Sensex, Nifty50 close flat; TCS top loser (Third Lead)

Marsha Scott
March 15, 2018

Asian stocks declined following an overnight slide in U.S. equities after President Donald Trump replaced his moderate Secretary of State Rex Tillerson with a hawk, CIA Director Mike Pompeo, who supports a hardline approach with China and Iran.

Metal Index has fallen the most on NSE with Jindal Stainless Hisar (-2%), Welcorp (-1.8%) and MOIL (-1.7%) pulling it down by 0.8%. During the day, the barometer swung nearly 295 points (both sides).

The wider NSE Nifty50 inched up 5.45 points or 0.05 per cent to provisionally close trade at 10,426.85 points (at 3.30 p.m.). Intra-day it touched a high of 10,420.35.

"Market traded in a range bound due to mixed trend in global market, but recouped the losses as banking stocks outperformed due to improvement in financial market liquidity".

The government will announce inflation data based on consumer price index (CPI) and industrial production data after market hours today. Tech Mahindra, Ambuja Cement, Bajaj Finance, YES Bank, and UltraTech Cement were the stocks that helped limp back the Nifty50 index.

Sensex saw the biggest one-day gain in last 17 months, while Nifty recorded its biggest single-day gain in 22 months. On Tuesday, the RBI had banned the practice of issuing letters of undertaking (LOUs) by lenders to prevent the recurrence of PNB-like frauds that is given an valuation of around Rs 13,000 crore involving Nirav Modi and Mehul Choksi. Shares like Bharti Airtel, Vedanta, ITC, Hindalco, and NTPC gained about four percent. The BSE Sensex had reclaimed the 34,000-mark in the course.

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Other prominent gainers included Tata Steel, Axis Bank, ICICI Bank, Yes Bank, Adani Ports, ONGC, Wipro, IndusInd Bank, HDFC, Infosys, RIL, HUL, L&T, Sun Pharma, Kotak Bank, Dr Reddy's, HDFC Bank, TCS and Asian Paints.

Coal India fell 0.41% after brokerage firm Citi downgraded the stock to neutral and lowered its target price.

The Bombay Stock Exchange building in Mumbai.

Auto stocks rose after domestic passenger vehicle sales increased by 7.77 per cent to 2,75,329 units in February. "Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices", Jasani added.

Shanghai Composite Index fell 0.49 per cent while Japans Nikkei end higher by 0.66 per cent and Hong Kongs Hang Seng edged up 0.02 per cent. France CAC, Germany DAX, and Britain FTSE are up 0.3 percent each.

Other reports by MaliBehiribAe

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