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Closing Bell: Sensex falls 510 pts, Nifty ends below 10,200; all sectoral indices in the red

Gravita India, Dilip Buildcon, Graphite India and ITDC gained up to 7 percent while Central Bank of India, IDBI Bank, SBI and PNB were mildly lower.

March 16, 2018 / 04:39 PM IST

3:30 pm Market Closing: Benchmark indices corrected sharply in last couple of hours of trade, with the Sensex falling 509.54 points or 1.51 percent to 33,176, weighed by index heavyweights Reliance Industries, ITC and HDFC twins.

The NSE Nifty was down 165 points or 1.59 percent to 10,195.20. About two shares declined for every share rising on the BSE.

Midcaps also participated in the correction as the Nifty Midcap was down 1 percent.

Amtek Auto, GVK Power, Radico Khaitan, Adani Enterprises, NIIT Technologies, Oberoi Realty, Kolte-Patil, NLC India, Reliance Infrastructure, Reliance Capital, Future Enterprises, Hindustan Copper, EIL and SAIL were down up to 7 percent. MMTC, Graphite India, HEG, Canara Bank and Syndicate Bank gained up to 8 percent.

3:25 pm Order Win: Ramky Infrastructure has been awarded project worth Rs 939.41 crore in Srinagar in the State of Jammu & Kashmir by National Highways Authority of India (NHAI) on EPC mode. The stock gained 1.5 percent.


3:15 pm Form 483: Shares of Dr Reddy’s Laboratories declined 3 percent as it has received Form 483 with 4 observations for its API Hyderabad Plant 1 at Jinnaram Mandal, Medak Telengana from USFDA.

Here are the top headlines at 3 pm from Moneycontrol News' Sakshi Batra

2:50 pm Market Update: Benchmark indices fell sharply in last hour of trade amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.

The 30-share BSE Sensex was down 514.78 points or 1.53 percent at 33,170.76 and the 50-share NSE Nifty fell 164 points or 1.58 percent to 10,196.20.

All sectoral indices were in the red, with Metal falling 2.6 percent. Auto, FMCG, IT and Pharma indices were down 1-1.5 percent.

2:47 pm Goa Mining Crisis: Goa Mineral Ore Exporters' Association, the body representing the mine owners in Goa, said the closure of the mining leases in the coastal state will bring about an "economic and social disaster".

The Goa government put a complete halt on iron ore mining in the state from today, after the Supreme Court last month quashed the second renewal of iron ore mining leases given to 88 companies in Goa in 2015.

The apex court had given time till March 15 to mining lease holders to manage their affairs.

The people dependent on this industry are in the panic mode as there is no clarity over their future.

2:45 pm Market Update: Benchmark indices dropped further, with the Sensex falling 458.97 points or 1.36 percent to 33,226.57 and the Nifty declining 146.20 points or 1.41 percent to 10,214.

2:32 pm Interview: Housing Development Finance Corporation has approved the payment of interim dividend of Rs 3.50 per equity share of Rs. 2 each of the corporation for the financial year ending March 31, 2018, as against an interim dividend of Rs 3 per equity share for the financial year ended March 31, 2017.

Further, in terms of the HDFC Share Dealing Code and the SEBI (Prohibition of Insider Trading) Regulations, 2015, the window for trading in securities of the Corporation by the employees and directors of the Corporation will open on March 19, 2018.

2:22 pm Europe Trade: European markets were flat-to-positive, as reports of further political disruption in the White House tested investors' nerves.

2:16 pm Market Update: The market extended losses amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.

The BSE Sensex fell 402.88 points or 1.20 percent to 33,282.66 and the NSE Nifty declined 128.30 points or 1.24 percent to 10,231.90, weighed by index heavyweights Reliance Industries, HDFC twins, ITC.

The midcaps also extended losses, with the Nifty Midcap index falling 0.8 percent.

About two shares declined for every share rising on the BSE.

2:05 pm Order Win: Shashijit Infraprojects has received new project from existing client Bhilosa Industries Private Limited for construction of canteen building at their project site situated at Plot No. 200, Village Naroli, Silvassa, UT of Dadra and Nagar Haveli.

Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak

1:54 pm Market Update: The market was trading near day's low as benchmark indices declined nearly 1 percent each by intense selling in heavyweights - Reliance Industries, HDFC twins, ITC.

PSU Bank outperformed other sectoral indices, rising nearly a percent.

1:40 pm Order Win: Steel Strips Wheels (SSWL) announced bagging of yet another big exports order for supply of steel wheels for EU Caravan market.

Order comprises of approximately 1,30,000 steel wheels to be shipped from SSWL's Chennai plant from May 2018 onwards until period of 6 months, the company said.

The company is expected to close some more export orders with another European customers in recent future.

1:30 pm Lok Sabha Disruption: The Lok Sabha could not take up notices for no-confidence motion against the NDA government moved by Andhra Pradesh parties, with Speaker Sumitra Mahajan saying there was no order in the House and adjourned the proceedings for the day amid vociferous protests over various issues.

In the nearly four-year rule of the BJP-led NDA alliance, this is the first time that no-confidence motion notices have been moved against the government.

The notices were moved by YSR Congress and TDP, who have been demanding special status for Andhra Pradesh, an issue on which the latter today quit the ruling alliance.

1:20 pm Car Price Hike: German luxury car maker Audi said it will increase prices of its vehicles by up to Rs 9 lakh from April 1 to pass on the impact of increased customs duty in the Budget.

The price across the entire model range will be increased by up to 4 percent owing to the hike in the customs duty announced in the Union Budget, Audi India said in a statement.

The price increase will range from Rs 1 lakh to Rs 9 lakh and will be effective from 1st April, 2018, it added.

Audi sells a host of vehicles in India ranging from SUV Q3 with price starting at Rs 35.35 lakh to sports car R8 which is tagged at Rs 2.63 crore.

1:08 pm Plant Shutdown: Goa Carbon informed exchanges that the temporary shut-down of operations at the Company's Paradeep Unit located at  Udayabata, Paradeepgarh, Orissa for regular maintenance work from March 15, 2018.

There would not be any material financial impact due to the temporary shut-down of the Company's Paradeep Unit on account of sufficient inventory of finished material, the company said.

12:55 pm Asia Update: Asian stocks slid as reports of more chaos in the Trump administration tested investors' nerves, already frayed by fears that US tariffs could hurt the global economy and trigger a trade war.

European stock futures point to a weaker start in Europe, with futures of Britain's FTSE and France's Cac down 0.1 percent.

Japan's Nikkei was down 0.6 percent.

12:40 pm InterGlobe Aviation in focus: A brand new Pratt & Whitney

engine-powered ATR aircraft of IndiGo's maiden flight from Toulouse to New Delhi was aborted and had to return to the French facility due to low oil pressure.

The IndiGo ATR 72-600 aircraft on its maiden flight yesterday from its Toulouse headquarters to the New Delhi hub of IndiGo had no revenue passengers onboard.

Confirming the development, the airline in a statement said, "IndiGo ATR 72-600 while being ferried from Toulouse to India, with no revenue passengers onboard, returned to Toulouse for technical reasons. The aircraft will conduct checks and take actions as required as is the usual practise while delivering new airplanes."

Though the airline did not specify what the technical glitch was, sources said this problem was low oil pressure.

Currently Indigo has four ATRs in the fleet beside the 152 Airbus A320 planes, including 32 A320 Neos. of which 11 were grounded by

the regulator earlier this week.

12:30 pm Fundraising: Jindal Steel & Power inform exchanges that the board has considered the issuance of securities to qualified institutional buyers by way of qualified institutions placement.

12:20 pm Market Update: Benchmark indices extended losses in afternoon, with the Sensex falling 301.96 points to 33,383.58, weighed by oil, technology and banking & financials stocks.

The 50-share NSE Nifty was down 94.40 points or 0.91 percent to 10,265.80.

The market breadth also turned in favour of declines as about 1,307 shares declined against 1,066 advancing shares on the BSE.

IOC, Reliance Industries, HDFC, ITC, Tata Motors, Infosys, HPCL and Vedanta were down 1-3 percent.

12:05 pm Dividend: Banco Products said the board declared interim dividend at Rs 4.20 per equity share of face value of Rs 2 each for the financial year ending on 31.03.2018.

The board has fixed 28.03.2018 as the record date for the purpose of deciding the entitlement of shareholders to get the aforesaid interim dividend for the financial year ending on 31.03.2018.

The dividend will be paid on or after 09.04.2018.

Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak

11:54 am Drug Launch: Dr Reddy's Laboratories has launched Levocetirizine Dihydrochloride tablets, USP 5mg, an over-the-counter therapeutic equivalent generic version of Xyzal Allergy 24HR tablets in the United States market.

The drug is an over-the-counter antihistamine used for 24-hour relief of allergy symptoms such as watery eyes, runny nose, itching eyes / nose, and sneezing.

11:42 am No-Confidence Motion: TDP leader Thota Narasimham moved a no-confidence motion in the Lok Sabha, hours after party president N Chandrababu Naidu announced in Amaravati that the party was exiting the National Democratic Alliance.

Andhra Pradesh's ruling party had yesterday offered to back the YSR Congress' no-confidence motion but has now said it withdraws the support as it smells a nexus between it and the BJP.

"We go according to principles. Our leader felt being part of NDA and moving a no-confidence motion would not be ethical. So we withdrew from the NDA and I have issued a letter on no-confidence motion to the speaker at 9.30 am," Narasimham, the TDP's floor leader in the Lok Sabha, told reporters.

He said letters would go out to BJP leaders about the party's decision to exit the alliance.

11:32 am Stake Sale: Private sector lender Yes Bank has sold 2.17 percent stake in Fortis Healthcare, out of over 17 percent stake it acquired last month.

In a regulatory filing, Yes Bank said it had sold 1.12 crore shares representing 2.17 percent stake of Fortis Healthcare in the open market between February 23 and March 15, 2018.

Yes Bank had acquired 17.31 percent stake in Fortis Healthcare following invocation of nearly 9 crore pledged shares last month.

"Yes Bank has acquired 8,97,81,906 equity shares having nominal value of Rs 10 per share of the company pursuant to invocation of pledge on the said equity shares subsequent to default by promoter group companies in the credit facility provided by the bank," Fortis Healthcare had said.

The shares were acquired by Yes Bank on February 16, consequent upon invocation of pledge on these shares, it added.

11:20 am Dividend: DLF informed exchanges that a meeting of the board of the directors is scheduled to be held on March 20, 2018, to consider declaration of interim dividend for the FY18.

11:10 am Order Win: The railways strategic business unit of L&T Construction’s Transportation Infrastructure Business has signed a major contract worth Rs 2,864 crore with the Dedicated Freight Corridor Corporation of India Ltd. (DFCCIL).

Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra

10:58 am Zensar extends partnership with Microsoft: Share price of Zensar Technologies added 2.6 percent Friday as company has extended strategic partnership with Microsoft.

Zensar Technologies extended its managed partner relationship with Microsoft in South Africa in the global systems integrator market.

10:45 am Hindustan Zinc declares second interim dividend: Hindustan Zinc considered and approved the second interim dividend of Rs 6 per equity share i.e. 300 percent on face value of Re 2 per equity share for the financial year 2017-18.

10:30 am Market Update: Benchmark indices fell further amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government.

The 30-share BSE Sensex was down 192.96 points at 33,492.58 and the 50-share NSE Nifty declined 57.90 points to 10,302.30.

The midcaps also erased early gains to trade flat.

Nifty Metal was the biggest loser among sectoral indices, falling over 1 percent followed by FMCG, Auto, Bank and IT.

10:25 am Market trivia: Yields on the three-month US treasury bill recently hit 1.7 percent. And as yields rise, so do short-term rates on consumer and business loans. The last time this happened was back in 2008.

10:20 am Rupee Trade: The rupee reversed opening losses to gain 2 paise at 64.91 against the US dollar.

The rupee was down 3 paise in opening on strength in dollar against other currencies overseas as traders eye next week's US Federal Reserve meeting, and a lower opening in domestic equities kept pressure on the domestic unit, dealers said.

Meanwhile, data released by the commerce ministry showed, exports grew by 4.5 per cent in February, the lowest expansion in the last four months, to USD 25.8 billion as shipments of engineering, textiles and gems and jewellery declined, while trade deficit narrowed to a five-month low of USD 12 billion.

Yesterday, the rupee fell by 10 paise to end at 64.93 against the American currency due to sustained foreign fund outflows amid growing prospects of rate hike by the US Fed next week.

10:12 am Deal Break-up: Edelweiss Financial Services said its acquisition of Religare Enterprises Ltd's securities business had been terminated for want of necessary approvals.

"Due to the seller's inability to obtain the requisite clearances within the agreed timeline, the binding agreement has come to an end on March 15, 2018", the company said in a statement.

Edelweiss Group's wealth management unit had in December said it would acquire the securities business of Religare Enterprises for an undisclosed sum.

10:02 am Market Update: Benchmark indices extended losses amid political developments after the Telugu Desam Party (TDP) formally decided to quit the NDA government.

The 30-share BSE Sensex was down 187.17 points at 33,498.37 and the 50-share NSE Nifty fell 51.20 points to 10,309.

Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak

10:00 Politics: The Telugu Desam Party (TDP) formally decided to quit the NDA, days after two of its ministers quit the Narendra Modi government protesting for Special Category Status to Andhra Pradesh.

The party will also move a no-confidence motion against the Modi government over the injustice meted out to the state, an official communique said.

Union ministers -- P Ashok Gajapati Raju and Y S Chowdary -- had quit on March 8 after a meeting with the prime minister over the AP Reorganisation Act, 2014.

The TDP politburo unanimously took the decision during a tele-conference with party supremo and Andhra Pradesh Chief Minister N Chandrababu Naidu this morning.

9:52 am Infosys Q4 Earnings: Infosys informed exchanges that a meeting of the board of directors will be held on April 12 & 13, 2018 to consider the audited consolidated financial statements of the company and its subsidiaries as per Indian Accounting Standards (INDAS) for the quarter and year ending March 31, 2018.

The board will also consider the audited consolidated financial statements of the Company and its subsidiaries as per INDAS for the year ending March 31, 2018 and the audited condensed standalone financial statements of the Company as per INDAS for the quarter and year ending March 31, 2018;

The audited consolidated financial statements of the Company and its subsidiaries as per International Financial Reporting Standards (IFRS) in INR for the quarter and year ending March 31, 2018 will also consider by the board.

The financial results would be finally approved by the board on April 13, 2018, Infosys said.

9:45 am Market Update: The market extended opening losses amid sluggish global cues and trade war concerns, weighed by oil, financials, technology stocks.

The 30-share BSE Sensex was down 131.36 points at 33,554.18 and the 50-share NSE Nifty declined 34.90 points to 10,325.30.

About two shares advanced for every share falling on the BSE.

Midcaps continued to outperform frontliners, with the Nifty Midcap index up 0.2 percent.

9:35 am Buzzing: State-run coal mining company Coal India shares lost as much as 6 percent after the stock adjusted for dividend.

The board of directors of the company, on March 10, had approved payment of interim dividend for the financial year 2017-18 at Rs 16.50 per share of the face value of Rs 10 as recommended by the Audit Committee.

The company has fixed March 19 as record date for the payment of interim dividend while the date of payment of interim dividend is on and from March 23.

9:26 am Market Outlook: Aditya Agarwal, Head Technical Research, Way2Wealth Brokers said going forward, Nifty has an immediate support near 10,285 and any sustain move below this level will lead to further correction towards 10,210-10,141 levels. On the other side, 10,478 will act an immediate hurdle above which the index likely to rally towards 10,630.

In last 3 trading sessions, we have seen aggressive call writing at 10500 strike option and that will act as a stiff resistance zone for Nifty and similarly on lower side Put writing at 10300-10200 options will prove as immediate support.

Overall, he expects markets to consolidate between broad range of 10,240-10,520 levels for few sessions before giving any fresh breakout on either side.

9:20 am JP Associates in focus: Shares of  Jaiprakash Associates zoomed 15 percent as RARE Enterprises has bought 3 crore shares of the company.

Big Bull Rakesh Jhunjhunwala’s RARE Enterprises has picked up 3 crore shares of Jaiprakash Associates at an average price of Rs18.37 on Thursday, NSE bulk deals data showed.

The investor first bought shares of Jaiprakash Associates in the year 2017. The shareholding pattern for the quarter ended June 2017 showed that he picked up 2.5 crore shares, amounting to 1.03 percent stake in the company. However, he later pared the stake below 1 percent.


9:15 am Market Check: Benchmark indices started off last day of the week on a negative note amid sluggish global cues and trade war concerns.

The 30-share BSE Sensex was down 123.61 points at 33,561.93 and the 50-share NSE Nifty fell 33.10 points to 10,327.10.

Nifty Midcap was up 23 points. Jaiprakash Associates rallied 15 percent.

Religare Enterprises lost 4 percent after Edelweiss called off deal with the company.

Gravita India, Dilip Buildcon, Graphite India and ITDC gained up to 7 percent while Central Bank of India, IDBI Bank, SBI and PNB were mildly lower.

Asian markets were mostly lower on the last day of the trading week amid a backdrop of global trade-related developments and news out of Washington.

In Tokyo, the Nikkei 225 gave up earlier gains to slip 0.57 percent and in Seoul, the Kospi edged down 0.49 percent.

China's Shanghai Composite was down 0.12 percent and Hong Kong's Hang Seng dropped 0.3 percent.

The Dow Jones industrial average rose 115 points on Thursday, but the S&P 500 and Nasdaq composite closed lower as investors assessed the possibility of a trade war.
Moneycontrol News
first published: Mar 16, 2018 09:15 am

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