Nifty ends 1% lower, fails to hold 10,100 mark, Sensex down 252 points

A share broker monitors market fluctuation
Benchmark indices  fell on Monday, dragged by energy stocks such as Indian Oil Corp Ltd (IOC) and Bharat Petroleum Corp Ltd (BPCL) which declined on reports the refiners may buy stakes in GAIL (India) Ltd.

The S&P BSE Sensex ended at 32,923, down 253 points while the broader Nifty50 index settled at 10,094, down 101 points.

Shares in both IOC and BPCL dropped over 4 percent each, with IOC hitting its lowest since January 2017.

The market participants will closely watch key developments in the parliament this week following the no-confidence motion moved by Telugu Desam Party (TDP) after it broke away from the BJP-led NDA following the Centre's refusal to grant Special Category status to Andhra Pradesh.

In major political development, the N Chandrababu Naidu-led TDP and Y S Jaganmohan Reddy-led Yuvajana Shramika Rythu Congress Party (YSR Congress Party) on Monday were all set to push their notices of no-confidence motion against the Narendra Modi government in the Lok Sabha, as they continued their respective agitations for the granting of a special-category status to Andhra Pradesh. However, the no-confidence motions were not introduced as the Lok Sabha was adjourned till Tuesday.

In the global markets, Asian share markets slipped into the red on Monday as caution gripped investors in a week in which the Federal Reserve is likely to hike US interest rates and perhaps signal that as many as three more lie in store for the rest of the year.

Japan’s Nikkei extended early losses to drop 1.3 per cent, while the MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent.

(with wire inputs)

3:46 PM IST Nifty Metal ends 2.67% lower COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME NMDC 117.85 126.30 -8.45 -6.69 9696169 HIND.COPPER 67.30 71.70 -4.40 -6.14 2724668 JINDAL STAIN .HI 177.50 188.85 -11.35 -6.01 273471 S A I L 68.85 72.85 -4.00 -5.49 22150121 TATA STEEL 574.00 600.20 -26.20 -4.37 12540239

3:44 PM IST Nifty Realty cracks 2.94% COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME DLF 214.15 226.30 -12.15 -5.37 6787728 UNITECH 6.10 6.35 -0.25 -3.94 16893168 INDBULL.REALEST. 196.60 204.65 -8.05 -3.93 3682537 PHOENIX MILLS 586.65 608.65 -22.00 -3.61 97687 OBEROI REALTY 493.65 511.20 -17.55 -3.43 207255

3:37 PM IST Sectoral

3:35 PM IST BSE Sensex: Power Grid Corporation of India top gainer while Tata Steel top loser for the day

3:32 PM IST Market at close   The S&P BSE Sensex ended at 32,923, down 253 points while the broader Nifty50 index settled at 10,094, down 101 points.

3:26 PM IST TV Today Network falls 13% after board nod for sale of radio business TV Today Network (TVTNL) has dipped 13% to Rs 460 on the BSE in noon deal trade after the company said its board granted in principle approval for sale of radio business of the company to Entertainment Network India (ENIL) as a going concern, by way of a slump sale. READ MORE

3:15 PM IST Gold loses sheen on subdued global cues, muted demand Gold prices drifted lower by Rs 110 to Rs 31,180 per 10 grams at the bullion market, tracking a weak trend overseas amid slackened demand from local jewellers. READ MORE

3:00 PM IST UltraTech to buy Binani Cement, seeks end to insolvency proceedings UltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings.   In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to Binani Industries Ltd for ending insolvency proceedings against Binani Cement. READ MORE

2:51 PM IST Europe Trade European markets were lower, as investors looked ahead to a trading week in which the Federal Reserve is likely to hike interest rates.   France's CAC, Germany's DAX and Britain's FTSE were down around 1 per cent each.

2:36 PM IST Buy into international funds when Indian equity returns run dry   At a time when the trailing three-month return for most equity fund categories have turned negative, one category that is still in the positive is international funds (return 4.22 per cent; source: Value Research), underlining the ability of these funds to act as portfolio diversifiers.   Like most investors globally, Indian investors too have a home bias. The bulk of their portfolio is invested in India and they are often reluctant to invest abroad. The home bias tends to get more pronounced when the Indian markets are doing well. According to experts, however, having a 10-20 per cent (of the equity portfolio) exposure to international funds can make your investment journey smoother by counterbalancing the underperformance in Indian markets. READ MORE

2:19 PM IST IPO Subscription The initial public offer (IPO) of Bandhan Bank has been oversubscribed 2.30 times so far on the final day of bidding.   The Rs 4,473-crore IPO has received bids for 19.17 crore equity shares against the total offer size of 8.35 crore shares, as per data available on the NSE website.   The reserved portion of qualified institutional buyers has oversubcribed 6.08 times while the portion set aside for non-institutional investors has subscribed 0.67 times and retail 0.83 times.

2:02 PM IST Market Check   S&P BSE Sensex 32,937.03 -0.72%   Nifty 50 10,108.60 -0.85%   S&P BSE 200 4,417.88 -1.14%   Nifty 500 8,901.10 -1.15%   S&P BSE Mid-Cap 15,957.60 -1.61%   S&P BSE Small-Cap 17,223.31 -2.01%

LIVE UPDATES

Nifty Metal ends 2.67% lower

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
NMDC 117.85 126.30 -8.45 -6.69 9696169
HIND.COPPER 67.30 71.70 -4.40 -6.14 2724668
JINDAL STAIN .HI 177.50 188.85 -11.35 -6.01 273471
S A I L 68.85 72.85 -4.00 -5.49 22150121
TATA STEEL 574.00 600.20 -26.20 -4.37 12540239

Nifty Realty cracks 2.94%

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
DLF 214.15 226.30 -12.15 -5.37 6787728
UNITECH 6.10 6.35 -0.25 -3.94 16893168
INDBULL.REALEST. 196.60 204.65 -8.05 -3.93 3682537
PHOENIX MILLS 586.65 608.65 -22.00 -3.61 97687
OBEROI REALTY 493.65 511.20 -17.55 -3.43 207255

Sectoral


BSE Sensex: Power Grid Corporation of India top gainer while Tata Steel top loser for the day


Market at close
 
The S&P BSE Sensex ended at 32,923, down 253 points while the broader Nifty50 index settled at 10,094, down 101 points.
TV Today Network falls 13% after board nod for sale of radio business

TV Today Network (TVTNL) has dipped 13% to Rs 460 on the BSE in noon deal trade after the company said its board granted in principle approval for sale of radio business of the company to Entertainment Network India (ENIL) as a going concern, by way of a slump sale. READ MORE
Gold loses sheen on subdued global cues, muted demand

Gold prices drifted lower by Rs 110 to Rs 31,180 per 10 grams at the bullion market, tracking a weak trend overseas amid slackened demand from local jewellers. READ MORE
UltraTech to buy Binani Cement, seeks end to insolvency proceedings

UltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings.
 
In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to Binani Industries Ltd for ending insolvency proceedings against Binani Cement. READ MORE

Europe Trade

European markets were lower, as investors looked ahead to a trading week in which the Federal Reserve is likely to hike interest rates.
 
France's CAC, Germany's DAX and Britain's FTSE were down around 1 per cent each.
Buy into international funds when Indian equity returns run dry
 
At a time when the trailing three-month return for most equity fund categories have turned negative, one category that is still in the positive is international funds (return 4.22 per cent; source: Value Research), underlining the ability of these funds to act as portfolio diversifiers.
 
Like most investors globally, Indian investors too have a home bias. The bulk of their portfolio is invested in India and they are often reluctant to invest abroad. The home bias tends to get more pronounced when the Indian markets are doing well. According to experts, however, having a 10-20 per cent (of the equity portfolio) exposure to international funds can make your investment journey smoother by counterbalancing the underperformance in Indian markets. READ MORE
IPO Subscription

The initial public offer (IPO) of Bandhan Bank has been oversubscribed 2.30 times so far on the final day of bidding.
 
The Rs 4,473-crore IPO has received bids for 19.17 crore equity shares against the total offer size of 8.35 crore shares, as per data available on the NSE website.
 
The reserved portion of qualified institutional buyers has oversubcribed 6.08 times while the portion set aside for non-institutional investors has subscribed 0.67 times and retail 0.83 times.
Market Check

 
S&P BSE Sensex 32,937.03 -0.72%
 
Nifty 50 10,108.60 -0.85%
 
S&P BSE 200 4,417.88 -1.14%
 
Nifty 500 8,901.10 -1.15%
 
S&P BSE Mid-Cap 15,957.60 -1.61%
 
S&P BSE Small-Cap 17,223.31 -2.01%

BSE Smallcap: Shilpa Medicare, United Bank of India among top gainers, JBP industries top loser


Accrual funds: Rates are usually 150-200 bps more than bank fixed deposits

Indian bond market and debt fund investors have suffered reverses over the past six months. The interest rate cycle reversed in Q3, 2017-18, and started rising, after a long period when rates fell. Crude oil prices started falling in September 2014 and by December 2014, the Reserve Bank of India (RBI) was in rate-cutting mode. READ MORE
Gateway Distriparks hits 52-week low on FPI selling

Shares of Gateway Distriparks hit a 52-week low of Rs 187 per share, down 3.6%, extending their Friday’s 5% decline on the BSE, after the foreign portfolio investor (FPI) Morgan Stanley reduced its stake in the company through open market. READ MORE
BSE Midcap: Vakrangee top gainer, while SAIL, Central Bank of India among top losers


What makes Au Small Finance Bank possibly India's most expensive bank?

The bad news in India has been banks. The good news in India is Au Small Finance Bank. The bank was not in existence a year ago. The day it listed, it was valued in excess of Rs 15 billion. The promoter’s holding of 32 per cent was now worth more than Rs 50 billion. READ MORE

Companies are launching IPOs in March ahead of introduction of LTCG tax

This month will go down as one of the busiest month for maiden offerings. Around eight initial public offerings (IPOs), cumulatively raising nearly Rs 160 billion, are being launched. In terms of the number of deals, this is the most since September 2011, when nine IPOs were launched in a single month. READ MORE
HG Infra extends gain after winning EPC project in Rajasthan

HG Infra Engineering (HGIEL) was trading 2% higher at Rs 302, extending its 10% rise in past two sessions on the BSE, after the company said it has been declared lowest bidder (L-1) for a new EPC project under Ministry of Road Transportation & Highway (MORTH) for upgradation to two lanes with paved shoulder configuration of the Kundal-Jhadol section of NH-58E in Rajasthan. READ MORE
Market Check

 
S&P BSE Sensex 33,056.35 -0.36%
 
Nifty 50 10,141.90 -0.52%
 
S&P BSE 200 4,432.19 -0.82%
 
Nifty 500 8,927.30 -0.86%
 
S&P BSE Mid-Cap 15,990.39 -1.41%
 
S&P BSE Small-Cap 17,295.02 -1.60%

PFC, REC, NTPC could form joint venture to bid for stressed assets
 
Two leading public sector lenders in the power business and a state-owned power-generating giant are likely to come together and bid for stressed assets that will go through resolution under the Insolvency and Bankruptcy Code (IBC).
 
Power Finance Corporation (PFC), which has a considerable debt exposure to the sector; Rural Electrification Corporation, which lends to development power schemes; and maharatna public sector undertaking (PSU) NTPC are thinking of forming a company that will buy out power projects. READ MORE
STOCKS IN NEWS

·         Videocon Industries clarified that it is evaluating process to sell stake in Brazil oil block
 
·         Zee Entertainment calls off deal to acquire 100% equity stake in 9X entities
 
·         Grasim Industries increased epoxy resin production capacity at Gujarat plant to 1.23 lakh metric tonnes per annum
 
·         Max Financial to raise funds for making investment in subsidiary, Max Life Insurance
 
·         Gujarat Fluorochemicals approves offer for sale for 6.1% equity of Inox Wind at price of Rs 115 each
 
·         Thermax won order worth Rs. 503cr for co-generation plants In Haryana and Punjab
 
·         UPL’s stake in Brazil’s Sinagro Group falls to 45% from 49%
 
·         TV Today to sell three radio stations with ISHQ 104.8FM to ENIL
 
·         Orchid Pharma received three bids under insolvency proceedings
 
·         Sona Koyo Engineering’s promoter JTEKT Corporation to sell about 47 lakh shares on March 19,20 via offer for sale route
 
·         Cadila Health received final approval from the U.S. FDA for omeprazole and sodium bicarbonate capsules
 
·         PNC Infratech emerged as the lowest bidder for Rs. 1,197cr Aligarh-Kanpur project
 
·         Indian Oil, BPCL might buy 26% stake each in GAIL
 
·         Liberty House’s bid for ABG Shipyard rejected


(Source: IIFL report)
INTERVIEW OF THE DAY Economic upturn aiding markets, but no shortage of risks: Lambregts, Erken

As global financial markets look forward to the outcome of the US Federal Reserve (US Fed) meeting this week, London-based JAN LAMBREGTS, managing director and global head of financial markets research at Rabobank International, and HUGO ERKEN, its senior economist and country analyst for North America, Mexico and India, tell Puneet Wadhwa India is on course to achieve 8.3 per cent GDP growth in the September quarter READ MORE HERE
MARKET COMMENT Saurabh Mukherjea, chief executive officer, Ambit Capital

The narrative that the stock market has rallied post May 2014 because the NDA was elected is an example of the “availability heuristic”, i.e. a mental shortcut wherein faced with a decision or an analysis, we prefer to recall recent, easy-to-access information/news. A more convincing narrative of this unique rally is that benign inflation conditions allowed the RBI to provide unprecedented liquidity support (to the economy and to financial markets). Now, with that liquidity support likely to ebb away, both the stock and bond market are in more uncertain territory. That being said, provided the economy continues its cyclical recovery and liquidity does not dry up, I don’t see bear market conditions returning to India

Saurabh Mukherjea

Volume Toppers

COMPANY PRICE() CHG() CHG(%) VOLUME
JP ASSOCIATES 19.80 -1.10 -5.26 5868978
IDBI BANK 78.25 -0.70 -0.89 3292525
REL. COMM. 23.05 -0.40 -1.71 2497022
SUZLON ENERGY 11.44 -0.25 -2.14 1757885
UNITECH 6.13 -0.23 -3.62 1641148
 

Top 5 losers in Nifty Metal Index

COMPANY LATEST PREV CLOSE LOSS() LOSS(%) VOLUME
S A I L 67.95 72.85 -4.90 -6.73 11239459
NMDC 118.10 126.30 -8.20 -6.49 4100124
HIND.COPPER 68.45 71.70 -3.25 -4.53 911637
JINDAL STAIN .HI 182.45 188.85 -6.40 -3.39 121155
COAL INDIA 269.80 278.20 -8.40 -3.02 1335953

BSE PSU index hits 52-week low; SAIL, NMDC down over 5%

Shares of state-owned companies were trading under pressure with the S&P BSE PSU Index hitting 52-week low after more than 3% decline in stocks of metals and oil marketing companies (OMCs). READ MORE
Interview of the Day Economic upturn aiding markets, but no shortage of risks: Lambregts, Erken

As global financial markets look forward to the outcome of the US Federal Reserve (US Fed) meeting this week, London-based JAN LAMBREGTS, managing director and global head of financial markets research at Rabobank International, and HUGO ERKEN, its senior economist and country analyst for North America, Mexico and India, tell Puneet Wadhwa India is on course to achieve 8.3 per cent GDP growth in the September quarter. READ MORE
ITC: Volume recovery in cigarettes, scaling up of FMCG biz are positives

Traction for its fast moving consumer goods (FMCG) portfolio led by new launches, receding threat of higher taxation on cigarettes as well as attractive valuations are expected to lead to a rerating of the ITC stock. READ MORE
Shilpa Medicare gains 7% on EIR for Jadcherla formulations unit

Shilpa Medicare has gained 7% to Rs 488 on the BSE in early morning trade after the company said that it has received Establishment Inspection Report (EIR) from the US drug regulator for its formulation manufacturing facility in Telangana following the audit in November last year. READ MORE
Market Check

 
S&P BSE Sensex 33,152.51 -0.07%
 
Nifty 50 10,181.45 -0.13%
 
S&P BSE 200 4,454.14 -0.33%
 
Nifty 500 8,981.30 -0.26%
 
S&P BSE Mid-Cap 16,101.06 -0.73%
 
S&P BSE Small-Cap 17,497.21 -0.45%

HEG, Graphite India surge upto 12% after Vanguard Group buys stake in them

Shares of graphite electrode manufacturer HEG and Graphite India have surged up to 12% on the National Stock Exchange (NSE) in early morning trade on Monday after the investment banker Vanguard Group bought the stake in these companies through open market on Friday. READ MORE
FPIs pour Rs 64 bn in equities on easing oil prices, earnings expectations

After pulling out massive funds from Indian equities last month, overseas investors have pumped in nearly Rs 64 billion in the segment in March so far on expectations of rebound in corporate earnings and easing of global oil prices. READ MORE
Sectoral Trend


BSE Sensex gainers and losers


Markets at Open

At 9:18 am, the S&P BSE Sensex was trading at 33,245, up 69 points while the broader Nifty50 indx was ruling at 10,214, up 19 points
Markets at pre-open

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,276.97 +100.97 +0.30
 
S&P BSE SENSEX 50 10,691.52 +27.33 +0.26
 
S&P BSE SENSEX Next 50 33,177.75 +45.13 +0.14
 
S&P BSE 100 10,605.02 +25.11 +0.24
 
S&P BSE Bharat 22 Index 3,504.55 +22.82 +0.66

(Source: BSE)

6 of 10 most valued cos lose Rs 520 bn in m-cap, TCS takes Rs 400 bn hit

The combined market valuation of 6 of the top-10 most valued companies declined by over Rs 520 billion last week, with IT major TCS taking the steepest hit. Reliance Industries Ltd (RIL), TCS, HDFC, HUL, ONGC and SBI saw losses in their market valuation for the week ended Friday. READ MORE

Commodity Picks: 19 March 2018

Soymeal
 
Soymeal is trading at Rs 30,859 per tonne at the benchmark Indore markets. In the coming days, prices are expected to head towards Rs 30,000 per tonne. Though bean supplies are tight, demand for meal is also weak, which would weigh on sentiment. Domestic demand for soymeal has slowed down with the onset of summer season. Fresh enquiries from international markets are also subdued as Indian origin soymeal is trading at a high premium to global markets. CLICK HERE TO READ MORE

Top trading ideas by Angel Broking: Bullish on MCX, bearish on Tata Steel

NSE Scrip Code – MCX
View – Bullish
Last Close – Rs. 807.80
 
Justification – Since the early part of February, we have been quite vocal on the possible bottoming out formation around the 700 mark.
 
We remained contradictory buyers from the level of 730 and this strategy eventually turned out to be quite fruitful for us. Recently, we witnessed a confirmation of the ‘Bullish Hammer’ pattern on weekly chart and now due to Thursday’s gigantic rally, the price structure confirmed its ‘Higher Top Higher Bottom’ formation on daily chart. Considering the volume activity in this price action, the stock is still not done with its upward move. Hence, we recommend buying for a target of Rs.855. Traders are advised to follow strict stop loss at Rs.782. CLICK HERE TO READ MORE

Short-term outlook for the market remains negative: Devang Shah

Market failed to sustain at higher levels & extended fall further as expected last week & closed 3rd consecutive week in negative territory. One can expect market to trend towards short term targets levels as mentioned below. As market is also near short term support levels, one should also watch out market behaviour near first lower support zone of 10100-10000 levels on nifty for any kind of short term possible bottom. But Trader should strictly follow trend till it reverses. CLICK HERE TO READ MORE
Top stocks to trade on Monday

BUY MAH &MAH
CMP: Rs 740.75
TARGET: Rs 795
STOP LOSS: Rs 715
 
The stock has made a double bottom formation and taken support at the 200 DMA levels and from there on has recovered to indicate strength and potential to carry on the positive momentum still further upwards. The indicators are positive with the RSI showing a trend reversal with a buy signal and so is the MACD which is on the rise to support our view of a buy. With good volume activity witnessed, we recommend a buy in this stock for an upside target of 795 keeping a stop loss of 715. CLICK HERE TO READ MORE
Nifty outlook from Prabhudas Lilladher for the day
 
Market continues to slide further, with Nifty after making the lower top formation at around 10480 levels in the daily chart and now with the negative sentiment looming around, the 200 DMA level of 10160 would prove to be very crucial, which when breached can see fresh downward targets of 9800-9700 levels. However, the support for the week is seen at 9920 while resistance is seen at 10430.
Markets on Friday

 
S&P BSE Sensex 33,176.00 -1.51%
 
Nifty 50 10,195.15 -1.59%
 
S&P BSE 200 4,468.68 -1.38%
 
Nifty 500 9,004.45 -1.42%
 
S&P BSE Mid-Cap 16,219.13 -1.07%
 
S&P BSE Small-Cap 17,576.44 -1.00%

SGX Nifty

The SGX Nifty was at 10,224.50, down 0.1% from the previous close.
Asian Markets

Japan’s Nikkei extended early losses to drop 1.3 per cent as exporters were undermined by recent broad-based gains in the yen. The MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.5 per cent.
Wall Street

On Friday, the Dow Jones Industrial Average rose 72.85 points, or 0.29 per cent, to end the week at 24,946.51, the S&P 500 gained 4.68 points, or 0.17 per cent, to 2,752.01 and the Nasdaq Composite added 0.25 point, or 0 per cent, to 7,481.99.
 
For the week, the Dow fell 1.57 per cent, the S&P lost 1.04 per cent, and the Nasdaq dropped 1.27 per cent.
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