning trade. Indices extended fall and hit fresh intraday lows in early afternoon trade. Key indices made a partial recovery in afternoon trade after hitting intraday lows in early afternoon trade.

The Mid-Cap index was off 0.07%. The Small-Cap index was off 0.28%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was negative. On the BSE, 1,513 shares declined and 1,076 shares advanced. A total of 142 shares were unchanged.

(down 1.48%), (down 1.19%) and (down 1.16%) edged lower from the Sensex pack.

Oil & declined. Among shares of and production (E&P) companies (down 0.88%) and (down 1.72%) edged lower.

rose 2.75% 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.

Among PSU OMCs, (down 1.97%), BPCL (down 0.95%), and (down 2.94%) declined.

Many pharma shares fell. Cadila Healthcare (down 0.21%), (down 0.13%), (down 0.09%), (down 0.65%), (down 0.01%) and (down 0.7%) declined. (up 2.24%), (up 1.64%), Lupin (up 0.08%) and (up 0.11%) rose.

rose 1.46% after the company said it emerged as preferred bidder for two projects in With addition of these projects, the company's construction orderbook stands at Rs 10000 crore to be executed in three years. The announcement was made after trading hours yesterday, 13 March 2018.

IRB Infrastructure Developers, in consortium with Modern Road Makers (wholly-owned subsidiary of the company), has emerged as a preferred bidder for two hybrid annuity projects under NHDP Phase IV in

The projects include four laning of Puducherry to Poondiyankuppam at a cost of Rs 1296 crore and four laning of Poondiyankuppam to Sattanathapuram at a cost of Rs 2169 crore of NH-45A. The construction period is 730 days and operation period is 15 years for the said projects.

fell 4.48% to Rs 320.75 on profit booking after a recent rally. Shares of jumped 7.49% in two trading sessions to settle at Rs 335.80 yesterday, 13 March 2018, from its close of Rs 312.40 on 9 March 2018.

On the macro front, India's annual wholesale price inflation eased in February, government data showed today, 14 March 2018. Annual wholesale price inflation last month slowed to 2.48% from a year earlier, from a provisional 2.84% rise in January.

Meanwhile, the Reserve of (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 Guarantees for Trade Credits for imports into India may continue to be issued.

Overseas, European stocks were trading higher in early trade. Asian stocks declined following an overnight slide in US equities after fresh personnel shakeup in the US Donald Trump's administration spurred concerns about a unilateral approach to trade, national security and foreign affairs.

Among economic data, Chinese industrial-production, fixed-asset investment and data showed the economy 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 Bank of Japan's January meeting, released today, 14 March 2018 showed that some board members warned the central bank 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.

The consumer-price index rose a mild 0.2% in February after a 0.5% increase in January. The year-over-year rate for CPI edged up to 2.2% in February from 2.1% in January.

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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. 14:36 IST