MARKET WRAP: Sensex ends 54 points down, Nifty at 11,035; Wipro falls 4%

Benchmark indices ended marginally lower on Friday led by a fall in ICICI Bank, State Bank of India (SBI), HDFC, RIL and Axis Bank.

The S&P BSE Sensex ended at 36,671, down 54 points while the broader Nifty50 index settled at 11,035, down 23 points.

Among sectoral indices, Nifty Metal index ended 1.5 per cent lower with Jindal Steel & Power and MOIL among the top losers. The Nifty IT index, too, settled 1.1 per cent lower, dragged by Wipro and Infibeam Avenues

In the broader market, the S&P BSE MidCap index ended 12 points, or 0.08 per cent lower at 14,804, while the S&P BSE SmallCap index settled at 14,529, down 11 points, or 0.08 per cent.

BUZZING STOCKS

Shares of Wipro fell 5 per cent to Rs 256 in intra-day trade on the BSE in after huge block deals were executed on the counter. Till 11:22 am, a combined 57.86 million equity shares, representing 1.3 per cent equity, of Wipro had changed hands on the National Stock Exchange (NSE) and BSE. The stock ended at Rs 256.50, down 4.6 per cent.

Shares of Allahabad Bank hit a 52-week high of Rs 58.20, up 6.5 per cent on the BSE in the intra-day trade, extending its past three weeks' rally after the government announced capital infusion of Rs 6,896 crore in the bank.The stock settled 4.39 per cent higher at Rs 57.05.

 
GLOBAL MARKETS

Asian stocks shuddered lower on Friday after shockingly weak export data from China heightened market fears about a global economic slowdown, a day after European policymakers slashed growth forecasts for the bloc.

Japan’s Nikkei dropped 1.9 per cent and Australia 0.9 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan skidded 1.1 per cent to a two-week trough.


3:49 PM IST The momentum in domestic market was capped today due to the renewed concern in global economy. Moderation in GDP growth by ECB and weak export data from China impacted the global sentiment. But Indian rupee strengthened supported by FIIs liquidity and benign oil prices, portraying the positive undercurrent in the domestic market

3:47 PM IST

3:46 PM IST

3:32 PM IST The S&P BSE Sensex ended at 36,671, down 54 points while the broader Nifty50 index settled at 11,035, down 23 points.

3:09 PM IST China's exports tumbled the most in three years in February while imports fell for a third straight month, pointing to a further slowdown in the economy despite a spate of support measures. While seasonal factors may have been at play, the shockingly weak readings from the world's largest trading nation added to worries about a global slowdown, a day after the European Central Bank slashed growth forecasts for the region. READ MORE

2:54 PM IST

2:54 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME TEJAS NETWORKS 171.15 -9.00 -5.00 3266 WIPRO 256.70 -12.10 -4.50 43098705 POWER FIN.CORPN. 107.55 -4.85 -4.31 2673656 WELSPUN INDIA 57.80 -2.30 -3.83 43547 NBCC 56.75 -2.20 -3.73 590718 » More on Top Losers

2:05 PM IST

1:55 PM IST Shares of Ipca Laboratories hit an all-time high of Rs 914, up 5 per cent on the BSE in an otherwise weak market on expectation of strong earnings and margin improvement by going forward. The stock surpassed its previous high of Rs 907 touched on February 28, 2014 in intra-day trade. At 01:11 pm; the benchmark S&P BSE Sensex was trading 0.25 per cent or 93 points lower at 36,632 on the BSE. READ MORE

1:41 PM IST The NiftyPSU Bank index has closed positive for five consecutively sessions, crossing its 200-days moving average (DMA) at 2,957 levels. The 100 DMA has also moved upward and is getting closer to its 200 DMA. A possible crossover will eventually lead to a more strength and there are chances that the index will see more bullish sentiment going ahead. READ MORE

LIVE UPDATES

MARKET COMMENT :: Vinod Nair, Head of Research, Geojit Financial Services

The momentum in domestic market was capped today due to the renewed concern in global economy. Moderation in GDP growth by ECB and weak export data from China impacted the global sentiment. But Indian rupee strengthened supported by FIIs liquidity and benign oil prices, portraying the positive undercurrent in the domestic market

Sectoral trend on NSE


Top gainers and losers on S&P BSE Sensex at close


Market at close

The S&P BSE Sensex ended at 36,671, down 54 points while the broader Nifty50 index settled at 11,035, down 23 points.

China Feb exports tumble most in 3 yrs, adding to fears of global slowdown

China's exports tumbled the most in three years in February while imports fell for a third straight month, pointing to a further slowdown in the economy despite a spate of support measures. While seasonal factors may have been at play, the shockingly weak readings from the world's largest trading nation added to worries about a global slowdown, a day after the European Central Bank slashed growth forecasts for the region. READ MORE

Top gainers and losers on S&P BSE Sensex


Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
TEJAS NETWORKS 171.15 -9.00 -5.00 3266
WIPRO 256.70 -12.10 -4.50 43098705
POWER FIN.CORPN. 107.55 -4.85 -4.31 2673656
WELSPUN INDIA 57.80 -2.30 -3.83 43547
NBCC 56.75 -2.20 -3.73 590718
» More on Top Losers

Market check


Ipca Labs hits all-time high of Rs 914; soars 5% in weak market

Shares of Ipca Laboratories hit an all-time high of Rs 914, up 5 per cent on the BSE in an otherwise weak market on expectation of strong earnings and margin improvement by going forward. The stock surpassed its previous high of Rs 907 touched on February 28, 2014 in intra-day trade. At 01:11 pm; the benchmark S&P BSE Sensex was trading 0.25 per cent or 93 points lower at 36,632 on the BSE. READ MORE

Chart check: Nifty PSU Bank trades above 200-DMA; see further upside ahead

The NiftyPSU Bank index has closed positive for five consecutively sessions, crossing its 200-days moving average (DMA) at 2,957 levels. The 100 DMA has also moved upward and is getting closer to its 200 DMA. A possible crossover will eventually lead to a more strength and there are chances that the index will see more bullish sentiment going ahead. READ MORE

Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
DISH TV 37.20 -1.75 -4.49 518080
WIPRO 256.85 -11.95 -4.45 41617877
POWER FIN.CORPN. 107.45 -4.95 -4.40 318980
K E C INTL. 263.85 -10.00 -3.65 27445
WELSPUN INDIA 57.95 -2.15 -3.58 41344
» More on Top Losers

Allahabad Bank hits 52-week high; surges 41% in one month

Shares of Allahabad Bank hit a 52-week high of Rs 58.20, up 6.5 per cent on the BSE in an otherwise subdued market, extending its past three weeks' rally after the government announced capital infusion of Rs 6,896 crore in the bank. The Reserve Bank of India (RBI) took Allahabad Bank out of the prompt corrective action (PCA) framework, following an improvement in the financial ratios after a fresh round of capital infusion. READ MORE

BNP Paribas sees Sensex at 40,000; adds Sun Pharma, TeamLease to portfolio

Despite the relative underperformance compared with the other global peers on a year-to-date (YTD) basis, BNP Paribas expects the markets to move up going ahead and sees the S&P BSE Sensex at 40,000 levels. The first half of calendar year 2019 (H1CY19), it believes, will be a difficult phase for the markets due to continued election uncertainty, potentially rising oil prices, earnings downgrades and weakening high-frequency data. READ MORE

Granules rallies 10% as promoters sell 5 million shares in block deals

Shares of Granules India rallied 10 per cent to Rs 114 in intra-day trade on the BSE on Friday after the company said its promoters sold partial stake as well as monetized personal assets to reduce their leverage. The pharmaceutical company's stock was trading close to its 52-week high of Rs 123 which it touched on September 10, 2018 on the BSE in an intra-day deal. READ MORE

MARKET CHECK


Wipro share price falls 5% to Rs 256 after block deals

Shares of Wipro fell 5 per cent to Rs 256 in intra-day trade on the BSE in after huge block deals were executed on the counter. Till 11:22 am, a combined 57.86 million equity shares, representing 1.3 per cent equity, of Wipro had changed hands on the National Stock Exchange (NSE) and BSE. READ MORE

eClerx Services surges 8% as board considers share buyback proposal

eClerx Services surged 8 per cent to Rs 1,118 apiece on the BSE in intra-day trade so far on Friday after the company announced to consider share buyback proposal in its board meeting on Thursday, March 14, 2019. The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple. READ MORE

Top gainers and losers on S&P BSE Sensex


Arvind Fashions hits 5% upper circuit; stock lists at Rs 592

Shares of Arvind Fashions locked in upper circuit of 5 per cent at Rs 621 apiece on the BSE on Friday. The stock of Lalbhai Group’s company opened at Rs 592 on first day of its listing. The stock listed and admitted to dealings on the Exchange in the list of 'T' group securities. The T group represents scrips which are settled on a trade-to-trade basis as a surveillance measure. READ MORE

Bull-run in gold coming; watch out for $1,400/oz level: CLSA's Chris Wood

Gold prices are likely to trend higher going ahead, but investors need to be cautious and should not believe the bull-run in gold has begun till the prices convincingly break above the $1,400 per ounce (oz) mark, says Christopher Wood, managing director and equity strategist at CLSA in his weekly note to investors GREED & fear. READ MORE

Top gainers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
ADVANCE. ENZYME. 185.25 22.00 13.48 6094046
JAI CORP 108.90 8.90 8.90 462523
ECLERX SERVICES 1098.50 63.50 6.14 2957
NAVKAR CORPORAT. 47.40 2.40 5.33 428937
SHEELA FOAM 1449.00 66.15 4.78 1
» More on Top Gainers

VST Industries hits 52-week high; stock up 7% in two days

The shares of VST Industries hit a 52-week high of Rs 3,500, up 4 per cent in intra-day trade on the BSE in otherwise subdued market. The stock surpassed its previous high of Rs 3,430 recorded on September 7, 2018 in intra-day trade. At 09:46 am, the benchmark S&P BSE Sensex was quoting 0.18 per cent lower at 36,660 points. The cigarettes and tobacco products firm has rallied 7 per cent in past two trading days, after industry giant ITC increased the price of three cigarette brands - Bristol, Flake Excel and Capstan. READ MORE

Nomura on Alkem Labs

We value ALKEM on 22.5x FY21F EPS of Rs 87.3 to arrive at our target price of INR 1,965. We raise the valuation multiple from 21x to 22.5x as we factor in lower contribution to FY21F EPS from Mycophenolate Mofetil suspension, or MMS, (8% now vs 20% earlier). We had attributed a lower multiple earlier to account for the potential risk from competition in MMS, which has now played out. 

NEWS ALERT | Granules India promoter sells 50 lakh shares; stock up over 4%


Max group's Analjit Singh plans to sell stake, real estate to repay loans

Max group promoter Analjit Singh has put together a plan to sell a minority stake in Max Financial Services (MFSL), the holding company of Max Life, as well as some real estate assets to repay loans it had raised through the pledging of promoter shares in two listed companies. According to merchant banking sources, the process is expected to be completed in four to six months. The promoters have, however, decided not to sell off or merge the life insurance business with a strategic investor as they nearly did a few years ago. READ MORE

MARKET CHECK


India's ongoing bull market phase longest and slowest, says Morgan Stanley

The domestic markets are in the midst of its “longest and slowest” bull market, according to foreign brokerage Morgan Stanley. The ongoing bull phase started in March 2009, when the markets troughed, following the 2008 Global Financial Crisis. READ MORE

Top losers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
LAK. VILAS BANK 69.70 -3.50 -4.78 53851
WIPRO 259.70 -9.10 -3.39 34133234
I O C L 146.65 -3.90 -2.59 50993
DISH TV 38.05 -0.90 -2.31 66843
STAR CEMENT 97.10 -2.30 -2.31 204
» More on Top Losers

Nifty IT index is down nearly 1%


Momentum Picks by ICICI Securities

 

Shares of Wipro are trading over 3% lower in the early trade


Sectoral trend on NSE


Opening gainers and losers on S&P BSE Sensex


Market at open

At 9:15 AM, the S&P BSE Sensex was trading at 36,636 down 87 points while the broader Nifty50 was ruling at 11,017, down 40.4 points.

Market at pre-open


Rupee opening

Rupee opens at 70.17/$ vs its previous close of 70 against the US dollar

New headache for Indian biz titans: Harder to get loans by pledging stakes

India’s business titans are facing a worrying new development: in recent weeks, shadow lenders have been cutting them off from a key financing channel. Company founders have long fueled dreams to expand their business empires with loans they get by pledging stakes in their firms. But recent scares have prompted at least two major shadow banks to turn off the faucet in the past month, the longest dry spell in six years, people familiar with the matter say. READ MORE

Nifty outlook by Anand Rathi

The Nifty has been forming higher tops and bottoms on the daily charts and it has been approaching the upper end of the range i.e. 10,191 levels. On the lower side, it has support at 10,942 which is the previous swing high, hence we recommend to buy Nifty on a positional basis for the above-mentioned target. READ MORE

Top stocks to track today

Bharti Airtel: Bharti Airtel on Thursday said GIC, formerly known as Government of Singapore Investment Corporation, has committed to subscribing to the company’s rights issue of Rs 25,000 crore. READ MORE

Derivatives strategy on M&M by HDFC Securities

Buy M&M March 680 call option at Rs 15
Stop loss of Rs 11
Target Rs 23

Top trading calls by Anand Rathi

JSW STEEL: BUY
TARGET: Rs 320
STOP LOSS: Rs 274
 
The stock has completed a five-wave declining structure and it’s expected to retrace the entire fall by at least 38.2 per cent. The daily momentum indicator has also provided a buy crossover. READ MORE

Rupee check

The rupee darted up 28 paise to close at 70 against the US dollar Thursday amid robust foreign inflows and strong buying in domestic equities.

Bulk deal on NSE as on Thursday

07-Mar-2019 AAKASH Aakash Exploration Ser L BHAVESHKUMAR GIRISHBHAI BHANDARI BUY 1,76,000 17.00 -
07-Mar-2019 AAKASH Aakash Exploration Ser L KEVAN RIDDHESHBHAI BHANDARI BUY 46,000 17.00 -
07-Mar-2019 AAKASH Aakash Exploration Ser L KHAJANCHI & GANDHI STOCK BROKING PRIVATE LIMITED SELL 2,68,000 17.00 -
07-Mar-2019 AAKASH Aakash Exploration Ser L RIDDHESHKUMAR GIRISHBHAI BHANDARI BUY 1,10,000 17.00 -
07-Mar-2019 AAKASH Aakash Exploration Ser L YASHWANTBHAI A. THAKKAR SELL 94,000 17.26 -
07-Mar-2019 AGROPHOS Agro Phos India Limited ARVIND SHANTILAL SHAH BUY 90,000 55.81 -
07-Mar-2019 AGROPHOS Agro Phos India Limited ARVIND SHANTILAL SHAH SELL 1,32,000 53.55 -
07-Mar-2019 AGROPHOS Agro Phos India Limited BHARATI ARVIND SHAH SELL 1,02,000 53.55 -
07-Mar-2019 AGROPHOS Agro Phos India Limited MULTIPLEX CAPITAL LTD. SELL 1,38,000 55.48 -
07-Mar-2019 AGROPHOS Agro Phos India Limited PARU SECURITIES PVT LTD BUY 3,06,000 54.09 -

Click here for the full list

Oil check

Oil prices fell on Friday after the European Central Bank (ECB) warned economic weakness would continue and as US crude output and exports chase new records, undermining efforts by producer club OPEC to tighten global markets.
 
US West Texas Intermediate (WTI) crude oil futures were at $56.39 per barrel, down 27 cents, or 0.5 per cent, from their last settlement Brent crude futures were at $65.96 per barrel, down 34 cents, or 0.5 per cent.

SGX Nifty

Nifty futures on Singapore Exchange (SGX) were trading at 11,044.50, down 43 points or 0.39 per cent in early trade

Asian Markets check

Asian stocks were trading lower in the early trade on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3 per cent while Japan’s Nikkei  dropped 0.9 per cent.

Wall Street check

Wall Street's main indexes fell for a fourth consecutive session on Thursday, after Europe's central bank said it would defer interest rate hikes and offered banks a new round of cheap loans, raising fresh concerns about global economic growth. On Thursday, the Dow Jones Industrial Average fell 200.23 points, or 0.78 per cent, to 25,473.23, the S&P 500 lost 22.52 points, or 0.81 per cent, to 2,748.93 and the Nasdaq Composite dropped 84.46 points, or 1.13 per cent, to 7,421.46.
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